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RGGI secondary market prices slide in light post-auction activity

Regional Greenhouse Gas Initiative secondary market CO2 allowances leaked lower in thin activity during the week ended Dec. 9, following the program's final quarterly auction of the year.

The December 2019 vintage 2019 contract was assessed in a bid-and-offer spread of $5.64/ton to $5.70/ton, down 4 cents from Nov. 26 assessments. The December 2020 vintage 2020 contract was talked in a bid-and-ask range of $5.85/ton to $5.90/ton, easing 4 cents from Nov. 26.

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At RGGI's Dec. 4 auction, 13,116,444 allowances were sold at a clearing price of $5.61/ton, up 41 cents from the September sale. There were 43 bidders in the RGGI auction, with bids ranging from $2.26/ton to $8.00/ton.

RGGI said that 83% of the allowances purchased in the December auction were bought by compliance entities, while 48% were scooped up by compliance-oriented entities.

The 46th RGGI quarterly auction netted a total of $73.6 million for states to reinvest in strategic programs, including energy efficiency, renewable energy, direct bill assistance and greenhouse gas abatement programs.

At RGGI's prior auction in September, 100% of the more than 13 million allowances on offer sold at $5.20/ton, down 42 cents from the June sale and the lowest level in a year.

The nine participating states are Connecticut, Delaware, Maine, Massachusetts, Maryland, New Hampshire, New York, Rhode Island and Vermont. These states use a market-based cap-and-trade program to reduce greenhouse gas emissions from regional power plants, selling nearly all emissions allowances through auctions and investing the proceeds in ways that vary state by state.

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