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Price collar, allowance counts and free allowances emerge as focal points in reauthorization debate
Summary
Senators and experts discussed how allowance counts, the price floor/ceiling ‘‘collar’’ and the allocation of free allowances affect market certainty, consumer prices and potential leakage; analysts recommended narrowing the price band and swift regulatory clarity to reduce revenue volatility.
Senators and outside experts pressed CARB and panelists on market design: how many allowances should remain in the system, how the price floor and ceiling (the ‘‘collar’’) should be set, and whether free allowances to trade‑exposed industries should be reduced or redirected.
Independent analysts and university researchers told the committee that the program could move from a condition of ‘‘relative laxity’’ to greater stringency under reauthorization and that market prices could, under some modeled scenarios, approach the regulatory price ceiling. Helen Christian of the Legislative Analyst’s Office and Danny Cullenward warned that the…
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