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 3Q2025

    August 29, 2025

    Current CCA SettlementIncreased

    Advanced CCA SettlementIncreased

    Current Coverage RatioIncreased

    Advanced Coverage RatioIncreased

    Analysis

    Highlight Analysis: High Stakes for C&T Extension and Reform

    Analysis of 2Q2025

    May 30, 2025

    Current CCA SettlementDecreased

    Advanced CCA SettlementDecreased

    Current Coverage RatioDecreased

    Advanced Coverage RatioIncreased

    Analysis

    Highlight Analysis: Peering Through the Haze – The Future of California’s Cap and Trade

    Analysis of 1Q2025

    February 28, 2025

    Current CCA SettlementDecreased

    Advanced CCA SettlementDecreased

    Current Coverage RatioIncreased

    Advanced Coverage RatioIncreased

    Analysis

    Highlight Analysis: California’s Carbon Quake – C&T on Shaky Ground

    Analysis of 4Q2024

    December 04, 2024

    Current CCA SettlementIncreased

    Advanced CCA SettlementIncreased

    Current Coverage RatioIncreased

    Advanced Coverage RatioIncreased

    Analysis

    Highlight Analysis: What to Look Forward to with Cap & Trade Programs in 2025

    Analysis of 3Q2024

    August 29, 2024

    Current CCA SettlementDecreased

    Advanced CCA SettlementDecreased

    Current Coverage RatioIncreased

    Advanced Coverage RatioDecreased

    Analysis

    Highlight Analysis: C&T and C&I Updates—Brothers from Different Mothers

    Analysis of 2Q2024

    June 06, 2024

    Current CCA SettlementDecreased

    Advanced CCA SettlementDecreased

    Current Coverage RatioDecreased

    Advanced Coverage RatioDecreased

    Analysis

    Highlight Analysis: A Tale of Two Workshops – California Cap-and-Trade Market Update

    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.

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