California’s Carbon Auction Bust

24 Nov

What could possibly go wrong?

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 Analyst’s Office estimated Wednesday.

State leaders erred on another market prediction when they assumed Facebook shares would trade at $35 this fall. The stock has traded below $25 since August, and the analyst estimates that California will see $626 million less than expected as a result.

The LAO said last week the state faces a lingering $1.9 billion deficit, partly because of less Facebook and cap-and-trade money.

Absolutely shocking, shocking I tell ya – that Gerry Moonbeam and Co. could f*ck things financial so badly…

Wonder why demand is so low????

Sacramento Bee
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