Regional Greenhouse Gas Initiative

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

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Auction 26

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Auction 26 Page

RGGI Auction 26 was held on December 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 26.

1. Auction Statistics:

Current Control Period Offering

  • Intial Offering: 18,198,685
  • Quantity Sold: 18,198,685
  • Clearing Price: $5.21
  • Number of Bidders: 50
  • Ratio of Bids to Supply: 2.5x
  • Percent Won by Compliance Entities: 88

 

2. Auction Participation:

A total of 53 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 26, compliance entities and their affiliates purchased 88 percent of the CO2 allowances sold.

In the first 26 RGGI auctions, compliance entities and their affiliates purchased 78 percent of the CO2 allowances sold.

Compliance entities and their affiliates will hold 81 percent of the CO2 allowances in circulation following the settlement of CO2 allowances sold in Auction 26. 

 

3. Dispersion of Bids

In the offering of CO2 allowances for the current control period, bids were submitted by 42 compliance entities and 8 other entities.

Seven compliance entities and 2 other entities submitted bids for a large quantity of CO2 allowances (i.e., at least 2 million tons). Overall, compliance entities accounted for 71 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 18,198,685 CO2 allowances. 

 

4. Potential Bidders

The following 53 potential bidders submitted their intent to bid in the auction.

  • Brooklyn Navy Yard Cogen Partners, LP
  • Kendall Green Energy, LLC
  • Caithness Long Island, LLC
  • Kleen Energy Systems, LLC
  • Calpine Energy Services, LP
  • Koch Supply & Trading, LP
  • Carbon Lighthouse Association
  • Luminus Energy Partners QP, LP
  • Castleton Power, LLC
  • Massachusetts Muni. Wholesale Elec. Co.
  • CE2 Carbon Capital, LLC
  • Mercuria Energy America, Inc.
  • City of Dover
  • Millennium Power Partners, LP
  • Consolidated Edison Comp. of NY, Inc.
  • Morgan Stanley Capital Group, Inc.
  • Delaware City Refining Company, LLC
  • National Grid Gen. dba National Grid
  • Delaware Municipal Electric Corp.
  • New Athens Generating Company, LLC
  • Direct Energy Business Marketing, LLC
  • NextEra Energy Power Marketing, LLC
  • Dominion Energy Marketing, Inc.
  • NRG Power Marketing, LLC
  • EDF Trading North America, LLC
  • Power Authority of the State of New York
  • Empire Generating Co., LLC
  • PSEG Energy Resources & Trade, LLC
  • Entergy Rhode Island State Energy, LP
  • Public Service Company of New Hampshire
  • Exelon Generation Company, LLC
  • Raven Power Marketing, LLC
  • GDF SUEZ Energy Marketing NA, Inc.
  • RBC
  • GenOn Energy Management, LLC
  • Selkirk Cogen Partners, LP
  • Granite Ridge Energy, LLC
  • Seventh Generation Advisors
  • Green Mountain Power Corporation
  • Stonyfield Farm
  • Hawkeye Energy Greenport
  • 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.
 

Allowance Prices and Volumes (by Auction)

This chart displays the results of each RGGI CO2 Allowance Auction. To view a state-by-state breakdown for each auction, click on the auction number listed in the left-hand column.

 

Auction Number Offering Quantity Offered Quantity Sold Clearing Price Total Proceeds
Auction 38
12/08/2017
Current 14,687,989 14,687,989 3.80 $55,814,358.20
Auction 37
09/08/2017
Current 14,371,585 14,371,585 4.35 $62,516,394.75
Auction 36
06/07/2017
Current 14,597,470 14,597,470 $2.53 $36,931,599.10
Auction 35
03/08/2017
Current 14,371,300 14,371,300 $3.00 $43,113,900.00
Auction 34
12/07/2016
Current 14,791,315 14,791,315 $3.55 $52,509,168.25
Auction 33
09/07/2016
Current 14,911,315 14,911,315 $4.54 $67,697,370.10
Auction 32
06/01/2016
Current 15,089,652 15,089,652 $4.53 $68,356,123.56
Auction 31
03/09/2016
Current 14,838,732 14,838,732 $5.25 $77,903,343.00
Auction 30
12/2/2015
Current 15,374,274 15,374,274 $7.50 $115,307,055.00
Auction 29
9/9/2015
Current 15,374,294 25,374,294 $6.02 $152,753,249.88
10,000,000(CCR)
Auction 28
6/3/2015
Current 15,507,571 15,507,571 $5.50 $85,291,640.50
Auction 27
3/11/2015
Current 15,272,670 15,272,670 $5.41 $82,625,144.70
Auction 26
12/3/2014
Current 18,198,685 18,198,685 $5.21 $94,815,148.85
Auction 25
9/3/2014
Current 17,998,687 17,998,687 $4.88 $87,833,592.56
Auction 24
6/4/2014
Current 18,062,384 18,062,384 $5.02 $90,673,167.68
Auction 23
3/5/2014
Current 18,491,350 23,491,350 $4.00 $93,965,400.00
5,000,000(CCR)
Auction 22
12/4/2013
Current 38,329,378 38,329,378 $3.00 $114,988,134.00
Auction 21
9/4/2013
Current 38,409,043 38,409,043 $2.67 $102,552,144.81
Auction 20
6/5/2013
Current 38,782,076 38,782,076 $3.21 $124,490,463.96
Auction 19
3/13/2013
Current 37,835,405 37,835,405 $2.80 $105,939,134.00
Auction 18
12/5/2012
Current 37,563,083 19,774,000 $1.93 $38,163,820.00
Auction 17
9/5/2012
Current 37,949,558 24,589,000 $1.93 $47,456,770.00
Auction 16
6/6/2012
Current 36,426,008 20,941,000 $1.93 $40,416,130.00
Auction 15
3/14/2012
Current 34,843,858 21,559,000 $1.93 $41,608,870.00
Auction 14
12/07/2011
Current 42,983,482 27,293,000 $1.89 $51,583,770.00
Future 1,864,951 0 --
Auction 13
09/07/2011
Current 42,189,685 7,487,000 $1.89 $14,150,430.00
Future 1,864,951 0 --
Auction 12
06/08/2011
Current 42,034,184 12,537,000 $1.89 $25,477,200.00
Future 1,864,952 943,000 $1.89
Auction 11
03/09/2011
Current 41,995,813 41,995,813 $1.89 $83,425,588.47
Future 2,144,710 2,144,710 $1.89
Auction 10
12/01/2010
Current 43,173,648 24,755,000 $1.86 $48,224,220.00
Future 2,137,991 1,172,000 $1.86
Auction 9
09/10/2010
Current 45,595,968 34,407,000 $1.86 $66,437,340.00
Future 2,137,992 1,312,000 $1.86
Auction 8
6/09/2010
Current 40,685,585 40,685,585 $1.88 $80,465,566.78
Future 2,137,993 2,137,993 $1.86
Auction 7
3/10/2010
Current 40,612,408 40,612,408 $2.07 $87,956,944.56
Future 2,137,992 2,091,000 $1.86
Auction 6
12/2/2009
Current 28,591,698 28,591,698 $2.05 $61,587,120.90
Future 2,172,540 1,599,000 $1.86
Auction 5
9/9/2009
Current 28,408,945 28,408,945 $2.19 $66,278,239.35
Future 2,172,540 2,172,540 $1.87
Auction 4
6/17/2009
Current 30,887,620 30,887,620 $3.23 $104,242,445.00
Future 2,172,540 2,172,540 $2.06
Auction 3
3/18/2009
Current 31,513,765 31,513,765 $3.51 $117,248,629.80
Future 2,175,513 2,175,513 $3.05
Auction 2
12/17/2008
Current 31,505,898 31,505,898 $3.38 $106,489,935.24
Auction 1*
9/25/2008
Current 12,565,387 12,565,387 $3.07 $38,575,738.09

 

*Six states participated in Auction 1

Supply & Bid Statistics (by Auction)

This chart includes data from the market monitor's reports on participation in the current control period offering in each RGGI CO2 Allowance Auction.

Auction Potential Bidders Ratio of Bids to Supply Allowances Won by Compliance Entities and their Affiliates Allowances Won by Compliance-Oriented Entities
Auction 38 45 2.2 64% 55%
Auction 37 50 2.7 47% 38%
Auction 36 48 2.1 49% 36%
Auction 35 48 2.2 47% 34%
Auction 34 48 2.4 71% 40%
Auction 33 50 2.8 61% 42%
Auction 32 56 3.1 93% 64%
Auction 31 57 3.5 67% 59%
Auction 30 57 3.0 80% 23%
Auction 29 55 3.4 74% 51%
2.1 (w/CCR)
Auction 28 53 3.1 68% 47%
Auction 27 50 2.8 100% --
Auction 26 53 2.5 88% --
Auction 25 47 2.5 80% --
Auction 24 51 2.9 55% --
Auction 23 52 3.1 45% --
2.5 (w/CCR)
Auction 22 55 2.7 43% --
Auction 21 52 2.0 53% --
Auction 20 55 2.1 68% --
Auction 19 43 2.2 69% --
Auction 18 34 0.53 100% --
Auction 17 29 0.65 100% --
Auction 16 35 0.57 95% --
Auction 15 34 0.62 99% --
Auction 14 49 0.63 99% --
Auction 13 41 0.18 94% --
Auction 12 47 0.3 91% --
Auction 11 49 1.1 85% --
Auction 10 49 0.57 97% --
Auction 9 56 0.75 92% --
Auction 8 53 1.3 92% --
Auction 7 61 2.3 85% --
Auction 6 74 2.6 65% --
Auction 5 59 2.5 77% --
Auction 4 67 2.6 85% --
Auction 3 63 2.5 78% --
Auction 2 84 3.5 87% --
Auction 1 82 4.1 82% --

 

Cumulative Allowances & Proceeds (by State)

This chart displays cumulative auction results organized by state. To view a complete breakdown by auction and allowance control period for each state, click on the state name listed in the left-hand column.

State

Cumulative Allowances Sold

Cumulative Proceeds

Connecticut 59,689,570 $186,744,124.38
Delaware 32,041,210 $107,255,871.02
Maine 29,218,563 $91,909,096.27
Maryland 188,574,702 $584,573,954.11
Massachusetts 150,816,939 $470,804,598.82
New Hampshire 39,562,113 $126,890,112.04
New York 345,471,912 $1,073,310,772.10
Rhode Island 17,562,748 $59,596,886.33
Vermont 6,903,063 $ 21,435,324.75
Total for Participating States 869,840,820.00 $2,722,520,739.82
New Jersey* 48,483,770 $113,344,551.27
Total 918,324,590.00 $2,835,865,291.09

 

* See New Jersey’s Notice of Withdrawal of Agreement to the RGGI MOU.