RGGI auction

Follow-up to today's earlier FR post, Reuters reports RGGI's first auction of permits allowing power plants to emit a greenhouse gas "raised nearly $39 million."

The auction kicked off the Regional Greenhouse Gas Initiative, an agreement by ten states to begin regulating carbon dioxide emissions from more than 230 power plants in January. The states, from Maryland to Maine, are taking action in the absence of guidance from the Bush Administration on how to regulate the gases widely blamed for warming the planet.

RGGI's website reports, "All allowances offered in Auction 1 were sold at a clearing price of $3.07." The RGGI states plan to use the money to protect consumers from higher costs resulting from the emissions cap.