Second auction of greenhouse gas emission units - Positive results that demonstrate growing confidence in the carbon market
QUÉBEC CITY, March 7, 2014 /CNW Telbec/ - The Ministère du Développement durable, de l'Environnement, de la Faune et des Parcs today released the results of Québec's second auction of greenhouse (GHG) emission units, held on March 4. The sale generated $26.4 million in revenue, which will be deposited into the Green Fund to finance actions and measures contained in the 2013-2020 Climate Change Action Plan.
The auction went very smoothly and the outcome shows that participants are gaining confidence in the market. As a result, 98.7% of the units for 2014, nearly 1.04 million units out of the 1.05 million units up for sale were sold. In addition, close to 1.29 million emission units for 2017 were sold. All units went for $11.39/tonne, which equals the floor price set by the government.
Pursuant to the Regulation respecting a cap-and-trade system for greenhouse gas emission allowances, emitters covered for the first compliance period, i.e., companies active in the industry and electricity sectors, have until December 31, 2014 to meet their obligations. However, the system was designed to afford them flexibility with respect to their buying strategy and the government will hold three more auctions in 2014.
Results of the March 4 auction are available on the Ministère du Développement durable, de l'Environnement, de la Faune et des Parcs website at http://www.mddep.gouv.qc.ca/changements/carbone/index-en.htm.
The next auction will be held on Tuesday, May 27, 2014. An official notice will be posted on the MDDEFP website sixty days prior to the auction, in compliance with regulations. The registration period will begin on the same day.
SOURCE Ministère du Développement durable, de l'Environnement, de la Faune et des ParcsFor further information: Media Relations, Ministère du Développement durable, de l'Environnement, de la Faune et des Parcs, Tel.: 418 521-3991