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ARTICLE · 10 APRIL 2017

Strong Results from Ontario's First Carbon Credit Auction

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The auction was conducted on March 22, 2017 and was the first time that participants in Ontario's Cap and Trade Program were able to purchase allowances.

CanadaEnergy and Natural Resources
David Stevens
David Stevens
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The auction was conducted on March 22, 2017 and was the first time that participants in Ontario's Cap and Trade Program were able to purchase allowances. As we discussed in an earlier post, the Ontario Government offered approximately 25 million allowances related to the current year (2017), along with around 3 million 2020 vintage allowances. The "Auction Reserve Price" (the minimum price at which allowances would be sold) was CAD$18.07 (US$13.57).

The results from the first auction show that all the available 2017 credits were purchased, along with almost 1 million 2020 vintage credits. The prices paid were marginally above the Auction Reserve Price. The total proceeds from the first auction are around $472 million. As we have discussed (see here and here and here), the Ontario Government plans to fund its Climate Change Action Plan with the proceeds from the sale of allowances (earlier forecast at around $1.8 billion per year). The Ministry of the Environment and

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