California and Quebec will conduct their first joint auction of greenhouse gas allowances on November 19, the California Air Resources Board and the Quebec Ministry of Sustainable Development, Environment and the Fight Against Climate Change said Friday.
On offer in the auction will be 23,070,987 2014 vintage allowances good for compliance in either California or Quebec and 10,787,000 2017 vintage allowances. The reserve price is $11.34 (C$11.39).
The two governments linked their cap-and-trade programs in January, allowing GHG allowances to be transferred and used for compliance in either jurisdiction.
GHG allowance auctions in California and Quebec take place four times per year. Sources representing electricity generation and industry must retire enough GHG allowances to cover their emissions. In 2015, the cap expands to include fossil fuel distributors. The new joint auctions will replace the individual auctions for California and Quebec.
