Northeast cap-and-trade at 20: RGGI's wins, its leakage problem, and whether to keep it
mainemorningstar.comMaine Morning Star examines the Regional Greenhouse Gas Initiative (RGGI) two decades after its launch. The program has cut power sector emissions by half across participating states and generated over $10 billion for clean energy and efficiency programs. But allowance prices have risen from $3 to nearly $38 per ton, emissions have ticked back up after 2020, and generators in PJM say they are undercut by dirtier plants in non-RGGI states. The article weighs calls to scrap or reform the program against the concrete savings from revenue-funded efficiency measures. Key points include the role of coal retirements in early reductions, the current challenge of decarbonizing without offshore wind or stronger state policies, and the debate over whether a carbon price alone is enough. It also highlights the political pressure from business groups like the New Jersey Business and Industry Association, which wants to replace RGGI with a fixed $7 per ton fee. The piece is a balanced look at whether an aging cap-and-trade system still fits the region's goals.