First cap-and-trade auction a bust for California budget

Sacramento Bee: State environmental leaders this week hailed California's first auction of carbon emissions credits a huge success. But budget writers are hardly thrilled. A low price for credits and minimal demand for future offsets suggest California will see a mere fraction of the $1 billion that Gov. Jerry Brown and lawmakers estimated the state would receive this fiscal year. If demand remains similar in two forthcoming auctions, the state would generate only about $140 million, the nonpartisan Legislative...

URL: http://www.sacbee.com/2012/11/22/5003856/first-cap-and-trade-auction-a.html