Over-the-counter California carbon allowance prices were firm to slightly higher during the week ended Oct. 16 in overall lackluster trading activity.

The October 2018 vintage 2018 California carbon contract was quoted in a bid-and-offer spread of $15.41/tonne to $15.50/tonne as of Oct. 16, up 2 cents from the start of the month. The benchmark December 2018 vintage 2018 California carbon contract was seen in a bid-and-ask range of $15.50/tonne to $15.55/tonne as of Oct. 16, firm from early October.

In the last few weeks, California carbon allowances have been choppy after the latest Western Climate Initiative quarterly auction in mid-August. At the sale, 100% of the more than 79 million current vintage allowances were sold at US$15.05/tonne, up 40 cents from the previous auction's clearing price in May.

The California and Quebec cap-and-trade programs were joined under the WCI at the start of 2014, with their first collective auction taking place in November 2014.

Ontario became the third member of the initiative on Jan. 1, which allowed the three governments to hold combined auctions under the program. However, newly elected Ontario Premier Doug Ford in June said that he would end the province's participation in the WCI, saying the government would not participate in the August auction.

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