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Edison Snafu Skews Demand in First California Carbon Sale

California, the world’s ninth-largest economy, has Edison International to thank for selling all of its carbon permits in the state’s first auction. The company unintentionally bid for twice as many allowances as were for sale.

Edison, owner of the state’s second-biggest power utility, submitted a proposal in the wrong format and offered to buy 21 times more allowances than it wanted on Nov. 14, documents obtained by Bloomberg show.