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Auction 16

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RGGI Auction 16 was held on June 6, 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 16.

 

1. Auction Statistics:

Current Control Period Offering

  • Quantity Offered: 36,426,008
  • Quantity Sold: 20,941,000
  • Clearing Price: $1.93
  • Number of Bidders: 24
  • Ratio of bids to Supply: 0.57x
  • Percent Won by Electric Generators: 95

 

2. Auction Participation:

A total of 35 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 16, compliance entities and their affiliates purchased: 95 percent of the CO2 allowances sold.

In the first 16 RGGI auctions, compliance entities and their affiliates purchased 87 percent of the current control period allowances sold.

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 16. This percentage reflects that allowances used for first control period compliance are no longer in circulation.

 

3. Dispersion of Bids

In the offering of allowances for the current control period, bids were submitted by 22 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 95 percent of the quantity of allowances for which bids were submitted. The quantity of allowances for which bids were submitted decreased to 0.57 times the available supply in Auction 16 from 0.62 times the available supply in Auction 15 and .63 times the available supply in Auction 14.

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

Quantity of Bids Submitted By Type of Entity and Quantity Bid

A16_MM_Figure_2

 

4. Qualified Bidders

The following 35 qualified bidders submitted their intent to bid in the auction.

  • AES Warrior Run Cogeneration Facility
  • Astoria Energy, LLC
  • Brookfield Energy Marketing, Inc.
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Carbon Lighthouse Association
  • Casteton Power, LLC
  • Consolidated Edison Comp. of NY, Inc.
  • Constellation Energy Commodities Group
  • 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
  • Hawkeye Energy Greenport
  • Indeck Energy Serv. of Silver Springs
  • Indeck-Corinth Limited Partnership
  • Indeck-Olean Limited Partnership
  • Jamestown Board of Public Utilities
  • J-Power USA Development Co., Ltd.
  • Massachusetts Muni. Wholesale Electric Co.
  • Millennium Power Partners, LP
  • National Grid Gen. dba National Grid
  • New Athens Generating Company, LLC
  • NextEra Energy Power Marketing, LLC
  • Public Service Company of New Hampshire
  • RBC
  • Rochester Gas and Electric Corporation
  • Selkirk Cogen Partners, LP
  • Shell Energy North America (US), LP
  • 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.

    Auction Number of Potential Bidders Ratio of Bids to Supply Percent of Allowances Won by Compliance Entities
    Auction 19 43 2.2 69%
    Auction 18 34 0.53 100%
    Auction 17 29 0.65 100%
    Auction 16 35 0.57 95%
    Auction 15 34 0.62 99%
    Auction 14 49 0.63 99%
    Auction 13 41 0.18 94%
    Auction 12 47 0.3 91%
    Auction 11 49 1.1 85%
    Auction 10 49 0.57 97%
    Auction 9 56 0.75 92%
    Auction 8 53 1.3 92%
    Auction 7 61 2.3 85%
    Auction 6 74 2.6 65%
    Auction 5 59 2.5 77%
    Auction 4 67 2.6 85%
    Auction 3 63 2.5 78%
    Auction 2 84 3.5 87%
    Auction 1 82 4.1 82%

    Allowances Offered & Sold (by Auction)

    Allowances Offered & Sold (by Auction)

    This chart displays the results of each RGGI CO2 Allowance 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 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)

    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 22,953,057 8,989,080 $71,568,682.11
    Delaware 9,952,619 5,044,294 $33,737,756.69
    Maine 11,797,376 4,587,641 $37,618,143.95
    Maryland 74,943,417 32,159,528 $245,939,545.20
    Massachusetts 62,024,346 23,889,724 $196,650,815.47
    New Hampshire 14,479,101 6,457,352 $47,553,845.27
    New York 142,786,651 54,715,803 $450,494,510.36
    Rhode Island 6,244,404 2,381,661 $19,728,553.13
    Vermont 2,877,123 1,097,873 $9,091,488.74
    Total for States Participating in Second RGGI Control Period 348,058,094 139,322,956
    		 $1,112,383,340.92
    New Jersey* 46,266,477 2,217,293 $113,344,551.27
    Total 394,324,571 141,540,249
    		 $1,225,727,892.19

     

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

    Learn more about States' Use of Auction Proceeds