Northeast U.S. Pollution Permits Rise 10% at Auction
Permits to release a ton of carbon dioxide from generating electricity in 10 Northeastern U.S. states sold for $3.38 each this week, a 10 percent increase from the September price.
Sixty-nine bidders took part in the Dec. 17 sale, Regional Greenhouse Gas Initiative Inc., or RGGI, said today on its Web site. RGGI, pronounced “Reggie,” is the organization of states including New York that requires fossil fuel-burning power plants to have a permit for every ton of CO2 they pump into the skies.
RGGI, the first U.S. market for emissions allowances, aims to reduce global-warming gases by 10 percent by 2019. The program begins Jan. 1 and is touted as a potential model for Congress, which is debating a national cap-and-trade plan to control greenhouse gases blamed for raising temperatures and sea levels.