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December 14, 2016

Maine nets $1.8 million in latest RGGI auction

Maine and eight other Northeastern and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative have completed the fourth auction this year in the market-based regulatory program designed to reduce greenhouse gas emissions.

Maine's portion of the Dec. 7 auction — which generated a total of $52.5 million — is $1.8 million, according to a release from the Maine Public Utilities Commission.

There were 14.8 million CO2 allowances sold in the auction at a clearing price of $3.55. Bids for allowances ranged from $2.10 to $13.75 per allowance. The money generated is allocated among the nine RGGI states, which in turn utilize and invest the funds pursuant to state laws and rules.

Since RGGI's inception, Maine has received $83.6 million, which has been used to finance rate relief, energy efficiency and renewable energy projects. Many of these programs and projects are managed through the Efficiency Maine Trust.

"The market monitor has reported that Auction 34 was a competitive auction with no indication of market manipulation or collusion," said PUC Commissioner Carlisle McLean, who also serves as the RGGI Inc. treasurer. "RGGI continues to make strides toward a cleaner electricity system while also providing revenue for each state to invest to their advantage. Although one of the smaller RGGI states, Maine continues to benefit from program participation."

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