Thinking Outside the Cap, December 2014

Transcription

CaliforniaCarbon.info Bi-Monthlies
December 2014
Thinking Outside the Cap
CONTENTS
SENTIMENT METER
Page 1
• Sentiment Meter
• Dashboard
Page 2
• Offset Price Spreads
• ARBOC Issuances
Pages 3-4
• Protocol Statistics –
Early Action
Pages 5-6
• Protocol Statistics Compliance
Page 7
• Project Type Statistics
- Forestry
Page 8
- ODS
Page 9
- Livestock
Page 10
- Mine Methane
ARB records hundredth early
action project listing
Origin Climate project achieves
first compliance ARBOCs, CCO3s
Over 1 million ARBOCs issued to
ten Clean Harbors projects
Alpental Energy Partners
becomes fourth entity to earn
livestock ARBOCs
Third mine methane project
listed under early action
ARB moves towards rice
cultivation adoption, forestry
protocol update
Ecosystem Marketplace release
forest carbon market report for
2014
Disney-backed Oaxaca project is
first pilot under CAR’s Mexico
Forest Protocol
ACR calls for stakeholder
comments on registry standard,
wetlands restoration methodology
ISU-Environmental, Parhelion
Underwriting launch ‘Platinum
CCO’
ARB proceeds with Clean
Harbors invalidation, but spares
ECC project
California cap and trade facing
up to Clean Harbors exit
For more details on these headlines,
please proceed to page 12
Page 11
• Project Developer
Statistics
Page 12
• Verifier Statistics
Page 13
• Major Headlines
Page 14
• Soundbites: Selections
from Exclusive
Interviews
Page 15
• Back Matter
© CaliforniaCarbon.info
DASHBOARD
Number of ARBOCs issued: 13,799,927
Number of ARBOC-3s generated: 110,681
Next issuance date: Wed, December 24th, 12pm PT
*Please refer to pages 2 to 10 for more detailed breakdowns of offset issuances and trends
Broker-traded Golden CCO bid-ask mean: $10.55
Broker-traded CCO-8 bid-ask mean: $8.99
*Please refer to page 2 for more pricing information
contact@californiacarbon.info
1
Thinking Outside the Cap: A Bi-Monthly for the California Offset Program
19 December 2014
OFFSET PRICE SPREADS
CCA-Golden CCO Spreads (aggregated broker prices)
$15.50
$15.00
$14.50
$14.00
$13.50
$13.00
$12.50
$12.00
$11.50
$11.00
$10.50
$10.00
$9.50
Visit http://californiacarbon.info/cca/ for the latest pricing information
28.1%
30.0%
25.0%
17.7%
19.5%
19.9%
17.5%
16.8%
17.0%
16.8%
15.7%
14.5%
Spread (%)
20.0%
CCA OTC
Benchmark
15.0%
10.0%
Golden
CCO OTC
V2013
5.0%
0.0%
1st Jul 2013 1st Oct 2013 2nd Jan 2014 3rd Mar 2014 1st May 2014 1st Jul 2014 1st Sep 2014 1st Oct 2014 3rd Nov 2014 1st Dec 2014
Golden CCO-CCO Spreads (aggregated broker prices – CCO8 where source applies 8/3 differentiation)
$12.00
$1.38
$11.50
$11.00
$1.57
$1.49
$1.61
$1.50
$1.50
$1.23
$0.96
$10.50
$0.88
Spread
$1.25
$1.02
$1.00
$1.75
$1.00
$10.00
$0.75
$9.50
$0.50
$9.00
$0.25
$8.50
Golden
CCO OTC
V2013
CCO OTC
V2013
$0.00
1st Jul 2013 1st Oct 2013 2nd Jan 2014 3rd Mar 2014 1st May 2014 1st Jul 2014 1st Sep 2014 1st Oct 2014 3rd Nov 2014 1st Dec 2014
RECENT ARBOC ISSUANCES*
Breakdown by issuance
date
Breakdown by project type
51,834
17,993
24,643
166,918
Nov 12
303,939
112,378
1,081,493
Dec 9
153,904
1,200,000
1,000,000
800,000
600,000
400,000
Livestock
200,000
ODS
129,838
142,826
0
Forestry
9,198
109,653
Nov 25
1,309,50
6
Breakdown by project
developer
ARBOC-3 issuance
No. of credits: 30,069 (2 reporting periods)
Name of project: Brook View Dairy (CAR419 – now also CAR1036)
Project developer: Origin Climate
Project type: Livestock
ARBOC-8 issuance date: July 22, 2014
Previous verifiers: SES/Analytical Environmental Services
Other credits: 15,672 CRTs (5,672 retired); 12,988 compliance ARBOC-8s
803,733
166,918
EOS Climate
Diversified Pure Chem
Wabashco
Camco International
Finite Carbon
A-GAS Americas
Environmental Credit Corp
Origin Climate
*Covers the period Oct 15 - Dec 15. For a more detailed breakdown of credit issuances, please refer to pages 4 and 6.
2
19 December 2014
PROTOCOL STATISTICS
EARLY ACTION
EAOCs converted to ARBOCs: 8,559,806 (615,035 buffered)
*EAOCs listed for conversion: 17,883,175 (1,275,784 buffered)
*EAOCs from all projects listed for conversion: 18,206,546
(1,297,837 buffered)
606,656, 7%
2,848,442,
33%
5,104,708,
60%
**Reporting periods converted: 150
**Reporting periods listed with ARB: 315
Number of projects listed with ARB: 95
Forestry
Number of registered projects not listed with ARB: 21
*EAOCs from registered projects not listed with ARB: 1,828,956
Eligible projects listed without unretired EAOCs: 47
EAOCs listed for conversion
673,340, 4%
1,086,777, 6%
ODS
Livestock
Mine
Methane
*Totals adjusted to reflect credits subject to prior retirement and therefore ineligible for the
ARB early action program
**Reporting periods may be broken down and severally listed by the OPO, OPD, and/or APD.
Non-material reporting periods (i.e. 0 credits) are excluded from this calculation.
6,429,632,
36%
9,693,426,
54%
Conversion of EAOCs to ARBOCs
5,000,000
4,348,247
4,500,000
4,000,000
ARBOCs generated
4,119,09512,026,476
3,864,239
12,000,000
9,895,956
3,500,000
3,000,000
14,000,000
9,629,562
9,166,640
9,745,331
9,323,369
3,439,953
8,212,486
10,000,000
8,000,000
2,500,000
2,000,000
1,630,246
1,500,000
1,309,433
3,864,239
6,000,000
1,758,595
1,295,673
945,201
829,432
900,930
1,000,000
1,059,397
637,435
2,000,000
305,105
500,000
0
0
Q1 2013
4,000,000
0
0
Q2 2013
Q3 2013
Q4 2013
Listed for Conversion
Q1 2014
Q2 2014
Converted to ARBOCs
Q3 2014
Backlog
Q4 2014*
*Q4 2014 – to date
Conversion of early action reporting periods
120
100
240
206
100
80
194
188
182
165
160
160
60
60
120
50
100
41
40
29
24
30
25
31
20
0
200
172
0
Q1 2013
18
9
4
0
80
28
16
40
0
Q2 2013
Q3 2013
Q4 2013
Listed for Conversion
Q1 2014
Q2 2014
Converted to ARBOCs
Q3 2014
Backlog
Q4 2014*
*Q4 2014 – to date
3
19 December 2014
PROTOCOL STATISTICS
EARLY ACTION
Listed EAOCs by year of project activity*
2,400,000
2,100,000
1,800,000
1,500,000
1,200,000
900,000
600,000
300,000
0
Through 2006
2007
2008
2009
Forestry
2010
ODS
2011
Livestock
2012
2013
2014
Mine Methane
*Year of project activity defined as year in which stipulated reporting periods conclude. Hence many 2013 periods may remain unlisted, and many 2014 ones uncompleted.
Early action ARBOCs by time of issuance
1,800,000
1,500,000
1,200,000
900,000
600,000
300,000
0
Q3 2013
Q4 2013
Q1 2014
Forestry
Q2 2014
ODS
Q3 2014
Q4 2014
Livestock
Early action issuances in the last 2 months
Issue
Date
Project
ID
Project Name
Listing
Entity
Verifiers*
Type
Credits
Issued
Buffer
Credits
No. of
RPs
Time
Taken**
12 Nov
CAR645
The Forestland Group
Champion Property
Finite Carbon
Environmental
Services/SCS
Global Services
Forestry
166,928
32,109
4
63
25 Nov
ACR184
EOS ACR 2013
EOS Climate
NSF-ISR/First
Environment
ODS
249,025
-
2
370
25 Nov
CAR477
Fair Oaks Dairy Farm Cyclus
Camco Int’l
DNV/SES
Livestock
9,198
-
1
TBC
25 Nov
CAR604
EOS-JA-09-01
EOS Climate
NSF-ISR/SES
ODS
11,940
-
1
398
25 Nov
CAR781
Pure Chem Domestic ODS #2
Diversified PC
Ruby Canyon/SES
ODS
27,437
-
1
277
25 Nov
CAR784
ECC-ODS-PA-001
Environmental
Credit Corp
TUV SUD/SES
ODS
109,653
-
1
284
25 Nov
CAR804
EOS-CAR 2011 Domestic
EOS Climate
NSF-ISR/SCS
Global Services
ODS
312,137
-
3
342
25 Nov
CAR805
Diversified PC
Ruby Canyon/SES
ODS
55,730
-
1
279
25 Nov
CAR833
Diversified PC
Ruby Canyon/SES
ODS
70,737
-
1
270
25 Nov
CAR990
EOS 2013 Domestic
EOS Climate
NSF-ISR/SES
ODS
41,061
-
1
239
* Registry issuance and desk review verifiers for early action projects
**Number of days from desk review submission to ARBOC issuance
4
19 December 2014
PROTOCOL STATISTICS
COMPLIANCE
ARBOCs generated: 5,240,121 (620,234 buffered)
Reporting periods credited: 25
Projects credited: 25
85,819
Projects listed under compliance protocols: 99
Projects holding ROCs: 34
ROCs generated: 7,948,968 (1,010,694 buffered)
ROCs generated (including
present ARBOCs)
2,310,665
5,552,484
Av. time from ROC issuance to ARBOC issuance: 77 days
Av. time from ROC to ARBOC issuance, for projects without
resubmissions and/or Clean Harbors projects: 58 days
No. of projects asked by ARB to resubmit documents: 8
Av. issuance time after resubmission of documents: 17 days
Early action transitions to compliance protocol
ARBOCs may no longer be generated under the early action mechanism for project
activities occurring from Jan 1, 2015, onwards. Projects must re-list under an ARB
compliance protocol. These diagrams reflect the number of projects that have re-listed,
versus (i) the number of projects that have not, and (ii) the number of new projects listing
directly under the compliance route.
Early action
ARBOCs generated
85,819
Forestry
1,775,374
3,378,928
ODS
Livestock
Mine Methane
17
26
3
6
11
0
25
16
1
Forestry
Livestock
1
27
Projects listed
31
Early-actionturned-compliance
40
Mine Methane
Compliance
Unconverted ROCs
ID
Project Name
Developer
Type
Verifier
ROCs
Issued
Buffer
ACR173
Round Valley Indian Tribes
Forest Carbon Partners
Forestry
SCS Global Services
529,451
12 Nov
74,653
ACR192
Brookgreen Gardens IFM
Green Assets
Forestry
Environmental Services
201,425
2 Oct
38,754
ACR199
CT Lakes
Finite Carbon
Forestry
1,442,576
9 Jul
276,975
ACR206
2014-P4
EOS Climate
ODS
NSF-ISR
71,825
19 Nov
-
CAR1011
RemTec 2013-1
A-Gas Americas
ODS
Ruby Canyon
93,055
22 May
-
CAR1026
EOS ARB 2014-2
EOS Climate
ODS
NSF International
33,214
20 Nov
-
CAR1029
ECC ODS Destruction 11-2013
Environmental Credit
Corp
ODS
SES, Inc.
113,438
5 Dec
-
CAR1047
DPC Domestic ODS
Destruction Project #17
ODS
Ruby Canyon
30,587
15 Dec
-
CAR1051
RemTec 2013-4
A-Gas Americas
ODS
Ruby Canyon
191,960
10 Dec
-
5
19 December 2014
PROTOCOL STATISTICS
COMPLIANCE
*Time taken for ARBOC issuance (days)
450
401
400
365
366
361
350
312
300
250
219
186
200
155
150
*This graph tracks the time required to secure
issuance of ARBOCs after the end of a reporting
period, based on the year in which the reporting
period ended. The downward trend may suggest
greater familiarity with documentation and related
processes, or simply that the slower issuances
haven’t happened yet. Note that the ODS figure for
2014 has been inflated by the issuance slowdown
that resulted from the Clean Harbors invalidation
investigation.
100
50
0
2012
H1 2013
Forestry
H2 2013
ODS
2014
Livestock
Project Developer Comparison
Project Developer
Av. Time from End of RP to ARBOC Issuance (days)
No. of Projects
Forestry
Forestry
ODS
A-GAS Americas
Livestock
ODS
191
Livestock
1
469
Blue Source
1
352
1
168
Edward Miller Trust
3
359
1
*Environmental Credit Corp
305
2
*EOS Climate
199
8
370
2
Origin Climate
349
Wabashco
3
120
3
* ODS - averages may be misrepresentative by inclusion of Clean Harbors projects and/or ones completed prior to ARB commencing offset issuances.
Compliance issuances in the last 2 months
Issue
Date
Project
ID
Project Name
Listing
Entity
Verifier
Type
Credits
Issued
Buffer
Credits
No. of
RPs
Time
Taken**
12 Nov
ACR221
Wabashco Clean Sweep 3
Wabashco
Ruby Canyon
ODS
112,378
-
1
133
12 Nov
CAR997
Blue Mountain Biogas
Alpental Energy
Partners
First Environment
Livestock
24,643
-
1
469
25 Nov
ACR195
EOS ARB ODS 2014-1
EOS Climate
NSF-ISR
ODS
122,080
-
1
238*
25 Nov
CAR1021
EOS ARB ODS 2013-8
EOS Climate
NSF-ISR
ODS
67,490
-
1
284*
25 Nov
CAR1033
Sunny Knoll Farms
Origin Climate
Agri-Waste
Technology
ODS
5,005
-
1
390
9 Dec
CAR1036
Brook View Dairy
Origin Climate
Ruby Canyon
ODS
12,988
-
1
312
9 Dec
CAR1072
A-GAS RemTec 2014-1
A-GAS Americas
SES, Inc.
ODS
129,838
-
1
191
* Issuances to Clean Harbors projects were held up during the invalidation investigation
**Number of days from reporting period completion to ARBOC issuance
6
19 December 2014
PROJECT TYPE STATISTICS
US FORESTRY
Early Action (buffer values in parentheses)
EAOCs converted to ARBOCs: 2,848,442 (615,035)
*EAOCs listed for conversion: 9,693,426 (1,275,784)
*Unretired EAOCs from all projects listed for
conversion: 9,803,209 (1,297,837)
Registered projects not listed with ARB: 6
EAOCs from registered projects not listed with ARB: 316,651
Eligible projects listed without EAOCs: 19
Reporting periods converted: 36
Reporting periods listed with ARB: 128
*May be lower than previously-reported totals after the adjustment for credits
retired for other purposes and ineligible for ARB compliance
0
Rips Redwoods
0
Bascom Pacific
Unretired credits from all projects listed for conversion
210,225
224,159
0
Green Assets
EA credits listed for conversion
220,108
220,108
63,135
Nature Conservancy
EA credits converted to ARBOCs
117,441
117,441
285,687
285,687
0
Pacific Forest Trust
446,244
446,244
0
Yurok Tribe
1,245,840
1,245,840
1,128,277
1,326,888
1,326,888
Coastal Ridges
688,505
Finite Carbon
1,406,838
1,406,838
570,049
Blue Source
1,598,495
1,694,344
398,476
Conservation Fund
0
500,000
2,835,660
2,835,660
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
No. of Credits
Compliance (buffer values in parentheses)
ARBOCs generated: 3,378,928 (620,234)
Others
0
0
The Conservation Fund
0
0
Green Assets
0
Heartwood Forestland Fund
0
0
Projects listed under compliance protocol: 31 (6 ex-early action)
Projects registered: 7
ROCs generated: 5,552,484 (1,010,694)
Average time from ROC issuance to ARBOC issuance: 50 days
Average time from end of reporting period to ARBOC issuance: 363 days
7
Projects credited with ARBOCs
Projects registered
Projects listed under compliance protocol
1
1
1
Edward Miller Trust
1
1
Blue Source
1
1
2
2
2
2
Sierra Pacific
0
0
Finite Carbon
0
0
3
4
5
1
1
7
2
3
4
5
6
7
8
No. of Projects
7
19 December 2014
OZONE DEPLETING SUBSTANCES
Early Action
EAOCs from registered projects not listed with ARB: 0
EAOCs converted to ARBOCs: 5,104,708
*EAOCs listed for conversion: 6,429,632
conversion: 6,429,662
*May be lower than previously-reported totals after the adjustment for
credits retired for other purposes and ineligible for ARB compliance
Camco International
54,497
54,497
54,497
Vitol
52,500
65,010
65,010
0
Honeywell International
*Diversified Pure Chem includes Pure Chem Separation, and A-GAS
Americas includes Reclamation Technologies and Coolgas, Inc.
128,072
128,072
133,718
133,718
133,718
Wilshire Stanford
661,345
689,296
689,296
800,629
998,617
998,617
*A-GAS Americas
728,302
*Diversified Pure Chem
1,059,017
1,059,017
2,673,717
EOS Climate
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,301,405
3,301,435
3,000,000
3,500,000
No. of Credits
Compliance
Projects listed under compliance protocol: 40
ROCs generated: 2,310,665
ARBOCs generated: 1,775,374
Refrigerant Exchange Corp
0
0
RapRec Refrigerants
0
0
Projects registered
1
2
*Diversified Pure Chem includes Pure Chem Separation, and A-GAS
Americas includes Reclamation Technologies and Coolgas, Inc.
3
3
Wabashco
2
1
*A-GAS Americas
4
3
4
3
6
3
*Diversified Pure Chem
4
7
8
EOS Climate
0
2
4
6
8
10
10
16
12
14
16
No. of Projects
8
19 December 2014
LIVESTOCK
Early Action
EAOCs from registered projects not listed with ARB: 131,597
EAOCs converted to ARBOCs: 606,656
*EAOCs listed for conversion: 1,086,777
conversion: 1,300,335
0
Holsum Dairies
0
Vitol
35,041
35,041
0
Grotegut Dairy
33,420
33,420
0
Dairy Dreams
24,746
24,746
0
ClimeCo Corporation
11,241
12,444
26,984
38,663
105,716
121,015
121,015
69,334
Origin Climate
189,975
209,377
431,606
Camco International
0
100,000
200,000
300,000
400,000
644,355
500,000
600,000
700,000
825,629
800,000
900,000
No. of Credits
Compliance
Projects listed under compliance protocol: 27 (11 ex-early action)
ROCs generated: 85,819
ARBOCs generated: 85,819
0
Others
0
8
0
1
1
Projects registered
0
NativeEnergy
0
2
0
CSE Operating
0
2
0
Roeslein Missouri
0
4
0
0
4
3
Origin Climate
3
0
1
2
3
6
4
5
6
7
8
9
No. of Projects
9
19 December 2014
MINE METHANE
Early Action
EAOCs from registered projects not listed with ARB: 1,380,709
EAOCs converted to ARBOCs: 0
*EAOCs listed for conversion: 673,340
conversion: 673,340
0
Biothermica
80,766
80,766
0
Verdeo Sindicatum
197,511
197,511
0
Solvay Chemicals
395,063
395,063
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
No. of Credits
Eligible registry projects
Project ID
Project Name
Listing Entity
Verifier*
Unretired Credits
CAR891
Elk Creek Methane Destruction & Utilization
Vessels Coal Gas
First Environment
107,445
CAR979
Pinnacle Gob Methane Incineration Project
Pinnacle Mining Company
-
-
VCS013
Coal Mine Methane Capture and Use Project at the
North Antelope Rochelle Mining Complex
Peabody Natural Gas/
Blue Source
First Environment
1,122,724
VCS613
North Antelope Rochelle Porcupine Project
Camco International
DNV
135,000
VCS648
Tower Abandoned Mine Methane Utilisation Project
Oso Oil & Gas
NSF-ISR
15,540
Compliance
ARBOCs generated: 0
0
0
Verdeo Sindicatum
Projects listed under compliance protocol: 1
ROCs generated: 0
Average time from ROC issuance to ARBOC issuance: N.A.
Average time from end of reporting period to ARBOC issuance: N.A.
Projects registered
1
0
No. of Projects
1
10
19 December 2014
PROJECT DEVELOPER STATISTICS
CREDIT ISSUANCES
ARBOCs earned
Project Developer
Reporting periods credited with ARBOCs
Early Action
Compliance
Total
EOS Climate
2,673,717
738,345
3,412,062
Blue Source
570,049
2,163,951
2,734,000
Environmental
Credit Corp
767,061
561,744
1,328,805
Coastal Ridges
1,128,277
0
1,128,277
Forest Carbon
Partners
0
943,833
943,833
A-GAS Americas
800,629
0
930,467
Diversified Pure
Chem
728,302
94,425
822,727
Finite Carbon
688,505
0
688,505
Project Developer
Early Action
Compliance
Total
EOS Climate
33
8
41
Environmental
Credit Corp
29
2
31
Camco
International
27
0
27
Diversified Pure
Chem
11
3
14
Finite Carbon
12
0
12
A-GAS Americas
10
1
11
Coastal Ridges
9
0
9
Origin Climate
5
3
8
Yearly credit totals
1,500,000
This graph charts the number of
ARBOCs that have been generated by
project activities occurring in different
years. The year used is the year in
which the reporting period ended.
1,250,000
1,000,000
EOS Climate
750,000
Camco International
500,000
Blue Source
Finite Carbon
250,000
Coastal Ridges
Conservation Fund
0
Through 2009
2010
2011
2012
2013-14
A-GAS Americas
ACTIVE PROJECTS
Active ARB (including early action)
Active registry (ARB-eligible)
Forest
ODS
Livestock
Total
Project Developer
Forest
ODS
Livestock
Total
EOS Climate
0
14
0
14
Camco International
0
1
16
17
Camco International
0
1
12
13
0
17
0
17
0
13
0
13
0
5
11
16
Corp
Corp
0
4
8
12
EOS Climate
0
16
0
16
A-GAS Americas
0
6
0
6
A-GAS Americas
0
9
0
9
Origin Climate
0
0
6
6
Origin Climate
0
0
8
8
Project Developer
11
19 December 2014
VERIFIER STATISTICS
*Verification activities
NON-FORESTRY REPORTING PERIODS
Verifier
Early Action
Desk Review
Compliance
Early Action
Desk Review
Compliance
Total
SES
42
76
6
0
0
0
124
SCS Global Services
0
11
1
45
20
11
88
Ruby Canyon Engineering
45
10
29
0
0
0
84
0
0
0
38
17
12
67
NSF-ISR
50
0
11
0
0
0
61
First Environment
37
11
5
0
0
0
53
DNV
6
0
0
31
0
3
40
Rainforest Alliance
0
0
0
19
0
0
19
Agri-Waste Technology
11
0
1
0
0
0
12
ENVIRON International Corp
0
8
0
0
0
0
8
TUV SUD
4
0
0
0
0
0
4
LRQA
4
0
0
0
0
0
4
Analytical Environmental
0
3
0
0
0
0
3
SCS Engineers
0
0
2
0
0
0
2
Conestoga-Rovers
0
0
1
0
0
0
1
FORESTRY REPORTING PERIODS
*This table takes into account all early action reporting periods which have been listed with ARB for conversion, and all compliance projects which have appointed verifiers.
Appointments for compliance projects (recent)
Compliance projects listed without verifiers
ID
Developer
Project Type
Verifier
ID
Developer
Project Type
List Date
CAR1065
California Bioenergy
Livestock
Ruby Canyon
ACR200
Edward Miller Trust
Forestry
23 Dec 2013
CAR1095
Coastal Forestlands
Forestry
SCS Global
Services
ACR209
Finite Carbon
Forestry
5 Nov 2014
ACR213
EOS Climate
ODS
30 May 2014
ACR214
EOS Climate
ODS
30 May 2014
ACR225
Wabashco
ODS
25 Nov 2014
ACR226
Verdeo Sindicatum
Mine Methane
16 Dec 2014
CAR1006
Fruit Growers Supply
Forestry
30 Jul 2013
CAR1060
EOS Climate
ODS
20 Mar 2014
CAR1070
Yurok Tribe
Forestry
18 Aug 2014
CAR1074
EOS Climate
ODS
7 Jan 2014
CAR1075
EOS Climate
ODS
24 Jul 2014
CAR1080
Origin Climate
Livestock
17 Sep 2014
CAR1081
Roeslein Missouri
Livestock
26 Sep 2014
CAR1082
Whole Energy Fuels Corp
Livestock
28 Jul 2014
CAR1083
Roeslein Missouri
Livestock
24 Jul 2014
CAR1092
Sierra Pacific
Forestry
6 Aug 2014
CAR1093
A-GAS Americas
ODS
3 Sep 2014
Eligible EAOCs not listed for ARBOC conversion
57,317
51,585
68,060
141,564
95,849
107,445
1,122,724
251,666
258,012
316,304
Peabody Natural Gas
The Nature Conservancy
Vessels Coal Gas
Holsum Dairies
Origin Climate
Camco International
Solvay Chemicals
Blue Source
City of Arcata
Others (<25k)
12
19 December 2014
HEADLINES
ARB proceeds with Clean
Harbors invalidation, but
spares ECC project (Nov 14)
Over 1 million ARBOCs issued
to ten Clean Harbors projects
(Nov 26)
As in October’s preliminary
determination, ARB deems the
Clean
Harbors
destruction
facility to have been in
regulatory breach of its RCRA
permit, and has invalidated
ARBOCs awarded to project
activities operational during
the
breach.
While
ECC’s
project
was
spared,
EOS
Climate’s
EOS-CAR
2012
Domestic has seen 88,955
ARBOCs nulled. (Read full
article)
With
the
Clean
Harbors
invalidation
investigation
having
been
concluded,
issuances of ARBOCs to ODS
projects that used the facility
have resumed,
with ARB
awarding over 1 million of them
to ten separate early action or
compliance projects. Issuances
had been delayed for a full six
months
during
the
investigation. (Read full article)
California cap and trade facing
up to Clean Harbors exit (Nov
23)
Clean Harbors, a destruction
facility in Arkansas which has
supported project activities
worth 5.4 million ARBOCs (and
over 7 million including precompliance
credits),
has
indicated in the wake of the
ARB invalidation investigation
that it is not willing to bear the
substantial risks involved in
continued participation in the
California
offset
program.
(Read full article)
ISU-Environmental, Parhelion
Underwriting launch ‘Platinum
CCO’ (Nov 2)
ISU Environmental Brokers
and Parhelion Underwriting are
teaming up to offer the
‘Platinum CCO’ to players in
the California cap-and-trade
offset market. The ‘Platinum
CCO’ transfers the risk of
invalidation onto an A 15-rated
insurance company. (Read full
article)
becomes fourth entity to earn
livestock ARBOCs (Nov 12)
Alpental Energy Partners, a
private equity-backed developer
of alternative energy projects,
has been awarded 24,643
ARBOCs
for
emission
reductions
at
the
Blue
Mountain Biogas project in
Utah. Three other developers
had previous earned livestock
ARBOCs – Camco International
Group, Environmental Credit
Corp, and Origin Climate.
(Read full article)
Origin Climate project achieves
first compliance ARBOCs, CCO3s (Dec 10)
Origin Climate’s Brook View
Dairy
project
(CAR419/
CAR1036) has on the same day
been awarded its first ARBOCs
since transitioning to the ARB
compliance livestock protocol
and seen the conversion of its
early action CCO-8s to CCO3s. Only one project had
previously generated CCO-3s.
(Read full article)
ARB records hundredth early
action project listing (Nov 9)
While the number of unique
registry offset projects that
have listed reporting periods
for
credit
conversion
to
ARBOCs stands at 94, the
separate listing of projects with
credits listed severally by
various parties brought this
number up to 100 at the end of
October. (Read full article)
Third mine methane project
listed under early action (Dec
7)
Solvay Chemicals' Green River
Trona
Mine
Methane
Destruction and Utilization
Project (CAR629) in Wyoming
has become the third mine
methane project to be listed
under
the
early
action
mechanism, and is the single
early action project listing for
November. Mine methane was
approved as the fifth offset
project type earlier this year.
(Read full article)
Disney-backed Oaxaca project
is first pilot under CAR’s
Mexico Forest Protocol (Nov
27, Read more)
Ecosystem Marketplace release
forest carbon market report
for 2014 (Nov 27, Read more)
ACR calls for stakeholder
comments on registry
standard, wetlands restoration
methodology (Nov 22, Read
more)
For other offset-related news, please visit http://californiacarbon.info/offset-news/
For comprehensive coverage of the latest news from the cap-and-trade and complementary markets in California, always think of http://californiacarbon.info/
13
19 December 2014
SOUNDBITES: EXCLUSIVE INTERVIEWS
John Savage, US
Managing Director,
Sindicatum
“[Mine methane projects] have
a
lot
of
attractive
characteristics
[…]
For
example,
they
involve
permanent reductions, and
hence aren’t subject to any
kind of permanence risk, and
they are also quite scalable.”
“…we are pretty much focused
on mine methane projects. We
have a lot of mine methane
projects to evaluate, so you
can say our plate is full and
we are not looking at other
projects at the moment.”
“The premium for Goldens will
remain in place for now.
People are going to look at
what level of risk they are
willing to accept, relative to
what allowance prices are.”
“…if the market can’t commit
to a transaction after 2020,
then you really have a fiveyear project life. Different
investors might place different
values on the post-2020
option than others, but that is
the biggest challenge right
now. If there is more clarity
regarding what is going to
happen post-2020, then it
would bring a lot more capital
into the market.”
“We have a portfolio of
projects
that
are
either
operational or in development;
if we get them all up and
running, I would say we could
supply between 5 and 7
million through 2020.”
Chris Villiers,
Parhelion
Underwriting
“…the owner of an insured
ARBOC at the time of the
invalidation will receive the
market value of an equivalent
issued ARBOC, up to a fixed
limit that is agreed at the
inception of the insurance […]
We named it ‘Platinum’ to
convey that an insured credit
puts the owner very similar to
the owner of a Golden CCO.”
“We are prepared to insure
CCO-8s, and even registry
offset credits, assuming they
will be converted to ARBOCs
within six months and they
do a second verification
within a year. This means
that project developers may
insure credits before they are
actually issued.”
“[The invalidation risk] may
be perceived as small but it is
absolutely
real
[…]
the
Platinum CCO [is] a useful
and cost-effective way for
organizations
to
manage
invalidation risk, in particular
ones that don’t have the
balance sheet to play in the
Golden CCO market.”
“There is a perceived hassle
in dealing with insurance
products, in that you have to
read the policy documents
thoroughly and then do the
paperwork. However when
people start to go through
this process I don’t think they
will find it such a strain and
will start to view the Platinum
with confidence…”
Bill Flederbach,
CEO, ClimeCo
Corporation
“…the larger participants […]
have
always
desired
a
guaranteed CCO product, but
now we may see a shift from
all other buyers. We may also
see the smaller entities […]
opt out of the market entirely
and purchase more CCAs.”
“[The
Clean
Harbors
investigation and outcome] is
going to affect pricing at the
developer,
buyer,
and
perhaps even the verifier and
project stages […] I think it
will impact costs, especially
on the guaranteed CCOs that
we provide to our clients.”
“We do not have more
confidence in the process.
Rather than the amount
being invalidated, it is the
method by which credits are
invalidated that is worrying.”
“I think California’s protocols
and verifications are of really
high integrity […and] the right
to invalidate offset credits
after such levels of scrutiny,
is a part of the program that
we have all been concerned
about since the start…”
“…when we did deals during
the investigation we did not
see any significant price
escalation. I saw trends in
certain deals […] in which
Golden prices came down
from where they historically
were. I think they might since
have returned up to where
most counterparties are…”
14
19 December 2014
MERRY CHRISTMAS
DISCLAIMER
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METHODOLOGY
Broker price data provided in this volume, and on the website(s) to which it is linked, observe a methodology which involves
the aggregation of price sheets from several sources, and the averaging of price marks for each individual traded instrument.
More detail on the method of calculation can be obtained through the link at the end of this paragraph. Data relating to the
issuance and/or listing of offset credits and/or projects are obtained directly from the Air Resources Board website, or the
databases of participating registries. The graphs through which offset and price information is presented are graphs which
have been developed by CaliforniaCarbon.info.
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15

Thinking Outside the Cap, December 2014

Transcription

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