According to a report from the Regional Greenhouse Gas Initiative, 161 of the 163, or 98.8%, of the power plants under the regional cap-and-trade program met their compliance obligations during the third three-year control period.
In terms of emissions, 99.9% of covered power-sector emissions were in compliance during the third control period, which ran from Jan. 1, 2015, through Dec. 31, 2017.
Average RGGI CO2 emissions for the control period were 75.5 million short tons, down more than 50% from power-sector emissions across the region since 2005.
This year's RGGI cap is 82.2 million short tons. The RGGI states also include interim adjustments to the RGGI cap to account for banked CO2 allowances, making the RGGI adjusted cap 60.3 million short tons.
RGGI requires a regulated power plant to hold CO2 allowances equal to its emissions to demonstrate compliance for each three-year control period. RGGI is comprised of nine states: Connecticut, Delaware, Maine, Massachusetts, Maryland, New Hampshire, New York, Rhode Island and Vermont.
The RGGI participating 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.
