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Trading Report

• Front Prices close at auction reserve price of $13.57, as Front switched to March 2017 delivery
• Open interest creation improved, with a net week-on-week change of 3,536,000 contracts
• OCA’s Dec 17 benchmark trading at CA$ 18.32 (US$13.98), a premium of $0.24 over CCA’s

Price Expectations

• Trading activity depleted in February with monthly volume of 13,673,000 contracts compared to 30,814,000 contracts in January 2017
• A subscription ratio below 20% might result into a brief shortage in 2017
• Expected V17 ranges: $13.53 – $13.57 (Front); $13.75 – $13.78(2017 Benchmark)

CCO Tracker

• Livestock credits dominate as 149,000 ARBOCs issued to 7 agricultural projects
• Cottonwood Dairy Livestock Gas Capture Project (CAR1151) the week’s highest scorer, claiming 40,236 credits
• CCO-3 count passes 13 million with half a million new conversions
• 245,929 credits registered with ACR and CAR
• New verification assignments for Ruby Canyon Engineering and S&A Carbon
• Offset prices remain relatively unchanged with CCO-8s at around $10.35; CCO-3s and Golden CCOs at $10.83 and $11.80

Policy Tracker

• SB 584 recently introduced to amend Section 399.11 of the Public Utilities Code, relating to energy

Key Dates

• Mar 1– Joint Auction Results
• Mar 7, 9, 14 – Public Workshop to seek input on SB-375 update
• Mar 17 – Public Working Meeting focused primarily on potentially on including Alternative Jet Fuel in the Low Carbon Fuel Standard

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