California carbon trading at $13.75

Over 130,000 California carbon allowances (CCAs) traded this week over the Intercontinental Exchange.

Prices for the CCAs to be delivered in 2013 closed at $13.75.

All eyes are on the California Air Resources Board (ARB) as they are set to hold the first carbon allowance auction on November 13.

Ahead of the auction, the ARB will be announcing the number of allowances that will be allocated for free in an effort to reduce the financial impact of the new regulations.

Carbon offsets for use in the California market have continued to be offered around $12 apiece.