Trading on California carbon allowances that companies can use beginning in 2016 surged after the state sold out of the permits for the first time.
Futures contracts for a record 1.83 million 2016 allowances for December 2015 delivery cleared today on the IntercontinentalExchange Inc., settling at $12.50 each, Brookly McLaughlin, a spokeswoman for the exchange in Atlanta, said by e-mail. The previous high was 960,000 allowances on May 21.
