Washington State’s Cap-and-Invest Program. Our coverage started in the regulatory process years before the market opened to much regional fanfare in 2023. Our pre-market opening price forecast range of $46-$50 uncovered the first auction price of $48.50 exactly. The similarities of structure with the WCI makes for an interesting dynamic, as does the potential for linkage post-2027, both these factors playing well within our suite of interlinking models.