Regional Greenhouse Gas Initiative

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

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Auction 15

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RGGI Auction 15 was held on March 14, 2012 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 15.

 

1. Auction Statistics:

Current Control Period (2012-2014) Offering

  • Quantity Offered: 34,843,858
  • Quantity Sold: 21,559,000
  • Clearing Price: $1.93
  • Number of Bidders: 20
  • Ratio of bids to Supply: 0.62x
  • Percent Won by Electric Generators: 99

 

2. Auction Participation:

A total of 34 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 15, compliance entities and their affiliates purchased: 99 percent of the CO2 allowances sold.

In the first 15 RGGI auctions, compliance entities and their affiliates purchased 87 percent of the current control period allowances sold.

Based upon the Market Monitor's estimate of first control period compliance obligations, 90 percent of the CO2 allowances in circulation will be held by electric generators and their corporate affiliates ("compliance entities") following the settlement of Auction 15 and after compliance has been completed for the first control period.

 

3. Dispersion of Bids

In the offering of allowances for the 2012 allocation year, bids were submitted by 18 compliance entities and two non-compliance entities.

Three compliance entities submitted bids for a large quantity of allowances (e.g., at least 2 million tons). Overall, compliance entities accounted for 99 percent of the quantity of allowances for which bids were submitted. The quantity of allowances for which bids were submitted decreased to 0.62 times the available supply in Auction 15 from 0.63 times the available supply in Auction 14, but increased from 0.18 times the available supply in Auction 13.

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

Quantity of Bids Submitted By Type of Entity and Quantity Bid

A15MM_Figure_2

 

4. Qualified Bidders

The following 34 qualified bidders submitted their intent to bid in the auction.

  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • CE2 Carbon Capital, LLC
  • Consolidated Edison Comp. of NY, Inc.
  • Constellation Energy Commodities Group
  • CP Energy Marketing (US) Inc.
  • Delaware Municipal Electric Corp.
  • Dominion Energy Marketing, Inc.
  • EDF Trading North America, LLC
  • Empire Generating Co., LLC
  • EquiPower Resources
  • Essential Power, LLC
  • GenOn Energy Management, LLC
  • Granite Ridge Energy, LLC
  • H.Q. Energy Services (US) Inc.
  • Hawkeye Energy Greenport
  • Indeck-Corinth Limited Partnership
  • J-Power USA Development Co., Ltd.
  • Kleen Energy Systems, LLC
  • Koch Supply & Trading, LP
  • Massachusetts Muni. Wholesale Electric Co.
  • Millennium Power Partners, LP
  • Morgan Stanley Capital Group, Inc.
  • National Grid Gen. dba National Grid
  • New Athens Generating Company, LLC
  • NextEra Energy Power Marketing, LLC
  • Power Authority of the State of New York
  • Public Service Company of New Hampshire
  • RBC
  • Rochester Gas and Electric Corporation
  • Selkirk Cogen Partners, LP
  • Sterling Planet, Inc.
  • Verso Paper Corp.
  • Vitol Inc.
  •  

     

    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 26 53 2.5 N/A 88%
    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 26
    12/3/2014
    Current 18,198,685 18,198,685 $5.21 $94,815,148.85
    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 22,338,727 $124,967,181.66
    Delaware 9,952,619 12,949,207 $63,852,728.77
    Maine 11,797,376 10,591,027 $59,680,379.88
    Maryland 74,943,417 75,239,644 $401,915,502.10
    Massachusetts  62,024,346 56,331,176 $316,488,293.21
    New Hampshire 14,479,101 14,435,469 $76,335,390.34
    New York 144,305,904 128,764,643 $728,232,766.75
    Rhode Island 6,270,050 6,444,140 $35,727,553.64
    Vermont 2,877,123 2,565,272 $14,501,596.43
    Total for States Participating in Second RGGI Control Period 350,993,348 329,659,305 $1,821,701,392.78
    New Jersey* 46,266,477 2,217,293 $113,344,551.27
    Total 397,259,825 331,876,598 $1,935,045,944.05

     

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