First RGGI Auction Prices At $3.07

According to their website, the Regional Greenhouse Gas Initiative's (abbreviated RGGI and pronounced "Reggie") first auction of carbon emissions allowances priced at $3.07.

Allowances for approximately 13 million tons in 2009 of CO2 were auctioned off by sealed bid. It's unclear if all of the allowances sold.

The next auction is on December 17, 2008 when yet to be determined tranches of 2009 and 2012 allowances will be sold.

This is a pretty important event in that RGGI is the first mandatory market for CO2 in the US. What impact do you think this will have on business? Come discuss on Viridus.