Companies in California and Quebec were expected to spend $908 million on a cap-and-trade auction held Tuesday that essentially operates as California’s penalty for pollution.
Tuesday marked the 14th quarterly auction since California’s cap-and-trade program began in late 2012. The auctions have been held jointly with Quebec since last year. The program affects petroleum refiners and wholesalers and several hundred large industrial firms — including major food processors, cement plants and steel mills.
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