Regional Greenhouse Gas Initiative

an initiative of the Northeast and Mid-Atlantic States of the U.S.

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Auction 13

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RGGI Auction 13 was held on September 7, 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.

Below are key data and information on the results of the auction. Detailed analysis is available in the Market Monitor Report for Auction 13.

 

1. Auction Statistics:

Current Control Period (2009-2011) Offering

  • Quantity Offered: 42,189,685
  • Quantity Sold: 7,487,000
  • Clearing Price: $1.89
  • Number of Bidders: 31
  • Ratio of bids to Supply: 0.18x
  • Percent Won by Electric Generators: 94

Future Control Period (2012-2014) Offering

  • Quantity Offered: 1,864,951
  • Quantity Sold: 0
  • Clearing Price: --
  • Number of Bidders: --
  • Ratio of Bids to Supply: --
  • Percent Won by Electric Generators: --

  

2. Auction Participation:

A total of 41 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 13, compliance entities and their affiliates purchased: 

  • 94 percent of the current control period allowances sold and
  • No future control period allowances.

In the first 13 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 13.

 

3. Dispersion of Bids

In the offering of current control period allowances, bids were submitted by a large number of compliance entities and several non-compliance entities. A small number of allowances were also auctioned in advance for a future control period, although no bids were submitted in this offering.

In the auction for current control period allowances, just one compliance entity submitted bids for a large quantity of allowances (e.g., at least 1 million tons or 2.5 percent of the available supply). Overall, compliance entities accounted for 94 percent of the quantity of allowances for which bids were submitted in the offering of current control period allowances. The quantity of allowances for which bids were submitted decreased to 0.18 times the available supply in Auction 13 from 0.30 times the available supply in Auction 12 and 1.1 times the available supply in Auction 11. 

In the auction for future control period allowances, no bids were submitted. This decreased from 0.57 times the available supply in Auction 12 and 1.4 times the available supply in Auction 11.

The following figure summarizes the quantities of bids submitted by all bidders.

Quantity of Bids Submitted By Type of Entity and Quantity Bid

A13 % Dispersion of Bids

 

4. Qualified Bidders

The following 41 qualified bidders submitted their intent to bid in the auction.

  • Adirondack Council Inc.
  • AES Eastern Energy, LP
  • Aircraft Services Corporation
  • Astoria Generating Company, LP
  • Barclays Bank PLC
  • Berkshire Power Company, LLC
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Carbon Lighthouse Association
  • Castleton Power, LLC
  • Chambers Cogeneration, LP
  • Conoco Phillips Company
  • Consolidated Edison Comp. of NY, Inc.
  • Constellation Energy Commodities Group
  • Dominion Energy Marketing, Inc.
  • Empire Generating Co., LLC
  • EquiPower Resources
  • GenOn Energy Management, LLC
  • Green Mountain Power Corporation
  • Indeck-Corinth Limited Partnership
  • Indeck-Oswego Limited Partnership
  • Indeck-Yerkes Limited Partnership
  • J-Power USA Development Co., Ltd.
  • Kleen Energy Systems, LLC
  • Logan Generating Company, LP
  • Millenium Power Partners, LP
  • Morgan Stanley Capital Group, Inc.
  • National Grid Gen. dba National Grid
  • New Athens Generating Company, LLC
  • North American Energy Alliance, LLC
  • NRG Power Marketing, LLC
  • Power Authority of the State of New York
  • PSEG Energy Resources & Trade, LLC
  • Public Service Company of New Hampshire
  • RBC
  • Rochester Gas and Electric Corporation
  • Selkirk Cogen Partners, LP
  • Sterling Planet, Inc.
  • Sunoco Power Generation, LLC
  • Verso Paper Corp.
  • Wallingford Energy, LLC

 

 



Allowance & Bid Statistics (by Auction)

This chart includes data on participation in the current control period offering in each RGGI CO2 Allowance Auction.

Auction Number of Potential Bidders Ratio of Bids to Supply Ratio of Bids To Supply with CCR Percent of Allowances Won by Compliance Entities
Auction 25 47 2.5 N/A 80%
Auction 24 51 2.9 N/A 55%
Auction 23 52 3.1 2.5 45%
Auction 22 55 2.7 N/A 43%
Auction 21 52 2.0 N/A 53%
Auction 20 55 2.1 N/A 68%
Auction 19 43 2.2 N/A 69%
Auction 18 34 0.53 N/A 100%
Auction 17 29 0.65 N/A 100%
Auction 16 35 0.57 N/A 95%
Auction 15 34 0.62 N/A 99%
Auction 14 49 0.63 N/A 99%
Auction 13 41 0.18 N/A 94%
Auction 12 47 0.3 N/A 91%
Auction 11 49 1.1 N/A 85%
Auction 10 49 0.57 N/A 97%
Auction 9 56 0.75 N/A 92%
Auction 8 53 1.3 N/A 92%
Auction 7 61 2.3 N/A 85%
Auction 6 74 2.6 N/A 65%
Auction 5 59 2.5 N/A 77%
Auction 4 67 2.6 N/A 85%
Auction 3 63 2.5 N/A 78%
Auction 2 84 3.5 N/A 87%
Auction 1 82 4.1 N/A 82%

Allowances Offered & Sold (by Auction)

This chart displays the results of each RGGI CO2Allowance Auction. To view a state-by-state breakdown for each auction, click on the auction number listed in the left-hand column.

 

Auction Number Offering Quantity Offered Quantity Sold Clearing Price Total Proceeds
Auction 25
9/3/2014
Current 17,998,687 17,998,687 $4.88 $87,833,592.56
Auction 24
6/4/2014
Current 18,062,384 18,062,384 $5.02 $90,673,167.68
Auction 23
3/5/2014
Current 18,491,350 (Intial)
5,000,000 (CCR)
23,491,350 $4.00 $93,965,400.00
Auction 22
12/4/2013
Current 38,329,378 38,329,378 $3.00 $114,988,134.00
Auction 21
9/4/2013
Current 38,409,043 38,409,043 $2.67 $102,552,144.81
Auction 20
6/5/2013
Current 38,782,076 38,782,076 $3.21 $124,490,463.96
Auction 19
3/13/2013
Current 37,835,405 37,835,405 $2.80 $105,939,134.00
Auction 18
12/5/2012
Current 37,563,083 19,774,000 $1.93 $38,163,820.00
Auction 17
9/5/2012
Current 37,949,558 24,589,000 $1.93 $47,456,770.00
Auction 16
6/6/2012
Current 36,426,008 20,941,000 $1.93 $40,416,130.00
Auction 15
3/14/2012
Current 34,843,858 21,559,000 $1.93 $41,608,870.00
Auction 14
12/07/2011
Current 42,983,482 27,293,000 $1.89 $51,583,770.00
Future 1,864,951 0 --
Auction 13
09/07/2011
Current 42,189,685 7,487,000 $1.89 $14,150,430.00
Future 1,864,951 0 --
Auction 12
06/08/2011
Current 42,034,184 12,537,000 $1.89 $25,477,200.00
Future 1,864,952 943,000 $1.89
Auction 11
03/09/2011
Current 41,995,813 41,995,813 $1.89 $83,425,588.47
Future 2,144,710 2,144,710 $1.89
Auction 10
12/01/2010
Current 43,173,648 24,755,000 $1.86 $48,224,220.00
Future 2,137,991 1,172,000 $1.86
Auction 9
09/10/2010
Current 45,595,968 34,407,000 $1.86 $66,437,340.00
Future 2,137,992 1,312,000 $1.86
Auction 8
6/09/2010
Current 40,685,585 40,685,585 $1.88 $80,465,566.78
Future 2,137,993 2,137,993 $1.86
Auction 7
3/10/2010
Current 40,612,408 40,612,408 $2.07 $87,956,944.56
Future 2,137,992 2,091,000 $1.86
Auction 6
12/2/2009
Current 28,591,698 28,591,698 $2.05 $61,587,120.90
Future 2,172,540 1,599,000 $1.86
Auction 5
9/9/2009
Current 28,408,945 28,408,945 $2.19 $66,278,239.35
Future 2,172,540 2,172,540 $1.87
Auction 4
6/17/2009
Current 30,887,620 30,887,620 $3.23 $104,242,445.00
Future 2,172,540 2,172,540 $2.06
Auction 3
3/18/2009
Current 31,513,765 31,513,765 $3.51 $117,248,629.80
Future 2,175,513 2,175,513 $3.05
Auction 2
12/17/2008
Current 31,505,898 31,505,898 $3.38 $106,489,935.24
Auction 1*
9/25/2008
Current 12,565,387 12,565,387 $3.07 $38,575,738.09

 

*Six states participated in Auction 1

Cumulative Allowances & Proceeds (by State)

This chart displays cumulative auction results organized by state. To view an auction-by-auction breakdown for each state, click on the state name listed in the left-hand column.

State Cumulative First Control Period Allowances Sold Cumulative Second Control Period Allowances Sold Cumulative Proceeds
Connecticut 24,343,412 21,104,334 $118,535,994.13
Delaware 9,952,619 12,056,825 $59,203,418.55
Maine 11,797,376 9,888,284 $56,019,088.85
Maryland 74,943,417 71,513,702 $382,503,344.28
Massachusetts  62,024,346 53,171,408 $300,025,901.93
New Hampshire 14,479,101 13,786,728 $72,955,449.73
New York 144,305,904 121,591,445 $690,860,405.17
Rhode Island 6,270,050 5,924,027 $33,017,764.91
Vermont 2,877,123 2,423,867 $13,764,876.38
Total for States Participating in Second RGGI Control Period 350,993,348 311,460,620 $1,726,886,243.93
New Jersey* 46,266,477 2,217,293 $113,344,551.27
Total 397,259,825 313,677,913 $1,840,230,795.20

 

* See New Jersey’s Notice of Withdrawal of Agreement to the RGGI MOU.