Allowance prices continued to rise after the state’s latest cap-and-trade auction cleared at $63.03, up nearly 13% from the previous auction.

Washington’s second cap-and-trade auction netted more than $557 million in revenue after bidders bought all 11.035 million carbon allowances on offer last week.

Washington LCFS credits will likely range from $35 to $45 per metric ton by 2025, lower than prices in neighboring areas, according to one carbon analysis firm.

Washington carbon allowance prices will increase sharply as the state’s cap-and-trade program becomes better established, carbon market analysts said.