Offset Pricing Monthly Market Digest – September 2021

by Derek SixOctober 6, 2021

Offset Supply Information:

All CCOs issued to date: 225.32 million

Compliance credits awaiting issuance: 23.40 million

CA and General Market Commentary:

  • CCA prices climbed in September. Events positively impacting CCA prices included California Governor Gavin Newsom’s successful defense against his re-call election and the increase in trading from financial players in the California market. 
  • While widely expected, Governor Newsom’s victory was seen as protecting against a possible threat to California’s program.
  • This year several new ETFs have opened which seek to reflect the performance of the CCA market and this influx of speculative capital has increased demand for the instruments.
  • Offset (CCO) prices moved upward during September as compliance entities purchased offsets for use at the November 1st triennial compliance deadline, but the spread between CCO-0s and CCAs increased further to a 38% discount to allowances, another new record high discount %.

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