California Carbon Allowances Sell Out at Auction for $11.50 Each
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California, the second-most polluting state in the U.S., sold all 16.95 million carbon allowances at auction for $11.50 each, in line with analysts’ expectations.
Units of Chevron Corp., Exxon Mobil Corp. and Royal Dutch Shell Plc were among the companies that qualified to purchase the permits put up for sale May 16, a report posted today on the state Air Resources Board’s website shows. The agency doesn’t disclose the names of buyers. The state received 1.46 bids for every permit offered.