On April 16, Potomac Economics released its report Annual Report on the Market for RGGI CO2 Allowances: 2012, studying the acquisition, price, and trading trends in the Regional Greenhouse Gas Initiative (RGGI) cap-and-trade program market. The report found that competition was not curbed during the four auctions in 2012; 18 auctions have been held since the program’s inception through the end of 2012, selling 498 million allowances and totaling $1.1 billion. The report also found that emissions prices were stable in 2012, with monthly averages ranging from $1.93 to $2.01.