(See below to download report)

Trading Report

• Prices dipped from throughout the week reaching $14.75 for the front and $14.86 for the benchmark
• OCA Dec 17 benchmark prices close at CAD 18.80 (USD 14.82)
• OI saw a positive net change of 3,044,000 contracts
• Volume traded saw a high increase to 14,344,000 tons

Price Expectations

• Despite active trading, CCAs price continued to decline throughout the last week as auction approaches
• V2020, witnessed trading activities for the first times across delivery months.
• Expected V17 ranges: $14.70- $14.78 (Front); $14.80- $14.88 (2017 Benchmark)

CCO Tracker

• 762,826 ARBOCs issued across 3 forestry projects
• 2 million CCO-3s brought online through Passamaqouddy Tribe IFM (CAR1175)
• Two Livestock projects and one MMC project gain new ROCs
• CCO-8 prices fall as lower risk options hold value

Policy Tracker

• AB 398- (Garcia, De León) Extension of Cap-and-Trade from 2020 – 2030 with the introduction of a price ceiling, price containment points, reduced offset usage and revisions of industry assistance factors.
• SB 100- (Kevin de León) The California Renewables Portfolio Standard Program would double up California’s renewable energy ambition, mandating 100% RE procurement by 2045.
• SB 498- (Skinner) Beginning no later than 2024-2025 fiscal year, at least 50% of the light-duty vehicles purchased for the state vehicle fleet each year must be zero emission vehicles.

Key Dates

• Aug 15– California Air Resources Board and Quebec’s MDDELCC will conduct its 12^th Joint Auction for Carbon allowances and will offer year 2017 vintage allowances in the Current Auction and year 2020 future vintage allowances in the Advance Auction.

Download this report (pdf)