Auction 32

See the State Proceeds and Allowances table for a summary of Auction [[ auction_number ]] proceeds by state.

RGGI Auction [[ auction_number ]] was held on [[ auction_date ]] 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 [[ auction_number ]].

1. Auction Statistics

  • Offering: [[ quantity_offered ]]
  • 2016 CCR Allowances Available: [[ ccr_available ]]
  • CCR Allowances Sold: [[ ccr_sold ]]
  • Quantity Sold: [[ quantity_sold ]]
  • Clearing Price: $[[ clearing_price ]]
  • Number of Bidders: [[ actual_bidders ]]
  • Final Ratio of Bids to Supply: [[ ratio ]]
  • Percent Won by Compliance Entities: [[ percent_won_by_compliance ]]%
  • Percent Won by Compliance-Oriented Entities: [[ percent_won_compliance_ori ]]%

2. Auction Participation

A total of [[ potential_bidders ]] potential bidders submitted an Intent to Bid in the auction. For a list of potential bidders by name, see the Market Monitor Report.

The market monitor's report summarizes auction participation for Compliance Entities, Compliance-Oriented Entities, and Other Entities.

Compliance Entities are firms with a compliance obligation and their affiliates.

Compliance-Oriented Entities are Compliance Entities that (in the market monitor's assessment) appear to acquire and hold allowances primarily to satisfy their complaiance obligations.

Other Entities (also described elsewhere as Investors or Investment-Oriented Entities) include firms without any compliance obligation as well as firms that have compliance obligations but which hold a number of allowances that (in the market monitor's assessment) suggests that they are also buying for re-sale or some other investment purpose.

In Auction [[ auction_number ]], Compliance-Oriented Entities purchased [[ percent_won_compliance_ori ]]% of the allowances sold.

In Auction [[ auction_number ]], Compliance Entities purchased [[ percent_won_by_compliance ]]% of the allowances sold.

In the first [[ auction_number ]] RGGI auctions, compliance entities and their affiliates purchased [[ cumulative_won_by_complian ]]% of the allowances sold.

[[ holdings_by_compliance_ori ]]% of allowances in circulation will be held by Compliance-Oriented Entities following the settlement of allowances sold in Auction [[ auction_number ]].

[[ holdings_for_compliance_pu ]]% of allowances in circulation will be held for compliance purposes following the settlement of allowances solid in Auction [[ auction_number ]]. The number of allowances that are believed to be held for compliance purposes includes all of the allowances held by Compliance-Oriented Entities and a portion of allowances held by Other Entities for compliance purposes (these latter entities are also described elsewhere as Investors with Compliance Obligations).

3. Dispersion of Bids

Bids were submitted by [[ compliance_oriented_bidder ]] Compliance-Oriented Entities and [[ other_bidders ]] Other Entities.

[[ compliance_oriented_large_ ]] Compliance-Oriented Entities and [[ other_large_bidders ]] Other Entities submitted bids for a large quantity of allowances (i.e., at least 2 million tons).

Overall, Compliance-Oriented Entities accounted for [[ percent_bids_compliance ]]% of the quantity of allowances for which bids were submitted. The quantity of allowances for which bids were submitted was [[ ratio ]] times the initial offering of [[ quantity_offered ]] allowances.