The New York State Department of Environmental Conservation is aggressively pushing for the auction of CO2 credits under its new Regional Green House Gas Initiative.

According to the Times Union, auctions of credits are expected to start as early as the beginning of the third quarter of 2008, according to DEC Commissioner Pete Grannis. Utility companies, however, have expressed concerns over the program and whether it will be properly structured. They are also concerned they will not be given priority to purchase the credits they need.

DEC plans to allow an annual limit of 64 million tons of CO2 annually until 2014; afterward, it will decrease this limit by 2.5 percent each year until 2019.