180,000 carbon allowances trade in California

180,000 carbon allowances trade in California

Large volumes of California carbon allowances (CCAs) continued exchanging hands this week, with 180,000 trading over the Intercontinental Exchange.

Prices closed at $17.90, down from the $20 mark seen in July.

However, brokers maintain that they expect CCAs to remain in the $17-$19 range.

A fire occurring at a Chevron fuel refinery located in Richmond could have major ramifications on the California carbon market.

The facility produces a particular blend of fuel that meets California’s low carbon regulations.

Up to 243,000 barrels are generated daily, supplying nearly 16% of the region’s supply.

The timetable for returning to full operations will directly affect the California carbon market since the facility is one of the largest emitters in the state.