Cap & Trade Newsletter Publications
C&T Current Publications
Stillwater’s California Cap and Trade (C&T) Newsletter provides insight into the allowance and offset demand and price trends.
Each quarterly edition offers an auction summary tracking California Carbon Allowances (CCA) and California Carbon Offsets (CCO) transfer trends. Stillwater’s C&T Newsletter also reports on trends concerning Cap at the Rack (CAR) – the C&T assessment of greenhouse gases (GHGs) from the use of fossil transportation fuels. CAR is additive to the California Low Carbon Fuel Standard (LCFS) assessments which we track in Stillwater’s LCFS Newsletter.
This quarterly newsletter also includes our expert analysis of the C&T Program.
Recent Newsletters
Analysis of 1Q2024
March 01, 2024
Current CCA SettlementIncreased
Advanced CCA SettlementIncreased
Current Coverage RatioIncreased
Advanced Coverage RatioIncreased
Analysis
Offered volumes of 51,216,056 MT current and 7,211,000 MT advanced were fully subscribed. The coverage ratios were 1.72 and 2.58 respectively.
Analysis of 4Q2023
November 30, 2023
Current CCA SettlementIncreased
Advanced CCA SettlementIncreased
Current Coverage RatioIncreased
Advanced Coverage RatioIncreased
Analysis
Offered volumes of 57,617,565 MT current and 7,577,000 MT advanced were fully subscribed. The coverage ratios were 1.65 and 2.27 respectively.
Analysis of 3Q2023
August 30, 2023
Current CCA SettlementIncreased
Advanced CCA SettlementIncreased
Current Coverage RatioIncreased
Advanced Coverage RatioDecreased
Analysis
Offered volumes of 55,760,384 MT current and 7,577,000 MT advanced were fully subscribed. The coverage ratios were 1.59 and 2.02 respectively.
Analysis of 2Q2023 Auction
May 31, 2023
Current CCA SettlementIncreased
Advanced CCA SettlementIncreased
Current Coverage RatioDecreased
Advanced Coverage RatioIncreased
Analysis
Offered volumes of 56,084,237 MT current and 7,577,000 MT advanced were fully subscribed. The current auction coverage ratio decreased to 1.75, and the advanced auction coverage ratio increased to 2.63.
Analysis of 1Q2023 Auction
March 01, 2023
Current CCA SettlementIncreased
Advanced CCA SettlementIncreased
Current Coverage RatioIncreased
Advanced Coverage RatioIncreased
Analysis
Offered volumes of 56,295,720 MT current and 7,577,000 MT advanced were fully subscribed. The coverage ratios were 1.84 and 2.43 respectively.
4Q2022: Introducing Stillwater’s C&T Auction Summary
February 10, 2023
Current CCA SettlementDecreased
Advanced CCA SettlementDecreased
Current Coverage RatioIncreased
Advanced Coverage RatioDecreased
Analysis
The Stillwater C&T Auction Newsletter presents our analysis of the Cap and Trade (C&T) Program Auction and Program. Analysis of the data provides insight into the allowance demand and price trends. In addition to the current auction and the auction trends, we also track the California Carbon Allowances (CCA), California Carbon Offsets (CCO), and Cap at the Rack (CAR) trends. CAR is the C&T assessment of GHG from the use of fossil transportation fuels.
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