Our End of Day U.S. Emission data package offers reliable and independent indicative market data, supporting our clients in their day-to-day trading and risk assessment.

The first round of the 2025 Regional Greenhouse Gas Initiative (RGGI) carbon allowances auction took place on March 12th. RGGI is a cooperative effort among 11 U.S. states (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont) to cap and reduce CO₂ emissions from the power sector.

Interest in the auction was at an all-time high, with all 23.5 million allowances sold, generating a record $465 million. The cover ratio (bids vs. auctioned credits) reached 3.7, the highest since RGGI’s launch in 2008. Speculators obtained 44% of the awarded allowances, the highest share since March 2024, marking a 28% increase from the previous auction. (Source: BBG).

The higher demand didn`t however translate in higher prices, as the auction price settled at $19.76/ton, 30 cents lower than the December 2024 auction, and at a discount versus December 25 future settlement on the day of the auction. As shown in the chart below, the December 25 contract closed at $22.60/ton on Friday, March 21st (i), raising 10% since the auction day. RGGI prices have been highly active in 2024, reaching $28.50/ton in July 2024 (ii), a 70% increase since the beginning of January, before slipping below $25/ton at the end of December (iii).

“This decline is driven by slow-moving reforms, including delays in implementing stricter emissions caps. The RGGI states launched the Third Program Review in 2021 to assess the scheme’s impact and set future goals. The review is still ongoing. A new policy scenario, featuring a modified cap and a significantly larger CCR (Cost Containment Reserve, which hold additional allowances beyond the cap), was last released at the end of September 2024. However, regulators haven`t provided any updates since then.” Francesca Marrone, E&C Product Manager.

How TraditionData supports market participants?

With regulatory uncertainty, price volatility, and concerns over long-term supply, energy players need accurate and independent market data to assess risks and optimize trading strategies. TraditionData provides valuable RECs and Emissions pricing data, leveraging Tradition’s leading position in the broking space to deliver the transparency and insights necessary for confident decision-making.

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