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Clean Air Markets

2007 SO2 Allowance Auction

2007 EPA Allowance Auction Results

Allowances Available for Auction
Origin of Allowances Spot Auction
(First Usable in 2007)
7-Year Advance Auction
(First Usable in 2014)
EPA 125,000 125,000
Privately Offered 0 0
Total 125,000 125,000

Spot Auction Results
Allowances Number of Bids Number of Bidders Bid Price
Bid For: 303,790 Successful: 37 Successful: 14 Highest: $1,120.00
Sold: 125,000 Unsuccessful: 35 Unsuccessful: 3 Clearing: $433.25
(the clearing price is the lowest price at which a successful bid was made)
  Total: 72 Total: 17 Lowest: $300.00
      Weighted Average of Winning Bids: $444.39

7-Year Advance Auction Results
Allowances Number of Bids Number of Bidders Bid Price
Bid For: 592,515 Successful: 18 Successful: 10 Highest: $400.00
Sold: 125,000 Unsuccessful: 35 Unsuccessful: 5 Clearing: $176.00
(the clearing price is the lowest price at which a successful bid was made)
  Total: 53 Total: 15 Lowest: $5.00
      Weighted Average of Winning Bids: $193.35

Spot Auction Winners
Bidder's Name Quantity Percentage of
Total Allowances
Amount Paid
Morgan Stanley 50,000 40.000 $22,254,000.00
KS&T, LP 30,575 24.460 $13,406,618.75
Saracen Energy LP 15,000 12.000 $6,787,500.00
Transalta Energy Marketing U.S. 9,900 7.920 $4,454,600.00
South Carolina Public Service Authority 7,500 6.000 $3,337,500.00
Alpha 5,000 4.000 $2,192,500.00
Constellation Energy Commodities Group, Inc. 2,500 2.000 $1,108,850.00
Merrill Lynch Commodities Inc. 2,500 2.000 $1,100,175.00
The Detroit Edison Company 2,000 1.600 $890,190.00
Green County Energy, LLC 8 0.006 $8,000.00
Acid Rain Retirement Fund 12 0.010 $5,892.00
Clean Air Conservancy Charitable Trust 3 0.002 $1,800.00
Washington College Student Environmental Alliance 1 0.001 $1,120.00
AEM 250 Cornell University 2007 1 0.001 $490.00
TOTALS 125,000 100% $55,549,235.75

7-Year Advance Auction Winners
Bidder's Name Quantity Percentage of
Total Allowances
Amount Paid
American Electric Power 80,000 64.000 $16,036,000.00
DTE 30,000 24.000 $5,434,500.00
Cantor Fitzgerald Brokerage 10,000 8.000 $1,816,300.00
Bear Energy 4,986 3.989 $877,536.00
Green County Energy, LLC 8 0.006 2,800.00
Rutgers Preparatory School Environmental Club 2 0.002 $580.00
Clarkson University - ECO 1 0.001 $400.00
Walden Asset Management 1 0.001 $350.00
University of Iowa Environmental Law Society 1 0.001 $350.00
University of Wisconsin Environmental Economics 343 1 0.001 $317.00
TOTALS 125,000 100% $24,169,133.00
  Total Auction Proceeds $79,718,368.75

Spot Bids (First Usable in 2007)

Bids Bidder's Name Quantity Total
$1,120.00 Washington College Student Environmental Alliance 1 1
$1,000.00 Green County Energy, LLC 8 9
$600.00 Clean Air Conservancy Charitable Trust 3 12
$491.00 Acid Rain Retirement Fund 12 24
$490.00 AEM 250 Cornell University 2007 1 25
$473.00 Transalta Energy Marketing U.S. 50 75
$465.00 Transalta Energy Marketing U.S. 50 125
$464.00 Transalta Energy Marketing U.S. 75 200
$463.00 Transalta Energy Marketing U.S. 150 350
$462.00 Transalta Energy Marketing U.S. 300 650
$461.00 Transalta Energy Marketing U.S. 575 1,225
$456.00 Transalta Energy Marketing U.S. 2,175 3,400
$455.22 The Detroit Edison Company 250 3,650
$453.22 The Detroit Edison Company 250 3,900
$452.50 Saracen Energy LP 15,000 18,900
$451.22 The Detroit Edison Company 250 19,150
$451.00 Transalta Energy Marketing U.S. 2,175 21,325
$450.08 Morgan Stanley 25,000 46,325
$450.00 South Carolina Public Service Authority 2,500 48,825
$449.22 The Detroit Edison Company 250 49,075
$447.50 Constellation Energy Commodities Group, Inc. 1,250 50,325
$445.08 Morgan Stanley 10,000 60,325
$445.00 Alpha 1,000 61,325
$445.00 South Carolina Public Service Authority 2,500 63,825
$444.22 The Detroit Edison Company 250 64,075
$443.00 Transalta Energy Marketing U.S. 4,350 68,425
$441.25 KS&T, LP 20,000 88,425
$440.08 Morgan Stanley 5,000 93,425
$440.07 Merrill Lynch Commodities Inc. 2,500 95,925
$440.00 Alpha 1,500 97,425
$440.00 South Carolina Public Service Authority 2,500 99,925
$439.58 Constellation Energy Commodities Group, Inc. 1,250 101,175
$439.22 The Detroit Edison Company 250 101,425
$435.08 Morgan Stanley 10,000 111,425
$435.00 Alpha 2,500 113,925
$434.22 The Detroit Edison Company 500 114,425
$433.25 KS&T, LP* 20,000 134,425

Bids below this line were unsuccessful because they were below the clearing price of $433.25.
 
$431.66 Constellation Energy Commodities Group, Inc. 1,250 135,675
$430.58 Cantor Fitzgerald Brokerage 500 136,175
$430.00 South Carolina Public Service Authority 3,865 140,040
$429.22 The Detroit Edison Company 500 140,540
$427.16 Morgan Stanley 10,000 150,540
$427.00 Alpha 2,500 153,040
$425.58 Cantor Fitzgerald Brokerage 500 153,540
$425.07 Merrill Lynch Commodities Inc. 2,500 156,040
$424.22 The Detroit Edison Company 1,000 157,040
$423.74 Constellation Energy Commodities Group, Inc. 1,250 158,290
$421.16 Morgan Stanley 10,000 168,290
$421.00 PPL EnergyPlus, LLC 500 168,790
$420.58 Cantor Fitzgerald Brokerage 500 169,290
$419.22 The Detroit Edison Company 1,000 170,290
$417.50 Alpha 5,000 175,290
$415.82 Constellation Energy Commodities Group, Inc. 1,250 176,540
$415.58 Cantor Fitzgerald Brokerage 500 177,040
$415.07 Merrill Lynch Commodities Inc. 2,500 179,540
$412.50 Alpha 5,000 184,540
$408.50 Alpha 5,000 189,540
$407.90 Constellation Energy Commodities Group, Inc. 1,250 190,790
$405.16 Morgan Stanley 10,000 200,790
$401.07 Merrill Lynch Commodities Inc. 2,500 203,290
$401.00 PPL EnergyPlus, LLC 500 203,790
$400.00 Colorado Springs Utilities 500 204,290
$399.98 Constellation Energy Commodities Group, Inc. 1,000 205,290
$392.06 Constellation Energy Commodities Group, Inc. 1,000 206,290
$390.16 Morgan Stanley 10,000 216,290
$381.00 PPL EnergyPlus, LLC 500 216,790
$361.00 PPL EnergyPlus, LLC 500 217,290
$351.00 Saracen Energy LP 50,000 267,290
$350.00 Morgan Stanley 20,000 287,290
$341.00 PPL EnergyPlus, LLC 500 287,790
$325.00 Morgan Stanley 15,000 302,790
$300.00 Colorado Springs Utilities 1,000 303,790

*Awarded a partial fill of 10,575 out of 20,000 allowances bid for.

7-Year Advance Bids (First Usable in 2014)

Bids Bidder's Name Quantity Total
$400.00 Clarkson University - ECO 1 1
$350.00 Green County Energy, LLC 8 9
$350.00 University of Iowa Environmental Law Society 1 10
$350.00 Walden Asset Management 1 11
$317.00 University of Wisconsin Environmental Economics 343 1 12
$290.00 Rutgers Prepatory School Environmental Club 2 14
$207.70 American Electric Power 50,000 50,014
$197.70 American Electric Power 10,000 60,014
$188.70 American Electric Power 10,000 70,014
$185.38 Cantor Fitzgerald Brokerage 2,500 72,514
$185.15 DTE 10,000 82,514
$182.88 Cantor Fitzgerald Brokerage 2,500 85,014
$181.15 DTE 10,000 95,014
$180.38 Cantor Fitzgerald Brokerage 2,500 97,514
$178.70 American Electric Power 10,000 107,514
$177.88 Cantor Fitzgerald Brokerage 2,500 110,014
$177.15 DTE 10,000 120,014
$176.00 Bear Energy* 5,000 125,014

Bids below this line were unsuccessful because they were below the clearing price of $176.00.

EPA rules state that in the event two identical bids are submitted that would exhaust all remaining allowances, the auction Administrator shall allocate all allowances to one of the bidders by lottery.
 
$176.00 KS&T, LP 50,000 175,014
$175.38 Cantor Fitzgerald Brokerage 2,500 177,514
$175.16 Morgan Stanley 5,000 182,514
$174.15 DTE 10,000 192,514
$172.88 Cantor Fitzgerald Brokerage 2,500 195,014
$171.15 DTE 10,000 205,014
$171.13 Olduvai Gorge 10,000 215,014
$170.38 Cantor Fitzgerald Brokerage 2,500 217,514
$170.16 Morgan Stanley 5,000 222,514
$170.00 AEM 451/Econ 409 - Cornell University 1 222,515
$168.70 American Electric Power 10,000 232,515
$167.88 Cantor Fitzgerald Brokerage 2,500 235,015
$166.00 Bear Energy 10,000 245,015
$165.00 JP Morgan Ventures Energy Corporation 5,000 250,015
$161.13 Olduvai Gorge 10,000 260,015
$161.00 Bear Energy 10,000 270,015
$160.16 Morgan Stanley 10,000 280,015
$158.88 American Electric Power 10,000 290,015
$156.00 Bear Energy 10,000 300,015
$155.00 JP Morgan Ventures Energy Corporation 7,500 307,515
$151.13 Olduvai Gorge 15,000 322,515
$150.16 Morgan Stanley 10,000 332,515
$148.88 American Electric Power 10,000 342,515
$141.13 Olduvai Gorge 20,000 362,515
$140.00 Morgan Stanley 10,000 372,515
$138.88 American Electric Power 15,000 387,515
$135.00 JP Morgan Ventures Energy Corporation 10,000 397,515
$130.00 Morgan Stanley 20,000 417,515
$126.00 Bear Energy 20,000 437,515
$125.00 JP Morgan Ventures Energy Corporation 20,000 457,515
$120.00 Morgan Stanley 30,000 487,515
$110.00 Morgan Stanley 35,000 522,515
$101.00 Bear Energy 20,000 542,515
$51.00 Bear Energy 20,000 562,515
$5.00 Bear Energy 30,000 592,515

*Awarded a partial fill of 4,986 out of 5,000 allowances bid for.

An Excel spreadsheet (Excel, 45 K) provides the same results. Download an Excel viewer exit EPA

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