This page last reviewed October 7, 2016

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Archived Auction Information and Results

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On January 1, 2014, the California Cap-and-Trade Program and Québec Cap-and-Trade System officially linked, which enabled the mutual acceptance of compliance instruments issued by each jurisdiction, and the jurisdictions to hold joint auctions of greenhouse gas (GHG) allowances.  As part of California’s Cap-and-Trade Program and the Québec Cap-and-Trade System, ARB and Québec’s Ministry of Sustainable Development, Environment and the Fight against Climate Change (MDDELCC) will hold joint GHG allowance auctions to allow market participants to acquire GHG allowances. 

Additionally, as part of the Cap-and-Trade Program, California will hold quarterly sales of allowances from the Allowance Price Containment Reserve (reserve sales).

Auction and Reserve Sale Schedule 

The California Cap-and-Trade Program Auction and Reserve Sale Activities Summary of Expected Dates includes the expected auction and reserve sale dates for 2016.

Summary of Auction Settlement Prices and Results 

A summary of Cap-and-Trade Program auction settlement prices and results to date is available below.

Joint Greenhouse Gas Allowance Auctions

Auction Notices are posted to the jurisdiction webpages at 12:00 PM Pacific Time (PT), sixty (60) days prior to each auction, pursuant to the California Cap-and-Trade Regulation and the Government of Québec Regulation respecting a cap-and-trade system for greenhouse gas emission allowances.  If the date for posting an Auction Notice falls on a weekend or holiday, the Auction Notice will be posted no later than the next business day.  Auction Notices provide information about eligibility, auction format, and GHG allowances to be auctioned.  

This webpage will be updated with the Summary Results Reports and the California Post Auction Public Proceeds Report for each auction at the date and time listed in the Auction Notice.  If there is a delay or change to a posting date, ARB will issue a notice of the change.

Joint Auction Information and Results 

Auction Date Information and Results
November 2016
Joint Auction #9 –

November 15, 2016

10:00 AM to 1:00 PM PT /
1:00 PM to 4:00 PM ET
August 2016
Joint Auction #8 –

August 16, 2016

10:00 AM to 1:00 PM PT /
1:00 PM to 4:00 PM ET
NOTE: Additional information on prior auctions can be found in the Archived Auction Information and Results webpage.

Auction Requirements, Instructions, and Examples

The 2016 Detailed Auction Requirements and Instructions provide detailed requirements and instructions for participating in a joint auction.  The 2016 Auction Examples provide information and examples of how to determine the amount of a bid guarantee, how holding and purchase limits are applied, how U.S. and Canadian currencies are handled, and examples of how joint auctions are settled.

2016 Auction Participant Training

An auction participant training presentation is posted annually and updated as needed.  This training presentation provides detailed requirements and instructions for participating in a joint auction, including eligibility; applicant requirements; administrative requirements; submitting a bid guarantee; bidding; and a description of the process to complete auction settlement and transfer of allowances.

Guidance on Treatment of Unsold Allowances

In the event that an auction is undersubscribed, where not all allowances offered for sale are sold, the California Regulation and the Québec Regulation specify how those unsold allowances are managed and offered at subsequent auctions.  This document describes the requirements for the California state-owned and consigned allowances.

2016 Annual Auction Reserve Price Notice

The 2016 Annual Auction Reserve Price Notice specifies the California and Québec 2016 Annual Auction Reserve Prices and the number of allowances to be auctioned in 2016 for the quarterly auctions as part of the Current Auction and Advance Auction.

The Auction Reserve Price in effect for each joint auction will be determined as the higher of the California or Québec Annual Auction Reserve Prices after applying the established Auction Exchange Rate.  The Auction Reserve Price is a predetermined minimum price at which allowances will be sold to auction participants.

Auction Forms and Guidance

Auction Application Attestation Disclosure Form

Section 95912(d)(4)(E) of the Cap-and-Trade Regulation requires that each auction application include an attestation disclosing the existence and status of any ongoing investigation or an investigation that has occurred within the last ten years with respect to any alleged violation of any rule, regulation, or law associated with any commodity, securities, environmental, or financial market for the entity participating in the auction, and all other entities with whom the entity has a corporate association, direct corporate association, or indirect corporate association pursuant to section 95833 that participate in a carbon, fuel, or electricity market. Further, the attestation must be updated before each auction to reflect any change in the status of an investigation that has occurred since the most recent auction application attestation was submitted. Please refer to the Auction Application Attestation Guidance pdf for additional information.

An auction applicant may use the Auction Application Attestation Disclosure Form  (revised December 2014) to submit the required attestation disclosure and updates to previously submitted attestations by completing the form and submitting an original to ARB at the address on the back of this form at least 30 days prior to an auction in which it intends to participate.

Auction Bid Advisor Form

Section 95914 of the Cap-and-Trade Regulation (Regulation) requires that any entity participating in an auction that has retained the services of a Cap-and-Trade Consultant or Advisor regarding auction bidding strategy must ensure certain provisions are met as described in the Regulation.  In addition, the Consultant or Advisor providing services related to bid strategy must submit certain information to ARB no later than fifteen (15) days prior to the quarterly auction at which the Consultant or Advisor's services will be employed.  The Auction Bid Advisor Form can be used to submit the required information to ARB at the address provided on the form.

Cap-and-Trade Utility Disclosure Form

Section 95914(c)(1) of the Cap-and-Trade Regulation prohibits the disclosure of information related to an entity’s auction participation.  Section 95914(c)(2) provides a list of limited exceptions to the prohibition.  One of the exceptions allows disclosure by privately-owned utilities that are required to do so by a regulatory agency (section 95914(c)(2)(D)), and requires those utilities to report to the Executive Officer within 10 business days of making the disclosure.  Entities qualifying for the exception in section 95914(c)(2)(D) may complete the Utility Disclosure Form  and return it to the Executive Officer within 10 business days of making the disclosure to satisfy the reporting requirement.

Example Letter of Credit

An Example Letter of Credit (updated September 18, 2014) format for California auction or reserve sale applicants is provided as a guide only for entities that intend to submit a letter of credit as their form of bid guarantee for an auction or reserve sale.  

NOTE: California entities may also submit a bank bond or a Surety Bond as a physical bid guarantee.  A bank bond must be issued by a financial institution with a U.S. banking license.  A Surety Bond must be issued by an institution namied in the current list of "Surety Companies Acceptable in Federal Bonds" as published in the Federal Register by the Audit Staff Bureau of Accounts, U.S. Treasury Department.  The required terms for a bank bond or a Surety Bond are described in Attachment A to each Auction Notice.

Guidance for Allowance Consignment to Auction 

The Cap-and-Trade Regulation provides that allowances are allocated annually to each eligible electrical distribution utility or natural gas supplier (consigning entity).  Each calendar year, a consigning entity must offer for sale at auction all allowances that have been placed in its Limited Use Holding Account (LUHA) that were issued from the budget year that corresponds to the current calendar year.  Additional information on allowance consignment requirements, conducting consignment transfers in the Compliance Instrument Tracking System Service (CITSS), confirming or providing wiring instructions in CITSS for the payment of proceeds, and auction participation is available in the Guidance for Allowance Consignment to Auction pdf (updated May 16, 2016).

Additional information on the actions to be taken to confirm existing wiring instructions or provide new wiring instructions is provided in the CITSS Auction Consignment Wiring Instructions User Reference.

For questions or comments about this page, please contact Rajmir Rai at (916) 327-5614.