Regional Greenhouse Gas Initiative

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

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CO2 Auctions

Auction 29

RGGI Auction 29 was held on September 9, 2015 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 29.

1. Auction Statistics:

Current Control Period Offering

  • Intial Offering: 15,374,294
  • 2015 CCR Allowances Available: 10,000,000
  • Quantity Sold: 25,374,294
  • Clearing Price: $6.02
  • Number of Bidders: 51
  • Ratio of Bids to Intial Supply: 3.4
  • Percent Won by Compliance Entities: 74%
  • Percent Won by Compliance-Oriented Entities: 51%

 

2. Auction Participation:

A total of 55 potential bidders, listed by name in section 4 below, submitted an Intent to Bid in the auction.

The following statistics summarize the participation by electric generators and their corporate affiliates ("compliance entities") under the RGGI program.

In Auction 29, compliance entities and their affiliates purchased 74 percent of the allowances sold.

In the first 29 RGGI auctions, compliance entities and their affiliates purchased 77 percent of the allowances sold.

This post-auction report also summarizes allowance purchases and holdings for “compliance-oriented entities.” This includes most compliance entities and their affiliates. Compliance-oriented entities exclude compliance entities that (in the market monitor’s assessment) have allowance holdings which exceed their estimated compliance obligations by a margin to suggest purchasing allowances for re-sale or some other investment purpose.

In Auction 29, compliance-oriented entities and their affiliates purchased 51 percent of allowances.

55 percent of allowances in circulation will be held by firms that are believed to hold them for compliance purposes following the settlement of allowances sold in Auction 29.

 

3. Dispersion of Bids

In the offering of allowances for the current control period, bids were submitted by 37 compliance-oriented entities and 14 other entities.

Four compliance-oriented entities and eight other entities submitted bids for a large quantity of allowances (i.e., at least 2 million tons). Overall, compliance-oriented entities accounted for 40 percent of the quantity of allowances for which bids were submitted. The quantity of allowances for which bids were submitted was 3.4 times the initial offering of 15,374,294 allowances.

 

4. Potential Bidders

The following 55 potential bidders submitted their intent to bid in the auction.

  • Astoria Energy, LLC
  • Brooklyn Navy Yard Cogen Partners, LP
  • Burlington Electric Department
  • Caithness Long Island, LLC
  • Calpine Energy Services, LP
  • Castleton Commodities Merchant Trading, LP
  • Castleton Power, LLC
  • CE2 Carbon Capital, LLC
  • City of Dover
  • Consolidated Edison Comp. of NY, Inc
  • Delaware City Refining Company, LLC
  • Delaware Municipal Electric Corp.
  • Direct Energy Business Marketing, LLC
  • Dominion Energy Marketing, Inc.
  • DRW Commodities, LLC
  • DTE Energy Trading, Inc.
  • EDF Trading North America, LLC
  • Entergy Rhode Island State Energy, LP
  • Essential Power, LLC
  • Exelon Generation Company, LLC
  • GDF SUEZ Energy Marketing NA, Inc.
  • GenOn Energy Management, LLC
  • Granite Ridge Energy, LLC
  • Indeck Energy Serv. of Silver Springs
  • 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.
  • Kendall Green Energy, LLC
  • Kleen Energy Systems, LLC
  • KMC Thermo, LLC
  • Koch Supply & Trading, LP
  • Luminus Energy Partners Master Fund, Ltd.
  • Maxim Power (USA) Inc.
  • 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
  • Old Dominion Electric Cooperative
  • Power Authority of the State of New York
  • PSEG Energy Resources & Trade, LLC
  • Public Service Company of New Hampshire
  • RBC
  • Selkirk Cogen Partners, LP
  • TransCanada Power Marketing, Ltd.
  • Upstate New York Power Producers, LLC
  • Verso Corporation
  • Village of Freeport
  • Vitol Inc.
  • Wallingford Energy, LLC

Auction 27

RGGI Auction 27 was held on March 11, 2015 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 27.

1. Auction Statistics:

Current Control Period Offering

  • Intial Offering: 15,272,670
  • 2015 CCR Allowances Available: 10,000,000
  • Quantity Sold: 15,272,670
  • Clearing Price: $5.41
  • Number of Bidders: 45
  • Ratio of Bids to Intial Supply: 2.8x
  • Percent Won by Compliance Entities: 100%

 

2. Auction Participation:

A total of 50 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 27, compliance entities and their affiliates purchased 100 percent of the CO2 allowances sold.

In the first 27 RGGI auctions, compliance entities and their affiliates purchased 78 percent of the allowances sold.

Compliance entities and their affiliates will hold 62 percent of the allowances in circulation following the settlement of allowances sold in Auction 27.

 

3. Dispersion of Bids

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

Six compliance entities and three other entities submitted bids for a large quantity of allowances (i.e., at least 2 million tons). Overall, compliance entities accounted for 66 percent of the quantity of allowances for which bids were submitted. The quantity of allowances for which bids were submitted was 2.8 times the initial offering of 15,272,670 allowances.

 

4. Potential Bidders

The following 50 potential bidders submitted their intent to bid in the auction.

  • Adirondack Council Inc.
  • Astoria Energy, LLC
  • Brookfield Energy Marketing LP
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Calpine Energy Services, LP
  • Carbon Lighthouse Association
  • Castleton Commodities Merchant Trading, LP
  • Castleton Power, LLC
  • CE2 Carbon Capital, LLC
  • City of Dover
  • Consolidated Edison Comp. of NY, Inc.
  • Delaware City Refining Company, LLC
  • Direct Energy Business Marketing, LLC
  • Dominion Energy Marketing, Inc.
  • DTE Energy Trading, Inc.
  • EDF Trading North America, LLC
  • Empire Generating Co., LLC
  • Entergy Rhode Island State Energy, LP
  • Essential Power, LLC
  • Exelon Generation Company, LLC
  • GDF SUEZ Energy Marketing NA, Inc.
  • GenOn Energy Management, LLC
  • Granite Ridge Energy, LLC
  • Indeck-Corinth Limited Partnership
  • Indeck-Oswego Limited Partnership
  • Indeck-Yerkes Limited Partnership
  • Jamestown Board of Public Utilities
  • J-Power USA Development Co., Ltd.
  • Kendall Green Energy, LLC
  • Kleen Energy Systems, LLC
  • Koch Supply & Trading, LP
  • Luminus Energy Partners Master Fund, Ltd.
  • Maxim Power (USA) Inc.
  • 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
  • Old Dominion Electric Cooperative
  • Power Authority of the State of New York
  • PSEG Energy Resources & Trade, LLC
  • Public Service Company of New Hampshire
  • RBC
  • Upstate New York Power Producers, LLC
  • Verso Corporation
  • Village of Freeport
  • Vitol Inc.

Auction 15

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.
  •  

     

    Auction 16

    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
  •  

     

    Auctions 1-36

     

    Auction Auction Date
    Auction 36 6/7/17
    Auction 35 3/8/17
    Auction 34 12/7/16
    Auction 33 9/7/16
    Auction 32 6/1/16
    Auction 31 3/9/16
    Auction 30 12/2/15
    Auction 29 9/9/15
    Auction 28 6/3/15
    Auction 27 3/13/15
    Auction 26 12/5/14
    Auction 25 9/3/14
    Auction 24 6/4/14
    Auction 23 3/5/14
    Auction 22 12/4/13
    Auction 21 9/4/13
    Auction 20 6/5/13
    Auction 19 3/13/13
    Auction 18 12/5/12
    Auction 17 9/5/12
    Auction 16 6/6/12
    Auction 15 3/14/12
    Auction 14 12/7/11
    Auction 13 9/7/11
    Auction 12 6/8/11
    Auction 11 3/9/11
    Auction 10 12/1/10
    Auction 9 9/8/10
    Auction 8 6/9/10
    Auction 7 3/10/10
    Auction 6 12/2/09
    Auction 5 9/9/09
    Auction 4 6/17/09
    Auction 3 3/18/09
    Auction 2 12/17/08
    Auction 1 9/25/08