Program to cut pollution pays $4.2M in dividends to Maine
Photo / Maureen MIlliken
Maine got $4.2 million from an auction of greenhouse gas allowances, which is part of a program to cut pollution from power plants in 11 states, the PUC said.
Maine got $4.2 million from an auction of greenhouse gas allowances, which is part of a program to cut pollution from power plants in 11 states.
The auction, which raised a total of $178.4 million in the first quarter, gives states money to reinvest in programs such as bill assistance, greenhouse gas abatement, energy efficiency efforts and renewable energy. It helps both business and residential customers.
“The program is effective in securing significant emissions reductions while also strengthening local economies through reinvestment,” said Philip Bartlett, chairman of the Maine Public Utilities Commission.
Under the program, the Regional Greenhouse Gas Initiative sets a limit on the amount of carbon pollution that power plants are allowed to emit in an effort to reduce air pollution. Through the quarterly auctions, companies purchase pollution permits, or allowances, that set how much carbon dioxide then can emit. A regulated power plant must hold carbon dioxide allowances that equal its emissions for each three-year period.
Since the program began in 2005, it has generated proceeds of $3.9 billion. The Regional Greenhouse Gas Initiative was the nation’s first mandatory cap-and-trade for greenhouse gas emissions.
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