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Northeast Carbon Allowance Auction Raises $93.9 Million (1)

June 5, 2020, 3:24 PM; Updated: June 5, 2020, 6:58 PM

Nearly $94 million will be divided up by 10 Northeast states and used to reinvest in energy efficiency and renewable programs, stemming from proceeds of an auction aimed at capping carbon dioxide emissions.

The auction by the Regional Greenhouse Gas Initiative, a multi-state cap-and-trade program, sold carbon allowances for $5.75 in the second quarter of this year, a nearly 2% increase over the prior quarter, according to results released Friday.

It will cost slightly more for electric power companies to comply with the carbon trading program as a result of the rise. Carbon allowance prices vary based on several factors, ...

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