ALBANY — Greenhouse gas is on the auction block as a coalition of 10 northeastern states holds the nation's first sale of pollution credits aimed at curbing global warming.
The three-hour Regional Greenhouse Gas Initiative auction, starting at 9 a.m. today, is being run by World Energy, an operator of online green exchanges. It will be conducted online among approved bidders. At the end, bids in the system will be used to determine a clearing price based on supply versus demand.
Results will be released Monday, pending review by an independent monitor.
The RGGI cap-and-trade program is viewed as a model for a national program. It includes New York, Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Hampshire, Rhode Island, and Vermont.