Alta Wind Energy Center, California, Photo source: Steve Boland/flickr
February’s joint California-Quebec cap-and-trade auction demonstrated again that the market is strong. Despite uncertainty over PG&E’s position in the aftermath of its bankruptcy filing last month, all current and two-thirds of future allowances sold.
February’s auction by the numbers:
- All 80,847,404 current allowances sold, including previously unsold allowances and consigned allowances from utilities like PG&E. This sale cleared at $15.73, 11 cents above the floor price of $15.62.
- 5,983,000 of the 9,038,000 future vintage allowances offered also sold at the floor price. These allowances are not available for use until 2022. This is the first auction since the floor price increased to $15.62, so businesses have three more auctions at this price floor to purchase allowances that cannot be used for three more years.
- Approximately $853,508,096 was raised for the Greenhouse Gas Reduction Fund which the state uses to support climate investments in frontline communities, improvements in local air quality, and other projects to further reduce greenhouse gas emissions.
EDF attorney Erin Murphy co-authored this post 
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A day after President Trump did not even utter the words “climate change” in his State of the Union Address, two separate House committees brought climate change back to the legislative forefront for the first time in years. And after such a long hiatus, it was encouraging to see that a clear theme emerged from both hearings– climate change is an urgent threat, but we can address it if we attack it head on.
