Under Québec's cap-and-trade system, regulated
emitters have until November 1, 2015, to ensure that their verified
emissions do not exceed their greenhouse gas (GHG) emission
allowances. Failure by regulated entities to cover their GHG
emissions with a sufficient number of emission units can result in
severe sanctions. In light of this deadline, Québec's
Minister of Sustainable Development, Environment and the Fight
Against Climate Change announced a sale by mutual agreement of GHG
emission units to be held on September 22, 2015. It is not expected
that there will be another opportunity to acquire units for the
first compliance period through government-administered means.
Eligible emitters have until Friday, August 21, 2015, to obtain
an approved account and complete an application to participate in
the sale via the Compliance Instrument Tracking System Service
(CITSS) auction platform. An emitter will be an eligible
participant if it currently holds no emission units that can be
used for the first compliance period. Emitters that are deemed
eligible will be advised thereof by September 18, 2015.
Emission units are being offered for sale in three categories at
the prices set by regulation, as follows:
C$44.96 per unit
C$50.58 per unit
C$56.20 per unit
As is the case with the joint Québec–California
cap-and-trade auctions, intended bids must be supported by a
financial guarantee (cash, letter of credit or letter of
guarantee). Applicants have until September 10, 2015, to provide
their financial guarantee.
Alternatively, regulated emitters may opt to purchase privately
the required emission units.
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