Emissions Experts

RGGI V25 : 27.96WA Carbon Allowance W25 : 73.50WA Offset : 66.15CA Carbon Allowance W25 : 29.57CA Carbon Offset 0 DEBS : 26.00CA Carbon Offset 0 : 16.35CA Carbon Offset 8 : 15.56CA LCFS : 51.75OR Clean Fuel Program : 154.00D3 RIN : 2.44D4 RIN : 1.08D5 RIN : 1.08D6 RIN : 1.08WREGIS REC CRS Wind V25 : 3.25CT REC Class 1 : 38.75CT REC Class 2 : 25.25CT REC Class 3 : 28.50WA Clean Fuel Standard : 31.00
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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.

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.

2025 RGGI Auction Dates.

March 12

June 4

September 3

December 3

RGGI Emissions (2024)

StateYearCO2 Mass (short tons)
Connecticut202410,220,520
Delaware20241,868,611
Massachusetts20247,184,391
Maryland202410,505,381
Maine20242,616,334
New Hampshire20242,272,429
New Jersey202413,333,271
New York202430,979,144
Pennsylvania202477,977,011
Rhode Island20243,919,724
Vermont20242,018
Total without PA82,901,823
Total with PA160,878,835

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

Compliance Dates:
• Mar 3, 2025 – deadline to provide allowances for the 2024 interim control period
• Mar 2, 2026 – deadline to provide allowances for the 2025 interim control period

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