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The Carbon Market

Auction Proceeds Allocated to the Green Fund

Since December 3, 2013, the Ministère du Développement durable, de l’Environnement et de la Lutte contre les changements climatiques has held quarterly greenhouse gas emission units auctions. All proceeds from the sales are paid to the Green Fund.

Emission units from partner governments are entirely fungible, which means that emitters and participants can purchase them irrespective of their country of origin.

In joint auctions, the minimum unit price is the greater of the annual minimum prices of partner governments, after conversion into the same currency. The reference conversion rate at any given auction is the Bank of Canada daily average rate on the first business day preceding the event (1). However, Canadian bidders can pay in either Canadian or US dollars.

As a result of this possibility, a portion of the auction proceeds must be converted from one currency to the other. Any variance in the exchange rate between the day before the auction and the day of conversion may have a significant impact on the amount paid to the Green Fund. The following table shows the amount paid to the Green Fund for each listed auction.

Proceeds from the auction of greenhouse gas emission units paid to the Green Fund, as of March 20, 2018
(in Canadian dollars)

Québec-only auctions Current Years Future Years Proceeds paid to the Green Fund
Units sold Price Units sold Price

December 3, 2013

1,025,000

$10.75

1,708,000

$10.75

$29,379,750.00

March 4, 2014 1,035,000 $11.39 1,285,000 $11.39 $26,424,800.00
May 27, 2014 1,049,111 $11.39 1,302,000 $11.39 $26,779,154.29
August 26, 2014 694,000 $11.39 1,455,000 $11.39 $24,477,110.00
Sub-total 3,803,111   5,750,000   $107,060,814.29

 

Québec-California joint auctions Current Years Future Years Proceeds paid to the Green Fund (2)
Units sold Price Units sold Price

November 25, 2014

1,049,114

$13.68

1,527,000

$13.41

$34,687,822.04

February 18, 2015 (3) 11,171,647 $15.14 1,474,000 $15.01 $191,239,426.43
May 21, 2015 13,118,323 $15.01 1,386,463 $14.78 $217,312,458.20
August 18, 2015 11,171,647 $16.39 1,474,000 $16.10 $207,019,309.08
November 17, 2015 11,171,647 $17,00 1,474,000 $16.89 $214,622,654.04
February 17, 2016 11,149,718 $17,64 1,320,037 $17.64 $219,533,976.21
May 18, 2016

1,085,305

$16.40

128,887

$16.40

$19,999,969.52

August 16, 2016 3,520,244 $16.45 108,440 $16.45 $59,541,579.86
November 15, 2016 8,942,291 $17.29 143,835 $17.29 $156,984,054.36
February 22, 2017 1,555,604 $17.84 98,660 $17.84 $29,481,711.11
May 16, 2017 8,676,131 $18.82 297,950 $18.51 $168,413,711.64
August 15, 2017 8,676,131 $18.74 1,368,500 $18.49 $187,694,463.82
November 14, 2017 10,845,165 $19.10 1,368,500 $18.72 $232,877,186.73
Sub-total 102,132,967 12,170,272 $1,939,408,323.04

(1) Before March 1, 2017, the Bank of Canada published a noon exchange rate, in addition to a daily average exchange rate. This noon exchange rate was used for all auctions that took place before that date.

(2) Joint auctions involve currency conversion for part of the proceeds. The rate and transaction fees on the date of conversion can affect the amount deposited to the Green Fund. As a result, the product of the number of emission units sold and the settlement price may slightly differ from the actual amount deposited.

(3) The increase in the number of emission units offered for sale in 2015 results from the inclusion of fossil fuel distributors on January 1, 2015.

Québec-California-Ontario joint auctions Current Years Future Years Proceeds paid to the Green Fund
Units sold Price Units sold Price

February 21, 2018

9,663,522

$18.44

 953,314

$18.34

$196,049,713.71

Sub-total 9,663,552   953,314   $196,049,713.71
Total 115,599,600   18,873,586   $2,242,518,851.04


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