CARB Restates Its Cap-and-Trade Auction Results

Last week the California Air Resources Board (CARB) issued an update to its November 19, 2012 report summarizing the results of the State of California’s first auction of greenhouse gas emissions allowances. The results in the initial November 19 summary report included submitted bids that CARB disqualified for failing to comply with the auction rules and limits on bidding. The summary statistics in the December 6 report now include only qualified bids that met the holding limit, purchase limit, and bid guarantee requirements.

The updated CARB report states that “a very small number of auction participants exceeded their purchase limit, holding limit, or bid guarantee,” and that the exclusion of these bids resulted in an adjustment of the ratio of total bids to the total number of 2013 allowances from 3.10 to 1.06. It is difficult to understand how CARB considers a ratio drop of 3.10 to 1.06 to be “very small.” In effect, CARB disqualified two-thirds of the bidding demand.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.