cap-and-trade
(Tentative) ruling in cap-and-trade case looks good for CA: ARB has auction authority
It’s never over till it’s over, but for now California is breathing a little easier as it defends its cap-and-trade allowance auctions from two high-profile industry challenges. The cases, which Ann has discussed here and here, were filed by the California Chamber of Commerce and the Pacific Legal Foundation, and they make both statutory and …
CONTINUE READINGConstitutional Issues in Cap and Trade: New Light from an Unexpected Source
At the end of April, the Supreme Court decided an obscure case called McBurney v. Young about state public records law. Quite unexpectedly, the court’s opinion turns out to be good news for state environmental regulators. In particular, it clarifies how cap and trade relates to what lawyers call the dormant commerce clause — a …
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CONTINUE READINGSecond California cap-and-trade auction sells almost $225 million worth of allowances
Results are in from California’s second cap-and-trade auction. California Air Resources Board (CARB) offered 12.9 million 2013-vintage allowances along with 9.56 million 2016-vintage allowances. CARB sold all of the 2013 vintage at $13.62 per allowance and almost half (4.44 million) of the 2016 vintage at $10.71 per allowance. In total, that amounts to a bit …
CONTINUE READINGThe State of the Union — Energy and Climate Change
A very lengthy discussion of energy– some good language on energy efficiency and renewables, some not-so-good language about oil, but with an overall emphasis on technological innovation. Here’s what the President said about climate change: And over the last four years, our emissions of the dangerous carbon pollution that threatens our planet have actually fallen. …
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CONTINUE READINGUC Berkeley report demonstrates need for strict resource shuffling rules in cap-and-trade
The Energy Institute at Haas, part of UC Berkeley, has a new study that looks at California’s rules for regulating electricity importers in the cap-and-trade program. These rules attempt to keep importers from gaming the cap-and-trade system via resource shuffling. The Energy Institute has simulated different counterfactual cap-and-trade rules using 2007 electricity market data. The …
CONTINUE READINGPut 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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