The Washington Department of Ecology’s HB1975 rulemaking introduces significant amendments to the state’s Cap-and-Invest Program, focused on expanding allowance supply and easing near-term price pressures. Key revisions extend the cap trajectory by one year, add retroactive vintages 2023–2025, and propose a major Allowance Price Containment Reserve (APCR) infusion in 2027, equivalent to 2–5% of the 2027–2040 budgets. These measures collectively moderate program stringency and create a smoother emissions reduction pathway. With this backdrop, cCarbon uses its Carbon Outlook model to present a demand-supply outlook under four scenarios with short- and long-term projections for prices and emissions.