California-Quebec Carbon Sells Out as Market Expands to Fuel
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California and Quebec, which together run North America’s biggest carbon market, sold out of greenhouse-gas allowances at $12.21 each, about a dime above the minimum price set.
Agencies received 1.14 bids for each allowance on sale Feb. 18, the California Air Resources Board said Wednesday on its website. Units of companies including BP Plc, Chevron Corp., JPMorgan Chase & Co. and Morgan Stanley qualified to participate. Polluters buy allowances, each permitting the release of a metric ton of carbon-dioxide equivalent, to cover emissions. The lowest price allowed for them, known as “the floor,” was set at $12.10.