First Auction of RGGI Carbon Allowances to Take Place in September

The Regional Greenhouse Gas Initiative (RGGI), the carbon cap-and-trade program in the Northeastern states, has scheduled its first auction of greenhouse gas emission allowances for September 1st of this year.  Prices for allowances at this point are at around $7.05.  The RGGI system addresses only carbon dioxide from coal-fired power plants--it is not an economy-wide program, such as the California program, or those of the Western and Midwestern states.  The number of allowances to be auctioned will be announced on August 14th.