Money from State Carbon Auction Less Than Expected

By: AP Email
By: AP Email

SACRAMENTO, Calif. (AP) - The sale of California's first pollution permits will generate less money than expected for the state budget.

Gov. Jerry Brown and state lawmakers projected that the nation's largest carbon marketplace would raise $1 billion during the fiscal year that ends in June, with about half the proceeds going to close the state's budget deficit.

But the first sale last week raised only $289 million, with most earmarked for utilities and ratepayers. That leaves the state about $56 million.

Two more auctions are planned in February and May. But the nonpartisan Legislative Analyst's Office estimates that the state may gain only about $140 million if the trend holds.

Department of Finance spokesman H.D. Palmer told The Sacramento Bee on Wednesday that the governor's January budget could reflect the lower projections.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 180524841 - kolotv.com/a?a=180524841
Gray Television, Inc.