Maine receives $2.5 million in latest greenhouse gas auction

AUGUSTA, Maine (AP) — Utility regulators say Maine has received nearly $2.5 million in the latest auction of carbon dioxide emission allowances.

Maine is among nine New England and mid-Atlantic states that participate in the program.

Such states limit, or cap, carbon dioxide emissions from power plants to reduce air pollution. Companies then purchase allowances at auctions that allow them to emit a certain amount of CO2 gas from power plants generating over 25 megawatts of electricity.

That auction generates revenues for all nine states, which had reduced CO2 emissions by over 50% since 2007.

Maine Public Utilities Commission Administrative Director says the latest auction reached the milestone of selling the one billionth emission allowance.

Maine has received $108.6 million in revenue since 2007 that's financed rate relief, energy efficiency and renewable energy projects.