RGGI Auction 12 was held on June 8, 2011 and monitored by Potomac Economics, an independent monitor of electricity markets retained to evaluate the RGGI CO2 allowance market. Potomac observed the auction and confirmed that there was no material evidence of collusion or manipulation by bidders, and that the vast majority of bids were consistent with competitive expectations.
A total of 47 qualified bidders, listed by name in section 4 below, submitted an Intent to Bid in the auction.
The following statistics summarize the purchases and holdings of allowances by electric generators and their corporate affiliates ("compliance entities") under the RGGI program:
In Auction 12, compliance entities and their affiliates purchased:
91 percent of the current control period allowances sold and
100 percent of the future control period allowances sold.
In the first 12 RGGI auctions, compliance entities and their affiliates purchased:
85 percent of the current control period allowances sold,
92 percent of the future control period allowances sold, and
85 percent of all allowances sold.
Compliance entities and their affiliates will hold 97 percent of the allowances in circulation following the settlement of allowances sold in Auction 12.
3. Dispersion of Bids
Bids were widely dispersed across both compliance entities and non-compliance entities in both the current and future control period offerings.
In the auction for current control period allowances, most of the bidders that submitted a large number of bids (e.g., at least 2 million tons which is 6 percent of the available supply) were compliance entities. Overall, compliance entities accounted for 91 percent of the quantity of bids submitted in the current control period auction.
In the auction for future control period allowances, most of the bidders that submitted a large number of bids (e.g., at least 100,000 tons which is 5 percent of the available supply) were compliance entities. Overall, compliance entities accounted for 100 percent of the quantity of bids submitted in the future control period auction.
The following figure summarizes the quantities of bids submitted in the two auctions by all bidders.
Quantity of Bids Submitted By Type of Entity and Quantity Bid
4. Qualified Bidders
The following 47 qualified bidders submitted their intent to bid in the auction.
AES Eastern Energy, LP
Aircraft Services Corporation
Algonquin Windsor Locks, LLC
Astoria Energy, LLC
Astoria Generating Company, LP
Brick Power Holding, LLC
Brookfield Energy Marketing Inc.
Brooklyn Navy Yard Cogen Partners, LP
Burlington Electric Department
Caithness Long Island, LLC
Calpine Energy Services, LP
Castleton Power, LLC
Chambers Cogeneration, LP
Conoco Phillips Company
Consolidated Edison Comp. of NY, Inc.
Constellation Energy Commodities Group
CP Energy Marketing (US) Inc.
Delaware Municipal Electric Corp
Dominion Energy Marketing, Inc.
Dynegy Marketing and Trade, LLC
Empire Generating Co., LLC
Energy Echelon, LLC
GDF SUEZ Energy Marketing NA, Inc.
GenOn Energy Management, LLC
Hess Corporation (G)
Indeck-Corinth Limited Partnership
Jamestown Board of Public Utilities
J-Power USA Development Co., Ltd.
Logan Generating Company, LP
Massachusetts Muni. Wholesale Elec. Co.
Morgan Stanley Capital Group, Inc.
National Grid Gen. dba National Grid
NextEra Energy Power Marketing
North American Energy Alliance, LLC
NRG Power Marketing, LLC
Old Dominion Electric Cooperative
PSEG Energy Resources & Trade, LLC
Public Service Company of New Hampshire
Selkirk Cogen Partners, LP
Shell Energy North America (US), LP
TAQA Gen X, LLC
TransCanada Power Marketing, Ltd.
Verso Paper Corp.
Village of Freeport
Allowance & Bid Statistics (by Auction)
Allowance and Bid Statistics
This chart includes data on participation in the current control period offering in each RGGI CO2 Allowance Auction.