Regional Greenhouse Gas Initiative

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

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Auction 18

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Auction 18

RGGI Auction 18 was held on December 5, 2012 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 18.

 

1. Auction Statistics:

Current Control Period Offering

  • Quantity Offered: 37,563,083
  • Quantity Sold: 19,774,000
  • Clearing Price: $1.93
  • Number of Bidders: 29
  • Ratio of bids to Supply: 0.53x
  • Percent Won by Electric Generators: 100

 

2. Auction Participation:

A total of 34 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 18, compliance entities and their affiliates purchased 100 percent of the CO2 allowances sold.

In the first 18 RGGI auctions, compliance entities and their affiliates purchased 88 percent of the current control period allowances sold.

94 percent of the CO2 allowances in circulation will be held by electric generators and their corporate affiliates ("compliance entities") following the settlement of Auction 18.

 

3. Dispersion of Bids

In the offering of allowances for the current control period, bids were submitted by 29 compliance entities.

One compliance entity submitted a bid for a large quantity of allowances (e.g., at least 5 million tons). Overall, compliance entities accounted for 100 percent of the quantity of allowances for which bids were submitted. The quantity of allowances for which bids were submitted decreased to 0.53 times the available supply in Auction 18 from 0.65 times the available supply in Auction 17 and 0.57 times the available supply in Auction 16.

 

4. Qualified Bidders

The following 34 qualified bidders submitted their intent to bid in the auction.

  • AES Warrior Run Cogeneration Facility
  • Astoria Energy, LLC
  • Astoria Generating Company, LP
  • Berkshire Power Company, LLC
  • Brookfield Energy Marketing LP
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Castleton Power, LLC
  • Consolidated Edison Comp. of NY, Inc.
  • Constellation Energy Commodities Group
  • Dominion Energy Marketing, Inc
  • Dynegy Marketing and Trade, LLC
  • EDF Trading North America, LLC
  • Empire Generating Co., LLC
  • Entergy Rhode Island State Energy, LP
  • EquiPower Resources
  • GenOn Energy Management, LLC
  • Indeck-Corinth Limited Partnership
  • Jamestown Board of Public Utilities
  • J-Power USA Development Co., Ltd.
  • Kleen Energy Systems, LLC
  • Massachusetts Muni. Wholesale Elec. Co.
  • Millennium Power Partners, LP
  • National Grid Gen. dba National Grid
  • New Athens Generating Company, LLC
  • NextEra Energy Power Marketing, LLC
  • NRG Power Marketing, LLC
  • Power Authority of the State of New York
  • Public Service Company of New Hampshire
  • RBC
  • Rochester Gas and Electric Corporation
  • Selkirk Cogen Partners, LP
  • Verso Paper Corp
  • Wallingford Energy, LLC
  •  

    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 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 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 56,680,436 $176,149,007.77
    Delaware 29,897,505 $99,624,281.70
    Maine 27,346,498 $85,168,608.15
    Maryland 179,654,074 $552,816,517.40
    Massachusetts 143,270,216 $443,938,264.70
    New Hampshire 37,094,035 $118,196,068.90
    New York 328,885,497 $1,014,263,134.70
    Rhode Island 16,796,579 $56,892,271.82
    Vermont 6,558,936 $20,210,232.63
    Total for Participating States 826,183,776 $2,567,258,387.77
    New Jersey* 48,483,770 $113,344,551.27
    Total 874,667,546 $2,680,602,939.04

     

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