Ten northeastern and mid-atlantic states recently held the
second U.S.
greenhouse gas emissions
auction, a project of the Regional
Greenhouse Gas Initiative (RGGI). RGGI is the first mandatory, market-based
CO2 emissions reduction program in the country.

Permits for the right to emit carbon dioxide from power
plants sold for the clearing price of $3.38 per ton, Reuters
reports.

The amount raised nearly $107 million for states which have
formed a cap-and-invest market on the emissions. Participating states are Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire,
New Jersey, New York,
Rhode Island, and Vermont.

The states hope to reduce emissions from the power sector 10
percent by 2018. The next auction will take place on March 18 of this year.

“We look forward to developing a partnership with the Obama Administration
to create a strong federal climate action plan,” said Pete Grannis, the chair
of RGGI's board of directors, in
a press release.