Emissions Experts

RGGI V25 : 52.38WA Carbon Allowance W25 : 65.41WA Offset : 58.87CA Carbon Allowance W25 : 28.14CA Carbon Offset 0 DEBS : 23.79CA Carbon Offset 0 : 17.50CA Carbon Offset 8 : 16.36CA LCFS : 69.25OR Clean Fuel Program : 173.00D3 RIN : 2.47D4 RIN : 2.04D5 RIN : 2.02D6 RIN : 2.01WREGIS REC CRS Wind V25 : 3.25CT REC Class 1 : 39.25CT REC Class 2 : 29.25CT REC Class 3 : 29.75WA Clean Fuel Standard : 44.75
Menu
713-385-3321

RGGI

The Regional Greenhouse Gas Initiative (RGGI) is a market-based cap-and-trade program aimed at reducing greenhouse gas (GHG) emissions from the power sector in participating Northeast and Mid-Atlantic U.S. states. Under RGGI, states set a regional cap on carbon dioxide emissions from power plants and carbon allowances are auctioned off quarterly. Trading occurs through bilateral agreements and in the futures market. Pricing and number of states have been volatile since the launch of program in 2009.

The first major GHG cap-and-trade program in the Americas, RGGI includes 10 states who have opted in to require compliance from fossil-fuel power plants greater than 25 MW. Virginia, which previously participated in RGGI before withdrawing effective January 1, 2024, is set to rejoin the program on July 1, 2026.

Unlike some cap-and-trade programs, RGGI facilities do not receive a free allowance allocation. Allowances are purchased in quarterly auctions. Auction proceeds are used by states for energy efficiency, clean energy, and climate programs. While allowances are sold in quarterly auctions, they also trade daily in the futures markets and in the over-the-counter (OTC) market. Emissions Experts brokers OTC RGGI allowance trades and also educates clients on the auction process, regulatory updates, market-impacting events and news as well as tracking daily pricing.

2026 RGGI Auction Dates.

March 11

June 3

September 9

December 2

RGGI Emissions (2025)

StateYearCO2 Mass (short tons)
Connecticut20259,919,876
Delaware20252,396,945
Massachusetts20257,885,134
Maryland202511,477,533
Maine20252,447,978
New Hampshire20252,891,742
New Jersey202513,819,397
New York202532,684,157
Rhode Island20253,841,102
Vermont20253,298
Total RGGI Official87,367,166
Virginia202531,500,000
Total RGGI if Virginia included118,867,166

RGGI States: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, and Maryland

Compliance Dates:

• Mar 1, 2027 – deadline to provide CO2 allowances for sixth control period compliance (Jan. 1, 2024 to Dec. 31, 2026) and to certify compliance

Other States

As administrations change, it’s common for GHG policy to impact RGGI membership. Effective Jan 1, 2012, Governor Chris Christie pulled New Jersey from RGGI. However, NJ has since rejoined as of 2018. Similarly, Virginia withdrew effective Jan 1, 2024 after having joined officially in January 2021. Pennsylvania is currently engaged in court proceedings to determine whether or not its entry into RGGI is legal. Pennsylvania’s power sector is particularly coal-intensive and if included in the 2024 control period, its 78 million tons of CO2 would have nearly doubled RGGI program emissions which were 83 million in 2024.

RGGI Pricing July 2022 – July 2025