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Calif. carbon allowance prices slip lower after recent strength

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Calif. carbon allowance prices slip lower after recent strength

Followingrecent strength, California carbon allowance prices at the secondary marketwere firm to slightly lower approaching the end of July. According to brokerdata as of July 25, the spot California carbon allowance contract was in abid-and-ask spread of $12.69/tonne to $12.72/tonne, flat to prior weeklyassessments.

TheJuly 2016 vintage 2016 California carbon allowance contract was marked in a bid-and-offerrange of $12.68/tonne to $12.72/tonne, down 1 cent from the week prior. As ofJuly 25, the December 2016 vintage 2016 California carbon futures contract wasquoted in a bid-and-ask spread of $12.68/tonne to $12.75/tonne, slipping 2cents week over week.

Californiacarbon allowance prices at the over-the-counter market had been swinging higherin the wake of the July 12 release of the California Air Resources Board'sinitial draftproposal of amendments to the state's cap-and-trade regulation. Among otherthings, the draft proposal would extend the state's cap-and-trade programbeyond 2020, which inspired a brief uptick in trading activity.

Apartfrom the new emissions caps after 2020, the draft proposal would also allow forthe continued linkage with the Quebec cap-and-trade market beyond 2020, as wellas future linkage with Ontario and other jurisdictions; continue to preventemissions leakage in the most cost-effective manner; and extend the allocationof allowances to the state's utilities.

TheCARB will consider the proposed amendments at a hearing to be held Sept. 22-23and will vote on them at a meeting scheduled for March 23-24, 2017.

VariousCalifornia lawmakers are looking to formally pass legislation that would alsoextend the state's cap-and-trade program beyond 2020 before the Californialegislative session concludes at the end of August.

Market prices and includedindustry data are current as of the time of publication and are subject tochange. For more detailed market data, including SNL power and natural gasindex prices, as well as forwards and futures, visit our Commodities Pages.