Northeast CO2 Auction in the crapper.

We have a market, it’s in the crapper.  Seems the big Northeast CO2 auction prices have sold at the lowest allowable level of $1.86 per ton, which still seems like an awful high price for bullshit.

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.

Allowance prices for the Regional Greenhouse Gas Initiative, or RGGI, hit their lowest level as the 10-state market set up to combat climate change remains over-supplied. Prices have slid as power demand slumps and the limits placed on CO2 emissions by the program remain considerably higher than what plants are actually pumping into the atmosphere.

I guess the power companies aren’t eager to flush their money down the toilet like the good little warmers would like them to do.

Well, I can’t wait for some bone-head bureaucrats to decide to lower the levels these plants can pump out and pray that the price rises in their carbon trading scheme. At which time I’m sure we’ll hear shouts of success from the warmer a-holes.

Source: The Wall Street Journal

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