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 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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