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 1Q2023 Auction

    March 01, 2023

    Current CCA SettlementIncreased

    Advanced CCA SettlementIncreased

    Coverage RatioIncreased


    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

    Coverage RatioIncreased


    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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