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California Carbon Forecast Cut Before Auction, BNEF Says

Prices for California carbon allowances will average about $29 a metric ton between next year and 2020, about 5.5 percent lower than an earlier estimate, according to Bloomberg New Energy Finance.

Prices will start at $11 a ton next year when the state’s emission-trading program goes into effect and will reach $47 a ton in 2020, the London-based research company said today in a report.

California’s Global Warming Solutions Act requires the state to regulate carbon emissions of refineries, power plants, industrial facilities, and transportation fuels using a cap-and-trade system. The first auction is scheduled for Nov. 14.

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