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Secondary market Calif. carbon allowances slide after auction

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Secondary market Calif. carbon allowances slide after auction

Over-the-counter markets for California carbon allowances slipped in value during the period ended June 11 in limited trading interest following the latest Western Climate Initiative, or WCI, quarterly allowance auction.

As of June 11, the June 2018 vintage 2018 California carbon contract was assessed in a bid-and-ask range of $14.75/tonne to $14.85/tonne, down 16 cents from the start of June.

The benchmark December 2018 vintage 2018 California carbon contract was seen in a bid-and-offer spread of $15.07/tonne to $15.13/tonne, dropping 9 cents from May 29 assessments.

The latest quarterly allowance auction held by the WCI, which includes California, Quebec and Ontario, saw 100% of the more than 90.5 million current vintage allowances sell at $14.65/tonne. This was up 4 cents from the previous auction.

Results for the May 15 sale issued by the California Air Resources Board also showed that 100% of the more than 12.4 million vintage 2021 carbon allowances on offer sold at the reserve price of US$14.53/tonne.

The California and Quebec cap-and-trade programs were formally joined under the WCI at the start of 2014, with their first joint auction held in November 2014. Ontario became the third member of the WCI on Jan. 1, allowing the three governments to hold combined auctions under the program.

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