On July 24, 2008, the Regional Greenhouse Gas Initiative (RGGI) announced the release of auction materials for North America’s first CO2 emission allowance auction. RGGI is a cooperative effort by ten Northeast and Mid-Atlantic states to reduce regional greenhouse gas emissions by power plants through a CO2 cap-and-trade system that will officially start on January 1, 2009. The release of auction materials marked the start of a 60-day countdown to the first auction, which will be held between 9 AM and 12 PM EDT on September 25, 2008. The online auction will place on the market 12,565,387 CO2 emission allowances for purchase by electric utilities.
RGGI Auction Materials