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ARTICLE · 16 MAY 2013

California Continues Allowance Auctions As Litigation Expands And Considers "Cap And Trade" Changes

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The California Air Resources Board held its second auction of greenhouse gas allowances on February 19, 2013.

United StatesEnvironment
Thomas Donnelly
Thomas Donnelly
Charles Hungerford
Charles Hungerford
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The California Air Resources Board ("CARB") held its second auction of greenhouse gas allowances on February 19, 2013. Entities covered by California's greenhouse gas "cap and trade" program must acquire a sufficient number of allowances and offset credits to match their emissions of greenhouse gases. The February auction sold all of the 12,924,822 vintage 2013 allowances offered for sale at a price of $13.62 per allowance. This compares to the allowance price of $10.09 established at CARB's first allowance auction on November 14, 2012.

A total of 4,440,000 vintage 2016 allowances (about half of the amount offered) were sold at the February auction at a price of $10.71 (which was also the auction reserve price). CARB's next allowance auction will be held on May 16, 2013, when 14,522,048 vintage 2013 allowances, and 9,560,000 vintage 2016 allowances, will be offered. CARB's notice of the auction does not provide the auction reserve price; CARB will provide that

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