Cap and Trade Auction Results Are In!
Every allowance that was offered in the auction was sold at a settlement price of $14.00 per allowance. The highest bid price was $50.01 with the mean bid price $16.67 and the median bid price $13.49. In total, the 2013 allowances sold at auction garnered $203,308,672. Of the 9,560,000 allowances offered in the advance … Continue reading
Regional Greenhouse Gas Initiative to Lower Emissions Cap
As predicted earlier, the U.S. Northeast’s cap-and-trade program, RGGI (Regional Greenhouse Gas Initiative) will reduce its cap, which was above current pollution levels. The inflated cap depressed the RGGI permit price for carbon credits to under $2, way below the projected $20-$30 (causing New Jersey’s Chris Christie to pull New Jersey out of RGGI). The … Continue reading
Qualifying Advanced Energy Project Program: IRS Announces Second Phase
DWT tax partner Pamela Charles reports: The IRS has announced the second phase of the qualifying advanced energy project program to distribute the Section 48C tax credits that are available for reallocation now that the first phase of the program has been completed (see IRS Notice 2013-12). To be considered for an allocation of credits in the … Continue reading
Court Rejects Challenge to California’s Carbon Offsets Program
A California state judge in San Francisco has rejected a challenge to California’s carbon offsets program, ruling that regulators have the authority to include the mechanism in the cap-and-trade program for greenhouse gases. San Francisco Superior Court Judge Ernest Goldsmith ruled Friday that the state Air Resources Board was authorized to use offset protocols under the guidelines … Continue reading
First Cap and Trade Auction Results
The California Air Resources Board (CARB) released the results from the first California CO2 emissions allowance auction held last week. CARB’s initial assessment is that the auction was a success. It went off without any electronic glitches and there was no evidence of tampering or interfering with the market. As a procedural matter, it was … Continue reading
California GHG Emissions Auction Part of the Cap and Trade Program Challenged by the Chamber
California’s largest business lobby filed a lawsuit yesterday seeking to invalidate California’s first greenhouse gas (GHG) emissions allowance auction (part of the California cap and trade program) scheduled for today. The California Chamber of Commerce asserts that AB 32, California’s global warming law, did not authorize the state to raise funds by allocating GHG emissions … Continue reading
Auction Today, Results Monday (part of the California Cap and Trade Program)
Get your auction here! Today is the day. The California Air Resources Board (CARB) is holding an auction of greenhouse gas allowances for use in the California cap and trade program today, November 14, 2012, from 10:00 a.m. until 1:00 p.m (PST). It is CARB’s first auction and all eyes are on California to see … Continue reading
California’s Cap and Trade Allowances Auction: Canary in a Coal Mine
California holds its first Cap and Trade Allowances auction on Wednesday November 14, 2012. Some see this as a make-or-break time, the test case to see if a Cap and Trade program for greenhouse gas emission allowances can get off the ground. The first auction was originally scheduled for August 2012. Some industry groups are … Continue reading
Pre-AB 32 Contracts: Are generators entitled to some relief for their greenhouse gas costs?
Generators that may have executed bilateral contracts with a California utility prior to the passage of Assembly Bill 32 (AB 32) in California such that their contract does not have specific terms and conditions assigning greenhouse gas cost responsibility should be aware that the matter of whether the generator is entitled to some sort of … Continue reading
Senate Bill 1018 Throws Monkeywrench Into Greenhouse Gas Allowance Revenues
The California Public Utilities Commission has been holding a rulemaking since March 2011 to determine what to do with the revenues that utilities will receive as a result of the direct allocation of greenhouse gas allowances to electrical distribution utilities in the state as a result of the new cap and trade program. As you … Continue reading
