Meanwhile, in California...

The state will hold its first auction of carbon credits today.

Gary Stern, market strategy and resource planning director for Southern California Edison, said the utility company expects to take part in Wednesday’s auction. “We have always felt a market mechanism, like cap and trade, has the potential for being a lower-cost means of achieving the objectives on a national scale,” he said. “We’ve been supportive of the cap-and-trade program generally on a state basis, if it’s designed properly. So far, it appears to have.”

Quebec intends to link its cap-and-trade system with California’s.