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Maine gets more than $2.5M from cap-and-trade program

Coast of MaineCredit: Image by Rgoehl from Pixabay

HALLOWELL, Maine (AP) — The Maine utilities commission said the state has received more than $2.5 million via a multi-state cap-and-trade program.

The money is the product of the 48th auction of carbon dioxide emission allowances on June 3, the Maine Public Utilities Commission said. The Regional Greenhouse Gas Initiative, which 10 states participate in, announced the auction results.

The Regional Greenhouse Gas Initiative (RGGI) is designed to cut carbon dioxide emissions from power plants that generate more than 25 megawatts. MPUC Chairman Philip Bartlett said the money generated from the auction will be invested in energy efficiency for Maine residents.

The money, which has come to the state for 15 years, goes into the Efficiency Maine Trust. It’s used for projects such as rate relief and renewable energy.