By MARY ESCH, Associated Press Writer

ALBANY, N.Y. (AP) - The nation's first cap-and-trade greenhouse gas auction raised nearly $40 million that will be spent by Northeast states on renewable and energy efficient technologies.



Under the Regional Greenhouse Gas Initiative, or RGGI, all fossil fuel-burning power plants in a 10-state region are required to buy credits to cover the carbon they emit. The results of the first of a series of quarterly auctions were released Monday.



The initiative is viewed as a possible model for a national program to reduce emissions of carbon dioxide, a gas blamed for global warming.



Energy, financial and environmental interests paid $3.07 per allotted ton of emissions, about 65 percent more than the minimum set price of $1.86. RGGI said most of the bidders were power generators.