The Northeast cap-and-trade program Regional Greenhouse Gas Initiative released a report saying the proceeds from its auctions will generate $1.3 billion in lifetime energy bill savings for customers in participating states.
RGGI holds auctions where power plants must pay credits for their carbon emissions. The money from the auctions is funneled to participating states where it is used for a variety of energy programs. Like most of the RGGI states, Connecticut uses its funds for energy efficiency.
The report found from 2009 to 2011, RGGI investments directly benefitted 2.9 million households and 7,400 business, will create $1.3 billion in energy bill savings for customers through efficiency programs, and help 2,400 workers train in clean energy job skills.
The RGGI states are Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont. New Jersey was a participant during the period of the RGGI study but has since pulled out of the program.
