Carbon dioxide allowances head for auction
A consortium of Eastern U.S. states will auction carbon missions allowances this fall in an effort to reduce carbon missions from power plants.
The Hartford (Conn.) Courant said bidding on Sept. 10 will start at $1.86 a ton, with subsequent auctions held quarterly. Power plant operators in the 10 member states will have until the end of 2011 to acquire enough credits to account for all of their carbon dioxide emissions, the newspaper said.
The amount of emissions allowed will shrink by 10 percent over 10 years and the number of permits auctioned will be reduced.
The Regional Greenhouse Gas Initiative, RGGI, includes Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Hampshire, New York, Rhode Island and Vermont.
Copyright 2008 by United Press International