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ARTICLE · 06 APRIL 2017

Ontario's First Cap-And-Trade Auction Sells 100 Per Cent Of 2017 Allowances

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The Ontario Ministry of the Environment and Climate Change (MOECC) held the first auction of greenhouse gas (GHG) allowances on March 22, 2017 and published the auction's results on April 3, 2017.

CanadaEnvironment
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Blake, Cassels & Graydon LLP
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The Ontario Ministry of the Environment and Climate Change (MOECC) held the first auction of greenhouse gas (GHG) allowances on March 22, 2017 and published the auction's results on April 3, 2017. All 2017 allowances were sold at the auction at a settlement price of C$18.08 per tonne of GHG.

For further details of the new cap-and-trade legislative measures, please see our May 2016 Blakes Bulletin: Ontario Announces Significant Climate Change, Cap-and-Trade, GHG Emissions Legislative Developments and the government website for the cap-and-trade regime.

ALLOWANCES

At the end of each compliance period, mandatory participants in the cap-and-trade program must have enough allowances to equal their emissions. Companies that require additional allowances to match their emissions can buy them at an auction or on the secondary market. The MOECC has outlined that there are two ways they can purchase allowances on the secondary market: (i) a registered participant in the

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