With allowances exceeding current emission’s forecast the first auction of allowances in a mandatory US system brought little new information. Keith Johnson at Environmental Capital put it this way:
“But don’t get too excited. The Regional Greenhouse Gas Initiative, or ”RGGI,“ is more likely to start with a whimper than a bang. Prices for the carbon permits are likely to be low, and that will probably undermine the scheme’s plan to force utilities to generate cleaner power.”