Carbon marketsEnvironmental regulationEnergy
Auction snapshot
A coordinated sale of tradable emissions allowances is occurring today, managed by Quebec's environment ministry (MELCCFP) together with the California Air Resources Board.
Bidders from both jurisdictions may compete during the three-hour window, which opens at 1:00 p.m. ET and closes at 4:00 p.m. ET.
The combined offering comprises a large volume of compliance instruments intended to meet cap-and-trade obligations across the linked markets.
Supply, pricing and eligibility
Organizers put 54,975,757 units into the current tranche and 6,481,750 into an advance (2029 vintage) batch, creating about 61,457,507 units on offer.
A minimum bid threshold is in place at 38.15 CAD per unit (about 27.94 USD), setting a clear price floor for the auction.
Participation is limited to entities subject to emissions compliance in either jurisdiction, allowing firms to secure allowances to meet regulatory targets.
Timing, transparency and market implications
Final results, including the number of units sold, clearing prices and bidder identities, are scheduled to be posted on February 25, 2026 on the Quebec ministry's website.
If sold at the established floor, the auction would generate meaningful proceeds that function as a market signal and a revenue stream for public budgets.
Because the sale spans two linked programs, outcomes will inform short-term allowance availability and likely influence compliance strategy across North American carbon markets.
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