Greenhouse-gas emission auction nets $2.49M for Maine energy efficiency
Maine has received $2.49 million from auctioning of the state’s carbon dioxide-emission allowances, the state Public Utilities Commission said Monday in a news release.
Maine and eight other Eastern states participated in the cap-and-trade auction, which was held for the 45th time by the Regional Greenhouse Gas Initiative.
The program brings the force of business competition to air pollution control. Each state caps the total volume of carbon dioxide that can be emitted within its borders, and energy companies bid on allowances to emit specified amounts of the greenhouse gas from power plants. The allowances can also be traded among the companies, providing an incentive for them to reduce emissions.
In Maine, revenue from the auctions go to the Efficiency Maine Trust, a state program that channels the funds for use in electricity rate relief, promotion of energy efficiency and renewable energy projects, according to the PUC.
Maine has received a total of $108.6 million since the auctions began in 2007. The nine participating states have reduced carbon dioxide emissions from eligible power plants by over 50%.
The 45th auction reached the milestone of selling the 1 billionth emission allowance. “RGGI has provided Maine people with significant benefits since its inception, both in reducing greenhouse gas emissions and through investment of auction revenue in energy efficiency,” said PUC Chairman Phil Bartlett.
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