Washington Department of Ecology (WA ECY)
Washington held a special cap-and-trade auction intended to help keep carbon costs in check after May’s quarterly auction cleared at an unexpectedly high price.
Critics of Washington’s cap-and-trade system blame it for the state's high gas prices, but defenders say other factors are at play too.
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 is aiming to auction off enough cap-and-trade credits to cover more than 11 million metric tons of carbon emissions.
In approving a water quality certificate for a pumped storage project along the Columbia, Washington sparked protests from area tribes and some environmental groups.
Washington’s Department of Ecology confirmed that it raised almost $300 million from the state’s first quarterly cap-and-trade auction held in February.
Washington carbon allowance prices will increase sharply as the state’s cap-and-trade program becomes better established, carbon market analysts said.
Washington’s first cap-and-trade auction earned the state nearly $300 million in revenue and unloaded all allowances on offer.
Washington’s first cap-and-invest auction took place Tuesday, but initial results will not be released until March 7.
Steven Baltakatei Sandoval, CC BY-SA 4.0, via Wikimedia Commons
The Western EIM tariff changes allow generators to include the costs of GHG compliance associated with Washington’s cap-and-trade program in their energy bids.
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