"California Carbon Market Launches, Permits Priced Below Expectations"
"California's largest greenhouse gas emitting businesses paid $10.09 per metric tonne (1.1 ton) for the right to release carbon, raising almost $300 million for the cash-strapped state and its energy companies in its first-ever carbon permit auction."
"The permit price was below market expectations despite strong demand from utility companies, manufacturers and oil refineries participating in the auction, market sources said.
Ahead of the California Air Resources Board announcement on Monday, traders, brokers and analysts had predicted a clearing price in the range of $11.75 to $12.50 a tonne.
'The clearing price was below expectations but total participation was higher than most expected from vintage 2013,' said Jeff King, managing director of environmental markets at Scotiabank."
SEE ALSO:Source: Reuters, 11/20/2012