The most recent RGGI quarterly auction (Auction 62) was held on December 6, 2023. The clearing price was $14.88/ton, 7.4 percent higher than the clearing price of $13.85/ton on September 6, 2023 (see Figure 1). Auction 62 represents the third consecutive auction with increasing clearing prices, which follows three prior consecutive auctions with decreasing clearing prices.
The most recent RGGI quarterly auction (Auction 61) was held on September 6th. The clearing price was $13.85/ton, 8.8% higher than the clearing price of $12.73/ton on June 7, 2023. Auction 61 represents the largest increase in clearing price in percentage terms since Auction 54 in December 2021.
At the end of July, regulations were published to withdraw Virginia from the Regional Greenhouse Gas Initiative (RGGI). The regulation, which was to take effect on August 30, 2023, requires that Virginia withdraw from the RGGI program at the end of this year. As expected, a legal challenge was filed immediately by the SELC.
RGGI quarterly Auction 60 was held on June 7, 2023. The clearing price was $12.73/ton, 1.8 percent higher than the clearing price of $12.50/ton on March 8, 2023 (see Figure 1). Auction 60 represents the first auction with a clearing price higher than the previous auction since Auction 56 in June 2022, reversing the recent trend of declining clearing prices.
The most recent RGGI quarterly auction (Auction 59) was held on March 8, 2023. The clearing price was $12.50/ton, 3.8% lower than the clearing price of $12.99/ton on December 7, 2022 (see Figure 1). Auction 59 represents the third consecutive auction with a clearing price at least three percent lower than the previous auction. The trend of lower clearing prices in recent auctions is notable given that clearing prices had increased in 12 consecutive auctions from September 2019 through June 2022.
The U.S. Environmental Protection Agency (EPA) issued a proposed rule to strengthen the primary (health-based) annual National Ambient Air Quality Standards (NAAQS) for fine particle pollution, PM2.5. Specifically, the EPA is proposing to revise the primary annual standard from 12.0 µg/m3 to a value within the range of 9.0 and 10.0 µg/m3.
The most recent RGGI quarterly auction (Auction 58) was held on December 7, 2022. The clearing price was $12.99/ton, three percent lower than the clearing price of $13.45/ton on September 7, 2022 (see Figure 1). Auction 58 represents the second consecutive auction with a clearing price lower than the previous auction, with both Auctions 57 and 58 clearing 3 percent below previous auction clearing prices.
The most recent RGGI quarterly auction (Auction 57) was held on September 7, 2022. The clearing price was $13.45/ton, three percent lower than the clearing price of $13.90/ton on June 1, 2022 (see Figure 1). Although the clearing price was only $0.45/ton lower than the most recent auction, Auction 57 marks the first time since Auction 45 in September 2019 that the clearing price has declined from the previous auction.
The most recent RGGI quarterly auction (Auction 56) was held on June 1, 2022. The clearing price was $13.90/ton, three percent higher than the clearing price of $13.50/ton on March 9, 2022 (see Figure 1). Although the clearing price was only slightly higher than the most recent auction, the $13.90/ton price marks the highest clearing price since the start of the program. Notably, the clearing price fell just short of the 2022 Cost Containment Reserve (CCR) trigger price.
The most recent RGGI quarterly auction (Auction 54) was held on December 1, 2021. The clearing price was $13.00/ton, nearly 40 percent higher than the clearing price of $9.30/ton on September 8, 2021 (see Figure 1). For the first time since September 2015, the Cost Containment Reserve (CCR) was triggered which is a mechanism of the RGGI program that was implemented to provide additional allowances when auction prices exceed an established price ceiling.