The Regional Greenhouse Gas Initiative (RGGI) is a multi-state, market-based program that establishes a regional cap on carbon dioxide (CO2) emissions and requires fossil fuel power plants with a capacity greater than 25 megawatts (MW) to obtain an allowance for each ton of CO2 emitted annually. Power plants may comply by purchasing allowances from quarterly auctions, other generators within RGGI, or through projects that offset CO2 emissions. States use the proceeds from the CO2 allowance auctions to invest in programs to help further reduce CO2 and other greenhouse gas pollution, spur clean and renewable energy, and provide rate relief on energy bills. Currently eleven Eastern states participate in RGGI, with Virginia having joined the consortium on January 1st, 2021, to limit greenhouse gas emissions generated by fossil fuel-fired power plants. Pennsylvania is pending and has yet to propose the rule. Launched in 2005, RGGI was the first mandatory greenhouse gas "cap-and-invest" program in the United States. To learn more about the initiative, visit RGGI.
The first quarterly RGGI CO2 auction of 2021 took place on March 3rd, allocating $21.7+ million for a total of $115.7+ million to New Jersey in 2021 for investment in clean energy and greenhouse gas reduction strategies in the State. The three agencies, New Jersey Department of Environmental Protection, New Jersey Board of Public Utilities, and New Jersey Economic Development Authority released the RGGI Strategic Funding Plan pdf identifying how the RGGI auction proceeds will be distributed for the 3-year funding period (years 2020 through 2022). To learn more about how the agencies develop this plan and how they plan to implement it, visit RGGI.
This interactive web-based mapping application shows the electric generating units regulated under RGGI in New Jersey and provides information on annual generation, operating time, and carbon dioxide emissions.