Northeast states sell right to pump greenhouse

ALBANY, N.Y. (AP) -- A consortium of 10 Northeast states says the right to pump carbon dioxide into the atmosphere sold for $3.07 per ton at the nation's first-of-its-kind auction of pollution credits aimed at curbing global warming.

The Regional Greenhouse Gas Initiative said Monday that it sold all 12.5 million allowances at Thursday's sealed bid online auction.

The program limits the total carbon that power plants in the 10 states can pump out of their smokestacks at the current level and puts a price on carbon pollution, giving plants a financial incentive to cut emissions.

The Northeast effort is the nation's first mandatory effort to limit carbon dioxide through credits.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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