Margolis on social media:
Washington state’s first auction of greenhouse-gas allowances raised ~$300 million.
The auction was fully subscribed (in fact, bids exceeded supply by 2.67:1) with all 6,185,222 allowances selling at $48.50 per tonne, >2X the floor price of $22.20 and higher than prices in California and Quebec’s February auction, which closed at $27.85 per tonne.
If this price remains consistent over the next nine auctions, the sales could generate ~$1.08 billion more than the state’s estimate for the 2023 to 2025 biennium.
Washington state sells carbon allowances at much higher prices vs other US co2 markets…netting $300 million.