Regional Greenhouse Gas Initiative

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

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Auction 24

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RGGI Auction 24 was held on June 4, 2014 and monitored by Potomac Economics, an independent monitor of electricity markets retained to evaluate the RGGI CO2 allowance market. Potomac observed the auction and found no material evidence of collusion or manipulation by bidders.

Below are key data and information on the results of the auction. Detailed analysis is available in the Market Monitor Report for Auction 24.

1. Auction Statistics:

Current Control Period Offering

  • Intial Offering: 18,062,384
  • Quantity Sold: 18,062,384
  • Clearing Price: $5.02
  • Number of Bidders: 43
  • Ratio of Bids to Supply: 2.9x
  • Percent Won by Compliance Entities: 55

 

2. Auction Participation:

A total of 51 potential 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 24, compliance entities and their affiliates purchased 55 percent of the CO2 allowances sold.

In the first 24 RGGI auctions, compliance entities and their affiliates purchased 78 percent of the CO2 allowances sold.

Compliance entities and their affiliates will hold 77 percent of the CO2 allowances in circulation following the settlement of CO2 allowances sold in Auction 24. 

 

3. Dispersion of Bids

In the offering of CO2 allowances for the current control period, bids were submitted by 37 compliance entities and six other entities.

Seven compliance entities and three other entities submitted bids for a large quantity of CO2 allowances (i.e., at least 2 million tons). Overall, compliance entities accounted for 72 percent of the quantity of CO2 allowances for which bids were submitted. The quantity of CO2 allowances for which bids were submitted was 2.9 times the offering of 18,062,384 CO2 allowances. 

 

4. Potential Bidders

The following 51 potential bidders submitted their intent to bid in the auction.

  • Astoria Energy, LLC
  • Brayton Point Energy, LLC
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Calpine Energy Services, LP
  • Castleton Commodities Merchant Trading, LP
  • Castleton Power, LLC
  • CE2 Carbon Capital, LLC
  • Consolidated Edison Comp. of NY, Inc
  • Delaware City Refining Company, LLC
  • Dominion Energy Marketing, Inc.
  • EDF Trading North America, LLC
  • Emera Energy Generation II, LLC 
  • Entergy Rhode Island State Energy, LP
  • EquiPower Resources
  • Essential Power, LLC
  • Exelon Generation Company, LLC
  • GDF SUEZ Energy Marketing NA, Inc.
  • GenOn Energy Management, LLC
  • Granite Ridge Energy, LLC
  • Hess Energy Marketing LLC
  • Indeck-Corinth Limited Partnership
  • Indeck-Olean Limited Partnership
  • Indeck-Oswego Limited Partnership
  • Indeck-Yerkes Limited Partnership
  • Jamestown Board of Public Utilities
  • J-Power USA Development Co., Ltd.
  • Kleen Energy Systems, LLC
  • Koch Supply & Trading, LP
  • Lakeside Energy, LLC
  • Luminus Energy Partners QP, LP
  • Massachusetts Water Resources Authority
  • Mercuria Energy America, Inc.
  • 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
  • NRG Power Marketing, LLC
  • Power Authority of the State of New York
  • PSEG Energy Resources & Trade, LLC
  • Public Service Company of New Hampshire
  • RBC
  • Selkirk Cogen Partners, LP
  • Shell Energy North America (US), LP
  • TransCanada Power Marketing, Ltd.
  • Twin Eagle Resource Management, LLC
  • Upstate New York Power Producers, LLC
  • Verso Paper Corp.
  • Village of Freeport
  • Vitol Inc.