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$22.31 -0.2  -0.8%

Sector
Utilities
Size
Large Cap
Market Cap £4.28bn
Enterprise Value £30.41bn
Revenue £13.60bn
Position in Universe th / 6854

UPDATE 1-California carbon permits fetch $12.29/tonne at auction - state

Thu 28th May, 2015 9:22pm
(Adds background) 
    By Rory Carroll 
    SAN FRANCISCO, May 28 (Reuters) - California carbon permits 
covering emissions this year sold for$12.29 a tonne at the 
cap-and-trade program's May auction, up 8 cents from what they 
fetched at the previous auction in February, the program's 
regulators said on Thursday.  
    The auction, the state's third held in conjunction with its 
trading partner the Canadian province of Quebec, saw the 
partners sell all 77 million 2013 and 2015 permits put on the 
block.  
    They also sold 9.8 million permits covering 2018 emissions 
for the minimum price of $12.10 a tonne, regulators said. 
    Over 90 percent of all the permits sold at the auction were 
purchased by large-emitting companies required to participate in 
the program, the regulators said.  
    While they do not say how many permits individual companies 
purchased at the auction, the regulators released a list of 
qualified bidders that included oil giants Chevron  CVX.N , 
Exxon Mobil  XOM.N  and Shell  RDSa.L , utility companies 
Pacific Gas and Electric Company  PCG_pa.A  and Southern 
California Edison  SCE_pe.A  as well as banks, manufacturers and 
mining companies.  
    California and Quebec will announce how much revenue was 
generated from the auction on June 17. 
    California carbon revenue from its 10 quarterly auctions has 
already reached almost $1.6 billion, the California Air 
Resources Board said in March, money that must be spent on 
programs aimed at driving down the state's emissions of 
heat-trapping greenhouse gases.  
    This week California launched a $4.8 million pilot program 
funded by the revenue designed to help low-income residents 
replace their older cars and trucks with more fuel-efficient 
vehicles. 
    The next auction will be held on August 18. 
 
 (Reporting by Rory Carroll; Editing by Jonathan Oatis and Alden 
Bentley) 
 ((Rory.Carroll@thomsonreuters.com; office 415-344-6093 cell 
503-830-8017; Reuters Messaging: 
rory.carroll.thomsonreuters.com@reuters.net)) 
 
Keywords: MARKETS CARBON/CALIFORNIA
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