CORRECT: UPDATE: Northeast CO2 Auction Hits Lowest Allowed Price - WSJ.com
The allowances that power plants in the Northeast U.S. must buy to emit greenhouse gases fell to their lowest allowed level for the first time, selling for $1.86 a ton in the latest auction this week.
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"The market is way oversupplied," said Paul Tesoriero, director of environmental markets for environmental brokerage Evolution Markets.
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This auction was the first in which not all allowances for sale were sold. RGGI officials said around 75% of the allowances up for sale were bought with most going to electric generators and their affiliates that need them to comply with the program instead of investors and other speculative buyers.
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