As Ontario’s Cap-and-Trade Program is now in full swing, we wanted to provide an update on some of the more noteworthy developments.
Quarterly Auction Kick-Off
On March 22nd, 2017, the Ontario Government held the first quarterly auction for emission allowances under the Cap-and-Trade Program. As we previously reported, the Ontario Government indicated that it expects to raise $1.9B yearly from the sale of emission allowances. The first auction generated $472,031,155 in proceeds from the sale of 25,296,367 current allowances sold at $18.08 each, and 812,000 from future vintage allowances sold at $18.07 each. The auction sold 100% … Continue Reading
In November 2016, Environment and Climate Change Canada (ECCC) announced that it would be kicking off a process to develop a clean fuel standard (CFS) in support of Canada’s commitment to meet its greenhouse gas (GHG) emissions reduction target of 30% below 2005 levels by 2030. The CFS, which is included as part of the Pan-Canadian Framework on Clean Growth and Climate Change released in December 2016, would require reductions in the carbon footprint of fuels supplied in Canada, based on a lifecycle analysis. On February 24, 2017, ECCC released a discussion paper for consultation on the proposed new CFS.… Continue Reading
McCarthy Tétrault LLP’s Power Group has launched the 2nd edition of its publication, ‘Canadian Power – Key Developments in 2016/Trends to Watch for in 2017’. The publication provides a detailed overview of significant developments in the Canadian power sector over the past year, as well as emerging trends that will be relevant in the coming year. Content includes in-depth regional analyses of developments in British Columbia, Alberta, Ontario and Québec, as well as commentary on the impact of specific issues on the power sector, such as recent M&A activity and developments in aboriginal law and environmental regulations … Continue Reading