California officials have announced the results of last week's carbon permit auction, the first of its kind in the state. The entire offering of 23.1 million permits to cover 2013 emissions were purchased for a total of $233 million, with three times as many bidders as buyers. The money will be distributed to residential customers of the state's utilities to offset higher electricity rates anticipated as California shifts to clean energy. The state is expected to link its cap-and-trade program to Quebec’s carbon market in 2013. More
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