1.2 million California carbon allowances trade
1.2 million California carbon allowances for delivery in 2013 traded over the week in the midst of the Navigating the American Carbon World conference being held in San Francisco.
This represents the largest trading volume seen since the last week in February, when over 1.3 million California carbon allowances exchanged hands.
The price for 2013 California carbon allowances closed at $14.50.
News that California Governor Jerry Brown approved a market link with Quebec may have bolstered demand for CCAs, since the Canadian province is expected to be a net purchaser of carbon allowances.
Ontario has also expressed interest in joining the California market as well, and Washington state recently began exploring avenues to reduce its overall emissions.
This past February’s carbon auction saw all 12.9 million 2013 California carbon allowances clear at $13.62 apiece, nearly $3 above the floor price.
Recently Thomson Reuters analysts predicted that the California carbon market would grow in value to over $2.3 billion in 2013.