California carbon trading at $15.50

Ahead of a stakeholder meeting between the California Air Resources Board (ARB) and the state’s electricity providers, it was a quiet week of trading in the California carbon market.

Fetching a price of $15.50 a piece, 30,000 California carbon allowances (CCAs) to be delivered in 2013 were traded on the Intercontinental Exchange (ICE).

The meeting will allow ARB officials to clarify exactly who is required to retire carbon allowances and offsets stemming from electricity imported from surrounding states, specifically the first deliverer.

Market analysts predict that once California power utilities understand the rules they will begin engaging in the carbon market more heavily.

The first CCA auction is scheduled for November.