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.