California’s first cap-and-trade auction sells out, declared ‘a success’

"This is an important milestone for our state. By putting a price on carbon, we know we are beginning the process of breaking our dependence on fossil fuels."

State regulators on Monday celebrated the results of last week’s first-ever auction of California greenhouse gas emission permits, declaring the long-awaited kickoff to the nation’s first effort to put a price on carbon pollution a success.

The state did not disclose how many companies participated in the historic auction. But there were three times as many bidders than buyers, a sign that the business community is taking the new carbon market seriously. A ton of carbon sold for $10.09 at the auction, just slightly above the $10 floor price established by regulators, according to data released by the California Air Resources Board.

By Dana Hull

Full Story: http://www.mercurynews.com/business/ci_22028077/californias-first-cap-and-trade-auction-sells-out