Carbon Auction Nets $106.5 Million For 10 States

The nation's second auction of carbon dioxide emissions allowances yielded $106.5 million for the 10 northeastern states in the Regional Greenhouse Gas Initiative.

Pete Grannis, the organization's chairman, says the results prove that distributing allowances through auctions in a carbon dioxide cap-and-trade program can be successful. RGGI is seen as a blueprint for a national program to curb global warming by reducing carbon emissions.

RGGI reported Friday that all 31.5 million allowances, each representing a ton of carbon, were sold in the auction Wednesday for a clearing price of $3.38 per allowance.

RGGI includes Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont.