cap-and-trade
Put That In Your Tank and Smoke It
The next time anyone tells you that an increase in gasoline prices (say, as part of a carbon-tax or a cap-and-trade system) would generate unbearable costs to consumers, think again. The Los Angeles Times reports something that I have often seen but never really thought through: gasoline stations often a couple block away from each …
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CONTINUE READINGYes, California Can Spend the Cap-and-Trade Auction Proceeds
California’s 2012-13 budget assumed that $500 million of cap-and-trade auction proceeds could be used to offset the cost of greenhouse gas emission reduction programs traditionally supported by the General Fund. Two recent stories, one in the San Francisco Chronicle, the other in ClimateWire, report that since the California Legislative Analyst’s office found only $100 million …
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CONTINUE READINGSenator Rubio Goes to Moscow
In Internet time, it’s already an old story, but worth repeating. Senator Marco Rubio, a Florida Tea Party guy, was asked in a GQ interview how old he believes the earth is. His reply: I’m not a scientist, man. I can tell you what recorded history says, I can tell you what the Bible says, …
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CONTINUE READINGCalifornia electricity consumers may receive cap-and-trade dividend
As I mentioned on Monday, the 23.1 million greenhouse gas (GHG) allowances (current-vintage) sold at the cap-and-trade auction on Monday were all consigned to auction by utility companies. The $233 million generated by that sale must now be used by those utilities to the benefit of ratepayers. Last Friday, the California Public Utilities Commission (CPUC) issued its …
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CONTINUE READINGCalifornia raises almost $300 million in its first cap-and-trade auction
The California Air Resources Board (CARB) released the results from its first auction of greenhouse gas (GHG) allowances today. It sold all of the approximately 23 million current allowances (2013 vintage) at $10.09. It sold 14% of the approximately 39.5 million advance allowances (2015 vintage) at $10.00. As I discussed last week, the unsold advance …
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CONTINUE READINGCap-and-Trade: Why Auctions are Better than Give-Aways
Earlier this week California began auctioning off greenhouse gas emissions allowances, and the sky has not fallen. But is an auction really the best way to distribute the allowances? The California Chamber of Commerce says no. Its lawsuit—discussed in recent posts by Ann, Rhead, and Sean—doesn’t challenge the State’s authority to limit greenhouse gas emissions, …
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CONTINUE READINGWhat happens if not all allowances are sold at the first cap-and-trade auction?
California held its first cap-and-trade auction for greenhouse gas (GHG) allowances yesterday. The California Air Resources Board (CARB) will announce the results from that auction on Monday, Nov. 19. What happens if not all the allowances are purchased at the auction? The short answer is that unsold allowances will be withheld from the market and …
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CONTINUE READINGWhy California’s cap-and-trade auction is not a tax
Yesterday, Ann and Cara gave their initial reactions to the California Chamber of Commerce lawsuit against California’s cap-and-trade auction. The main thrust of that lawsuit is that the auction (that happens today) is an unconstitutional tax because, according to the lawsuit, AB 32 gave the California Air Resources Board (CARB) no authority to withhold and …
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CONTINUE READINGBreaking News: California Chamber of Commerce Sues over AB 32 Auction
The California Chamber of Commerce has launched the first industry lawsuit against the auction portion of California’s cap-and-trade program on the basis that auctioning off allowances constitutes an unauthorized, unconstitutional tax. The complaint was filed today in Sacramento Superior Court and seeks to stop the auction and have the auction regulations declared invalid. The Chamber argues …
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CONTINUE READINGOne Additional Legal Challenge To AB 32: Prop 26
One addendum to my post on new developments and cap-and-trade. I should have mentioned that Proposition 26 — which tightened the 2/3s vote requirement for taxes to include fees — may be the basis for another legal challenge to the cap-and-trade program. California voters approved Prop 26 in 2010. Unless Prop 26 is found to …
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