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After Auction Review – Aug 2020

September 1, 2020Created By: Anant Jain

Summary: Covered entities purchased successive net long positions a few weeks before the auctions, restoring confidence. The number of bidders from California more than doubled, from 31 (May-20) to 64 participants. Though this is still lower than the February turnout of 77. 11 first-time participants, but only one participant (Canadian…...

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CaliforniaCarbon.Info Report|| The Future of California Offsets

August 17, 2020Created By: Abhilasha Fullonton

CaliforniaCarbon.Info analysts have generated a long-term offset surrender and issuance forecast. All forecasts are projected under two scenarios and assumes CP2 offset behavior continues on under CP4 and beyond.  Key findings: Historical issuance and usage trends Issuances for both in-state and out-of-state credits peaked in 2016 and 2018, respectively. The…...

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WCI Auction Outlook: Joint Auction 24

August 13, 2020Created By: Anant Jain

Summary of Outlook: The increasing cost of compliance has forced entities to think ahead. Using Feb20 auction allowances has increased compliance costs for 2020. Considering that prices are cheaper in this year auctions, will they prefer to purchase ahead for next year’s Triennial surrender obligation. This should be a key…...

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Upcoming Webinar | WCI Auction Outlook: Expectations for Joint Auction 24

July 29, 2020Created By: Anant Jain

CaliforniaCarbon.info is hosting a webinar on ‘WCI Auction Outlook: Expectations for Joint Auction 24’ Date: 12th August 2020 Time: 10 am Pacific Time (US and Canada) Webinar Agenda Historical overview Trends in the secondary market Instruments in compliance accounts Auction supply-demand Expectations: Joint Auction 24 Implications for state revenues This…...

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Weekly Commentary: District Court approves linkage to defy Trump’s attack on WCI program, CCAs see steady price gain

July 20, 2020Created By: Anant Jain

Summary: Federal challenge to legality of California-Quebec Linkage is quashed by District Court, appeal likely to be lodged but not decided on before November elections.  ICE secondary market front V20 Jul20 gains $0.09 WoW closes at $16.89, despite weak interest Benchmark positions continue to shrink, down by 2.12M tons or…...

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Regulatory Round-up: ARB Hearing on Proposed Advanced Clean Trucks Regulation

July 6, 2020Created By: Isabel Welling

Key Takeaways The Advanced Clean Trucks (ACT) regulation is a follow up to the Advanced Clean Cars II (ACCII) regulations proposed and approved at the May 28th, 2020 California Air Resources Board (CARB) meeting. The are three key objectives of ACT: Foster and accelerate large-scale production of zero-emission trucks, ensure…...

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Exclusive Interview: David Pettit, Senior Attorney at NRDC, discusses the tailpipe emissions case, and the CAFE standards rollback case filed against EPA and NHTSA

June 23, 2020Created By: Anant Jain

Summary: The federal government seeks to remove California’s entitlement to a waiver under the Clean Air Act, thereby disallowing the state to decide its tailpipe standards for GHGs. California has received 108 waivers for criteria pollutants from tailpipes, but according to the feds, GHGs cannot be considered under the waiver…...

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After Auction Review – May, 2020

June 9, 2020Created By: Anant Jain

California state revenue shrinks from USD 612 million to USD 24.9 million causing significant loss for the Greenhouse Gas Reduction Fund 85% of Utility consigned allowances sold causing a reduction in Utility revenue by USD 80.5 million 26.87 million allowances withheld until two successive oversubscribed auctions CaliforniaCarbon.info, June 9th, 2020:…...

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Regulatory Round-up: Provisional Advanced Clean Car regulations for post-2025 vehicles

June 5, 2020Created By: Isabel Welling

Key Takeaways Future Advanced Clean Car II (ACCII) regulations are a key policy plank to reduce emissions from the light-duty vehicle sector. There are three components of ACCII: Low Emission Vehicle (LEV) Criteria focusing on air quality improvements, LEV GHG -GHG reductions, and ZEV -technology advancement. Despite last week’s approved…...

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WCI Auction Summary: JA 23 |Bidders Observe Shelter-in-place Order as Auction Undersubscribes

June 1, 2020Created By: Anant Jain

For the first time in the current compliance period, the current auction and the advance auction were under subscribed. The settlement price for the current auction was $16.68 MtCO2e (CAD 23.17) with a bid to cover ratio of 0.37. The advance auction settled at a price of $16.68 (CAD 23.17)…...

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