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2002 SO2 Allowance Auction

2002 EPA Allowance Auction Results

Allowances Available for Auction
Origin of Allowances Spot Auction
(First Usable in 2002)
7-Year Advance Auction
(First Usable in 2009)
EPA 125,000 125,000
Privately Offered 2,388 2,388
Total 127,388 127,388

Spot Auction Results  
Allowances Number of Bids Number of Bidders Bid Price
Bid For: 302,285 Successful: 46 Successful: 21 Highest: $215.00
Sold: 127,388 Unsuccessful: 7 Unsuccessful: 6 Clearing: $160.50
(the clearing price is the lowest price at which a successful bid was made)
  Total: 53 Total: 27 Lowest: $150.00
      Average: $167.74 (weighted by the number of allowances in each bid)

7-Year Advance Auction Results 
Allowances Number of Bids Number of Bidders Bid Price
Bid For: 273,388 Successful: 13 Successful: 5 Highest: $120.00
Sold: 127,388 Unsuccessful: 3 Unsuccessful: 3 Clearing: $68.00
(the clearing price is the lowest price at which a successful bid was made)
  Total: 16 Total: 8 Lowest: $60.00
      Average: $81.87
(weighted by the number of allowances in each bid)

Spot Auction Winners
Bidder's Name Quantity Percentage of
Total Allowances
Amount Paid
PSEG Energy Resources and Trade LLC 51,492 40.42 $8,495,691.00
Reliant Energy 30,000 23.55 $5,132,500.00
Patriot 25,000 19.63 $4,300,000.00
ABN AMRO, Incorporated 10,000 7.85 $1,610,000.00
The Detroit Edison Company 5,850 4.59 $984,343.50
The Dayton Power and Light Company 5,000 3.93 $837,500.00
Cleaner and Greener Program 10 < 0.01 $1860.00
Acid Rain Retirement Fund 10 < 0.01 $1850.00
Maryland Environmental Law Society 9 < 0.01 $1666.00
Indiana University Env. Law Society 3 < 0.01 $645.00
Robert Simons & Asoc./CAC 3 < 0.01 $540.00
Levin College Environmental Class/CAC 2 < 0.01 $350.00
Econ 212 - Hobart & William Smith Colleges 1 < 0.01 $200.00
Georgia State University Env. Law Society 1 < 0.01 $200.00
Justin-Siena Ecology Club 1 < 0.01 $200.00
Bates College Env. Economics 1 < 0.01 190.00
Beloit College SO2 Reduction Program 1 < 0.01 185.00
AEM 451/ECON 409 Cornell University 2002 1 < 0.01 182.00
AEM 450 Cornell University 2002 1 < 0.01 180.00
Birney Elementary School/CAC 1 < 0.01 180.00
Temple Emanuel Confirmation Class/CAC 1 < 0.01 180.00
TOTALS 127,388 100% $21,368,642.50

7-Year Advance Auction Winners
Bidder's Name Quantity Percentage of
Total Allowances
Amount Paid
PSEG Energy Resources and Trade LLC 50,000 39.25 $4,395,000.00
ABN AMRO, Inc. 30,000 23.55 $2,530,000.00
Virginia Electric & Power Company 30,000 23.55 $2,270,300.00
American Electric Power 16,388 12.86 $1,114,384.00
Missouri River Energy Services 1,000 0.79 $120,000.00
TOTALS 127,388 100% $10,429,684.00
 
  Total Auction Proceeds $31,798,326.50

Spot Bids (First Usable in 2002)

Bids Bidder's Name Quantity Total
$215.00 Indiana University Env. Law Society 3 3
$200.00 Econ 212 - Hobart & William Smith Colleges 1 4
$200.00 Justin-Siena Ecology Club 1 5
$200.00 Georgia State University Env. Law Society 1 6
$190.00 Bates College Env. Economics 1 7
$186.00 Maryland Env. Law Society 5 12
$186.00 Cleaner and Greener Program 10 22
$185.00 Acid Rain Retirement Fund 10 32
$185.00 Beloit College SO2 Reduction Program 1 33
$184.00 Maryland Environmental Law Society 4 37
$182.00 AEM 451/ECON 409 Cornell University 2002 1 38
$180.00 AEM 250 Cornell University 2002 1 39
$180.00 Birney Elementary School/CAC 1 40
$180.00 Levin College Env. Class/CAC 1 41
$180.00 Robert Simons & Assoc./CAC 3 44
$180.00 Temple Emanuel Confirmation Class/CAC 1 45
$176.00 Reliant Energy 5000 5045
$174.50 Reliant Energy 5000 10,045
$174.00 PSEG Energy Resources and Trade LLC 2500 12,545
$174.00 Reliant Energy 10,000 22,545
$173.11 The Detroit Edison Company 700 23,245
$173.00 PSEG Energy Resources and Trade LLC 2,500 25,745
$172.11 The Detroit Edison Company 700 26,445
$172.00 PSEG Energy Resources and Trade LLC 2,500 28,945
$172.00 Patriot 25,000 53,945
$171.11 The Detroit Edison Company 700 54,645
$171.00 PSEG Energy Resources and Trade LLC 2,500 57,145
$170.14 PSEG Energy Resources and Trade LLC 2,500 59,645
$170.11 The Detroit Edison Company 750 60,395
$170.00 Levin College Env. Class/CAC 1 60,396
$170.00 The Dayton Power and Light Company 2,500 62,896
$169.10 PSEG Energy Resources and Trade LLC 2,500 65,396
$168.25 PSEG Energy Resources and Trade LLC 2,500 67,896
$168.11 The Detroit Edison Company 750 68,646
$167.00 Reliant Energy 5,000 73,646
$166.25 PSEG Energy Resources and Trade LLC 2,500 76,146
$166.11 The Detroit Edison Company 750 76,896
$165.00 The Dayton Power and Light Company 2,500 79,396
$164.25 PSEG Energy Resources and Trade LLC 2,500 81,896
$164.11 The Detroit Edison Company 750 82,646
$162.11 The Detroit Edison Company 750 83,396
$162.00 PSEG Energy Resources and Trade LLC 10,000 93,396
$161.25 PSEG Energy Resources and Trade LLC 2,500 103,396
$161.00 Reliant Energy 5,000 108,396
$161.00 ABN AMRO, Inc. 10,000 118,396
$160.50 PSEG Energy Resources and Trade LLC* 10,000 128,396

Bids below this line were unsuccessful because they were below the clearing price of $160.50.
 
$160.11   750 129,146
$160.00   10,000 139,146
$158.11   750 139,896
$156.00   10,000 149,896
$155.66   25,000 174,896
$151.05   127,388 302,284
$150.00   1 302,285

*Awarded a partial fill of 8,992 out of 10,000 allowances bid for.

7-Year Advance Bids (First Usable in 2009)

Bids Bidder's Name Quantity Total
$120.00 Missouri River Energy Services 1,000 1,000
$95.00 PSEG Energy Resources and Trade LLC 10,000 11,000
$91.00 ABN AMRO, Incorporated 10,000 21,000
$90.00 PSEG Energy Resources and Trade LLC 10,000 31,000
$89.50 PSEG Energy Resources and Trade LLC 10,000 41,000
$86.00 ABN AMRO, Incorporated 10,000 51,000
$85.00 PSEG Energy Resources and Trade LLC 10,000 61,000
$80.01 Virginia Electric and Power Company 10,000 71,000
$80.00 PSEG Energy Resources and Trade LLC 10,000 81,000
$76.01 Virginia Electric and Power Company 10,000 91,000
$76.00 ABN AMRO, Incorporated 10,000 101,000
$71.01 Virginia Electric and Power Company 10,000 111,000
$68.00 American Electric Power* 63,694 174,694

Bids below this line were unsuccessful because they were below the clearing price of $68.00.
 
$66.01   10,000 184,694
$63.00   63,694 248,388
$60.00   25,000 273,388

*Awarded a partial fill of 16,388 out of 36,694 allowances bid for.

2002 Privately Offered Allowances and Floor Prices

Private allowance holders (such as utilities or brokers) may offer bids for sale in both the spot auction and the 7-Year advance auction. When placing an offer, the allowance holder specifies a minimum price it will accept. EPA does not disclose the minimum price for allowances that were successfully sold through the auction.

Auction Offers (Spot)
Offers Quantity Cumulative Total
********** 2388* 2388
* 2,388 allowances, with offer prices equal to or less than $160.50, were sold at $160.50.  

Auction Offers (7-Year Advance)
Offers Quantity Cumulative Total
********** 2,388* 2,388
* 2,388 allowances with offer prices equal to or less than $68.00, were sold at $68.00.   

An Excel spreadsheet (Excel, 30K) provides the same results. Download an Excel viewer exit EPA

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