RGGI first-quarter carbon auction empties the annual allowance reserves again

Energy transition highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.

The Regional Greenhouse Gas Initiative’s first quarter auction cleared above the 2025 clearing price, depleting all of the 8.1 million cost containment reserve allowances dedicated for the year, according to March 14 data.

This is the second year in a row that the first quarter auction ended up selling all of the year’s supply of reserve allowances. These allowances are set aside to help bring down costs if an auction clears above a certain threshold.

Auction 67 cleared at $19.76 per allowance, a 1.5% quarter-on-quarter decrease but staying about 16% higher than this year’s price ceiling. Typically Q1 North American compliance carbon market auctions clear higher than the preceding Q4 auction, but broader uncertainty pressured prices slightly lower than S&P Global Commodity Insights expectations, analysts said.

“Since Feb. 28, comparable auction contract prices have been steadily declining each day, dropping below the $20 mark on March 10,” analysts said in the March 14 edition of the North American Emissions Bulletin. “Despite this downward trend, prices remained above the Cost Containment Reserve price.”

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UK carbon prices rally 7% on day amid news of EU ETS linkage considerations

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Insight Conversation: Chandra Shekhar Sinha, World Bank

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China’s CCER carbon market faces integrity, policy challenges after hectic start

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TotalEnergies, RWE sign 15-year deal for hydrogen from 300 MW electrolyzer in Germany

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REEL: US hydrogen vehicle space down but not out

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