Record week for California carbon market

In its busiest week this year, the California carbon market saw 450,000 allowances trade on the IntercontinentalExchange (ICE).

Prices for California carbon allowances (CCAs) also hit a new high, soaring to $16.75.

The surge in trading is attributed to the addition of new participants in the emissions trading system.

Last week the California Public Utilities Commission approved market rules for how the state’s three major energy providers Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric) can engage in the carbon market.