RGGI says auctions support emissions, energy cuts

OREANDA-NEWS. April 22, 2015. Complementary programs supported by Regional Greenhouse Gas Initiative (RGGI) CO2 allowance auction revenue through 2013 will help avoid more than 10mn short tons of emissions over their lifetime, the nine-state trading program said.

RGGI states invested more than \\$1bn in auction revenue in programs through 2013, including energy efficiency, renewable energy and emissions abatement, resulting in the avoidance of 1.5mn st emissions avoidance to date, RGGI said in a report released today. The total will grow to 10.3mn st over the course of the programs, the report said.

The programs are projected to save 11.5mn MWh of electricity and 48.7mn mmBtu of fossil fuels over their lifetime, RGGI said.

Energy efficiency programs account for nearly all of the emissions avoidance and energy savings, with 1.2mn st of CO2 avoided and 1.7mn MWh saved. Over time, the programs will avoid 7.5mn st of CO2 and save 8.9mn MWh of electricity.

The RGGI program covers power plant emissions across nine northeastern states. The allowance auctions, first held in September 2008, raised nearly \\$1.6bn through 2013. The \\$1bn cited in the report does not include \\$111mn for New Jersey, which left the program in 2011, \\$288mn committed to programs for 2014, transfers to state general funds and other adjustments.