California firm on November carbon auction

The California Air Resources Board (ARB) affirmed that its first carbon allowance auction is on schedule to take place on November 14, as planned.

About 21.8 million California carbon allowances (CCAs) for delivery in 2013 will be sold at the inaugural auction, with an additional 39.5 million CCAs for delivery in 2015 being sold as well.

This summer the ARB released its Compliance Instrument Tracking System Service that regulated companies will use to meet their emission requirements.

This past August, the ARB held a practice auction to ensure that the market platform was able to record and process bids effectively.

About 150 businesses participated in the successful practice auction.

Nearly $1 billion in revenue will be generated from the state’s carbon auction.