Offset Pricing Monthly Market Digest – May 2021
Offset Supply Information:
All CCOs issued to date: 220.94 million
Compliance credits awaiting issuance: 14.13 million
CA and General Market Commentary:
- On May 27th, ARB released the results of its quarterly allowance auction. Current vintage allowances cleared at $18.80, a substantial premium to the $17.71 auction reserve price. The bid-to-cover ratio was 1.48, a strong result compared to auctions in 2020.
- Issuances of CCOs continued to be slow in May. The ROC backlog increased by nearly 3 million. Relatively low issuances of new CCOs continue to constrain the offsets available to entities as they look to fulfill their obligations at the 3-year compliance deadline on November 1st.
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