The Regional Greenhouse Gas Initiative has cut power sector emissions across the Northeast by about half since its first auction in 2008 and raised over $10 billion for clean energy programs. But allowance prices have climbed from $3.07 to $37.65 per ton, emissions have ticked back up, and critics say higher power bills make the program harder to justify. The article looks at how RGGI works, why coal retirements drove early gains, and why further cuts are harder now. Supporters point to revenue-funded efficiency and bill assistance, while some business groups want New Jersey to exit and use a fixed $7 per ton fee instead. The piece also covers the argument that RGGI puts PJM generators at a disadvantage and the open question of whether a higher carbon price or a clean electricity standard would do more. Useful read for anyone tracking carbon pricing in the US.
