Regional Greenhouse Gas Initiative

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

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Auction 25

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RGGI Auction 25 was held on September 3, 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 25.

1. Auction Statistics:

Current Control Period Offering

  • Intial Offering: 17,998,687
  • Quantity Sold: 17,998,687
  • Clearing Price: $4.88
  • Number of Bidders: 43
  • Ratio of Bids to Supply: 2.5x
  • Percent Won by Compliance Entities: 80

 

2. Auction Participation:

A total of 47 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 25, compliance entities and their affiliates purchased 80 percent of the CO2 allowances sold.

In the first 25 RGGI auctions, compliance entities and their affiliates purchased 78 percent of the CO2 allowances sold.

Compliance entities and their affiliates will hold 80 percent of the CO2 allowances in circulation following the settlement of CO2 allowances sold in Auction 25. 

 

3. Dispersion of Bids

In the offering of CO2 allowances for the current control period, bids were submitted by 38 compliance entities and 5 other entities.

Six compliance entities and 4 other entities submitted bids for a large quantity of CO2 allowances (i.e., at least 2 million tons). Overall, compliance entities accounted for 66 percent of the quantity of CO2 allowances for which bids were submitted. The quantity of CO2 allowances for which bids were submitted was 2.5 times the offering of 17,998,687 CO2 allowances. 

 

4. Potential Bidders

The following 47 potential bidders submitted their intent to bid in the auction.

  • Brayton Point Energy, LLC
  • Kleen Energy Systems, LLC
  • Brookfield Energy Marketing LP
  • Koch Supply & Trading, LP
  • Brooklyn Navy Yard Cogen Partners, LP
  • Lakeside Energy, LLC
  • Caithness Long Island, LLC
  • Luminus Energy Partners QP, LP
  • Calpine Energy Services, LP
  • Mercuria Energy America, Inc.
  • Castleton Commodities Merchant Trading, LP
  • Millenium Power Partners, LP
  • Castleton Power, LLC
  • Morgan Stanley Capital Group, Inc.
  • CE2 Carbon Capital, LLC
  • National Grid Gen. dba National Grid
  • Consolidated Edison Comp. of NY, Inc.
  • New Athens Generating Company, LLC
  • Delaware City Refining Company, LLC
  • NextEra Energy Power Marketing, LLC
  • Dominion Energy Marketing, Inc.
  • NRG Power Marketing, LLC
  • EDF Trading North America, LLC
  • Old Dominion Electric Cooperative
  • Entergy Rhode Island State Energy, LP
  • Power Authority of the State of New York
  • EquiPower Resources
  • PSEG Energy Resources & Trade, LLC
  • Exelon Generation Company, LLC
  • Public Service Company of New Hampshire
  • GDF SUEZ Energy Marketing NA, Inc.
  • RBC
  • GenOn Energy Management, Inc.
  • Selkirk Cogen Partners, LP
  • Granite Ridge Energy, LLC
  • TransCanada Power Marketing, Ltd.
  • Indeck-Corinth Limited Partnership
  • Upstate New York Power Producers, LLC
  • Indeck-Olean Limited Partnership
  • Verso Paper Corp.
  • Indeck-Oswego Limited Partnership
  • Village of Freeport
  • Indeck-Yerkes Limited Partnership
  • Vitol Inc.
  • Jamestown Board of Public Utilities
  • Wallingford Energy, LLC
  • J-Power USA Development Co., Ltd.