Results of California’s first cap-and-trade carbon auction are in and the results are mixed.

The auction was for carbon permits that permit greenhouse gas emitting businesses the right to release carbon into the air. Each permit allows the release of one metric ton of carbon. Major bidders include oil refiners (Chevron, ExxonMobil, etc. ) and power generators (Pacific Gas & Electric, LA Dept. of Water and Power, etc.).

The good news is that all 23.1 million permits up for auction sold and the state raised $233 million which will go to the state’s utilities to protect ratepayers in the form of clean energy projects and energy efficiency programs.