The RGGI V24 Dec-24 Futures contract has made historic gains in recent weeks, reaching a record-high settlement price of USD 20.50/st on 28 March. The move in the benchmark contract price represents a 25% spike from levels seen earlier in March. The bullish pressure exerted on the RGGI contract comes in response to increased demand by market participants in anticipation of a tighter cap from 2025 as a result of the Third Program Review. This upward trend was exacerbated by the purchase of the entire Cost Containment Reserve’s (CCR) 2024 supply after the Q1 auction cleared at a record high of USD 16.00/st. Although prices for the RGGI benchmark contract are expected to retreat from USD 20.00/st levels, an empty CCR and regulatory reform on the horizon will keep contract prices elevated in the coming weeks.