Washington’s first cap-and-trade auction from the program’s Allowance Price Containment Reserve raised almost $62.5 million, the Ecology Department said.

Washington held a special cap-and-trade auction intended to help keep carbon costs in check after May’s quarterly auction cleared at an unexpectedly high price.

Washington’s second cap-and-trade auction netted more than $557 million in revenue after bidders bought all 11.035 million carbon allowances on offer last week.

Washington is aiming to auction off enough cap-and-trade credits to cover more than 11 million metric tons of carbon emissions.

In approving a water quality certificate for a pumped storage project along the Columbia, Washington sparked protests from area tribes and some environmental groups.

Washington’s Department of Ecology confirmed that it raised almost $300 million from the state’s first quarterly cap-and-trade auction held in February.

Washington carbon allowance prices will increase sharply as the state’s cap-and-trade program becomes better established, carbon market analysts said.

Washington’s first cap-and-trade auction earned the state nearly $300 million in revenue and unloaded all allowances on offer.

Washington’s first cap-and-invest auction took place Tuesday, but initial results will not be released until March 7.