Auction 13

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RGGI Auction 13 was held on September 7, 2011 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 13.

 

1. Auction Statistics:

Current Control Period (2009-2011) Offering

  • Quantity Offered: 42,189,685
  • Quantity Sold: 7,487,000
  • Clearing Price: $1.89
  • Number of Bidders: 31
  • Ratio of bids to Supply: 0.18x
  • Percent Won by Electric Generators: 94

Future Control Period (2012-2014) Offering

  • Quantity Offered: 1,864,951
  • Quantity Sold: 0
  • Clearing Price: --
  • Number of Bidders: --
  • Ratio of Bids to Supply: --
  • Percent Won by Electric Generators: --

  

2. Auction Participation:

A total of 41 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 13, compliance entities and their affiliates purchased: 

In the first 13 RGGI auctions, compliance entities and their affiliates purchased:

Compliance entities and their affiliates will hold 97 percent of the allowances in circulation following the settlement of allowances sold in Auction 13.

 

3. Dispersion of Bids

In the offering of current control period allowances, bids were submitted by a large number of compliance entities and several non-compliance entities. A small number of allowances were also auctioned in advance for a future control period, although no bids were submitted in this offering.

In the auction for current control period allowances, just one compliance entity submitted bids for a large quantity of allowances (e.g., at least 1 million tons or 2.5 percent of the available supply). Overall, compliance entities accounted for 94 percent of the quantity of allowances for which bids were submitted in the offering of current control period allowances. The quantity of allowances for which bids were submitted decreased to 0.18 times the available supply in Auction 13 from 0.30 times the available supply in Auction 12 and 1.1 times the available supply in Auction 11. 

In the auction for future control period allowances, no bids were submitted. This decreased from 0.57 times the available supply in Auction 12 and 1.4 times the available supply in Auction 11.

The following figure summarizes the quantities of bids submitted by all bidders.

Quantity of Bids Submitted By Type of Entity and Quantity Bid

A13 % Dispersion of Bids

 

4. Qualified Bidders

The following 41 qualified bidders submitted their intent to bid in the auction.

  • Adirondack Council Inc.
  • AES Eastern Energy, LP
  • Aircraft Services Corporation
  • Astoria Generating Company, LP
  • Barclays Bank PLC
  • Berkshire Power Company, LLC
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Carbon Lighthouse Association
  • Castleton Power, LLC
  • Chambers Cogeneration, LP
  • Conoco Phillips Company
  • Consolidated Edison Comp. of NY, Inc.
  • Constellation Energy Commodities Group
  • Dominion Energy Marketing, Inc.
  • Empire Generating Co., LLC
  • EquiPower Resources
  • GenOn Energy Management, LLC
  • Green Mountain Power Corporation
  • Indeck-Corinth Limited Partnership
  • Indeck-Oswego Limited Partnership
  • Indeck-Yerkes Limited Partnership
  • J-Power USA Development Co., Ltd.
  • Kleen Energy Systems, LLC
  • Logan Generating Company, LP
  • Millenium Power Partners, LP
  • Morgan Stanley Capital Group, Inc.
  • National Grid Gen. dba National Grid
  • New Athens Generating Company, LLC
  • North American Energy Alliance, 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
  • Rochester Gas and Electric Corporation
  • Selkirk Cogen Partners, LP
  • Sterling Planet, Inc.
  • Sunoco Power Generation, LLC
  • Verso Paper Corp.
  • Wallingford Energy, LLC