The Regional Greenhouse Gas Initiative held its second CO2 emissions allowance auction on Wednesday. The RGGI sold 32 million allowances at a final clearing price of $3.38 per allowance, for a total net gain of $106.5 million. The RGGI divides proceeds proportionally amongst its ten northeast and mid-atlantic member states. The majority of the proceeds will go to New York ($42 million), Maryland ($18 million), and New Jersey ($15 million). Each state will invest the auction proceeds in energy efficiency and clean energy technology. The RGGI saw a total net increase of about $70 million from its previous auction in September, however only six states participated in the first auction. Wednesday’s auction was the first in which all ten member states participated. RGGI member states are Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont. Each state’s compliance obligations begin January 1, 2009. The RGGI will hold its next allowance auction on March 18, 2009.