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California Air Resources Board posts notice for California’s first cap-and-trade auction
15 September 2012
The California Air Resources Board on Friday issued the 60-day public notice for California’s first cap-and-trade greenhouse gas allowance auction on 14 November 2012.
The allowances sold at the auction are for compliance with the state’s greenhouse gas reduction effort under the 2006 Global Warming Solutions Act (AB 32). Compliance with the program begins 1 January 2013 and includes nearly 600 industrial facilities and utilities.
The 14 November auction will take place during a three-hour bidding window (10 a.m.-1 p.m. PST). The auction will offer 21,804,539 year 2013 current vintage allowances and 39,450,000 year 2015 future vintage allowances for sale.
The vintage of an allowance determines the year in which it may first be used for compliance.
The November 2012 auction will be conducted using an electronic, internet-based Auction Platform that bidders use to submit their bid in a single-round, sealed-bid auction format. Bid quantities can only be submitted in multiples of 1,000 California GHG allowances.
After the auction the following information will be publicly released:
- Names of qualified bidders
- Settlement price
- Auction Summary
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