Regional Greenhouse Gas Initiative

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

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Auction 23

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RGGI Auction 23 was held on March 5, 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 23.

1. Auction Statistics:

Current Control Period Offering

  • Intial Offering: 18,491,350
  • 2014 CCR Allowances Available: 5,000,000
  • Quantity Sold: 23,491,350
  • Clearing Price: $4.00
  • Number of Bidders: 45
  • Ratio of Bids to Intial Supply: 3.1x
  • Ration of Bids to Total Supply: 2.5x
  • Percent Won by Compliance Entities: 45

 

2. Auction Participation:

A total of 52 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 23, compliance entities and their affiliates purchased 45 percent of the CO2 allowances sold.

In the first 23 RGGI auctions, compliance entities and their affiliates purchased 78 percent of the allowances sold.

Compliance entities and their affiliates will hold 74 percent of the allowances in circulation following the settlement of allowances sold in Auction 23. 

 

3. Dispersion of Bids

In the offering of allowances for the current control period, bids were submitted by 35 compliance entities and ten other entities.

Nine compliance entities and five other entities submitted bids for a large quantity of allowances (i.e., at least 2 million tons). Overall, compliance entities accounted for 65 percent of the quantity of allowances for which bids were submitted. The quantity of allowances for which bids were submitted was 3.1 times the initial offering of 18,491,350 allowances and 2.5 times the total available supply (including the 5 million allowances in the CCR). In Auction 22, the quantity of allowances for which bids were submitted was 2.7 times the available supply.

 

4. Potential Bidders

The following 52 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
  • CP Energy Marketing (US) Inc..
  • Delaware City Refining Company, LLC
  • Dominion Energy Marketing, Inc.
  • DTE Energy Trading, Inc.
  • Dynegy Marketing and Trade, LLC
  • EDF Trading North America, LLC
  • Entergy Rhode Island State Energy, LP
  • EquiPower Resources
  • Evolution Markets, Inc.
  • Exelon Generation Company, LLC
  • Five Rings Capital, 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
  • 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
  • Noble Americans Gas & Power Corp.
  • 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
  • Upstate New York Power Producers, LLC
  • Verso Paper Corp.
  • Vitol Inc.
  • Wallingford Energy, LLC