November 14, 2012 by California Carbon
Climate Connect News, London: The California Air Resources Board (ARB) will today hold the first auction of California Carbon Allowances (CCAs) under the cap-and-trade scheme. The Board had recently announced that over 62.57 million allowances will be auctioned. About 23 million allowances of 2013 vintage and 39.45 million allowances of 2015 vintage will be auctioned. In early November, the Board had increased the number of 2013 vintage allowances available for auction by about 6%. CCA Futures added $0.20 during trading on 12th & 13th November.
The auction will be conducted using an electronic, internet-based Auction Platform that bidders use to submit their bid in a single-round, sealed-bid auction format. Bid quantities can only be submitted in multiples of 1,000 California GHG allowances.
Beginning with the highest bid and proceeding to successively lower bids, entities submitting bids at each price will be awarded allowances. The settlement price for all allowances will be the lowest price at which the entire supply of allowances is exhausted or the reserve price, whichever is reached first. Current and future vintage allowances will be sold in separate auctions, with the current vintage auction taking place first.
The auction window is between 10:00 AM and 1:00 PM Pacific Time. California covered entities, opt-in covered entities, and voluntarily associated entities are eligible to participate but must be approved as users in the Compliance Instrument Tracking System Service (CITSS) and have entity account in the CITSS.
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