The California Air Resources Board has released a final report by
the Market Simulation Group and an issue paper by the Emissions
Market Assessment Committee.
MSG Final Report
ARB has released the final report of the Market Simulation Group
(MSG). MSG was an advisory group of academic economists
established by the California Air Resources Board (ARB) in 2012
to use simulation methods to evaluate the market rules governing
the California Greenhouse Gas Cap-and-Trade market. ARB
established MSG through an interagency agreement with the
University of California, Berkeley. A key element of the
agreement, which ran through March 2014, was the requirement that
MSG obtain input directly from stakeholders.
MSG began its work with a public meeting with stakeholders at the
campus of the University of California at Berkeley on June 7,
2012. MSG provided an overview on the potential sources of
disruption in the California Cap-and-Trade market. MSG then
invited stakeholders to identify specific concerns with the
market rules or potential market scenarios that stakeholders
thought created risks of market disruption. The MSG
presentations, along with analyses supplied by stakeholders, are
accessible at the MSG web page on the ARB web site at:
http://www.arb.ca.gov/cc/capandtrade/simulationgroup/simulationgroup.htm
As MSG progressed with its work, it updated stakeholders at the
public meetings of the Emissions Market Advisory Committee (EMAC)
on September 24, 2012 and November 14, 2013. In addition to the
MSG presentations, stakeholders were given the opportunity to
comment on the MSG's work. The MSG updates are available on the
ARB web site at:
http://www.arb.ca.gov/cc/capandtrade/emissionsmarketassessment/emissionsmarketassessment.htm
The MSG final report, entitled "Report of the Market Simulation
Group on Competitive Supply/Demand Balance in the California
Allowance Market and the Potential for Market Manipulation," may
be accessed at the link to the MSG web page provided above.
EMAC Issue Paper
ARB has also released an issue paper containing recommendations
for the release of market data written by the Emissions Market
Assessment Committee (EMAC). EMAC was an advisory group of
academic economists established by the California Air Resources
Board (ARB) to provide a forum for discussion with interested
stakeholders on issues related to the design and operation of the
California Cap-and-Trade Program and its associated markets as
the program was initiated. ARB established the EMAC through an
interagency agreement with the University of California,
Berkeley. The EMAC provided expert analysis and advice to ARB
through quarterly meetings and regular consultations with staff
through the end of its contract in December, 2013.
EMAC discussed options for the release of Cap-and-Trade market
data with stakeholders at its last public meeting on November 4,
2013.
The paper, entitled "Information Release on Allowance Holdings in
the
Greenhouse Gas Emissions Cap-and-Trade Market," may be accessed
through the following link to the EMAC web page on the ARB web
site:
http://www.arb.ca.gov/cc/capandtrade/emissionsmarketassessment/emissionsmarketassessment.htm
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