City of Riverside Settlement
City of Riverside Case Settles for $25,000.00
The City of Riverside agreed to pay a $25,000 penalty for submitting improper bids in a Cap-and-Trade Program allowance auction. An investigation by the Air Resources Board indicated that, in connection with the August 2013 auction, the City of Riverside submitted bids that exceeded its financial bid guarantee. Submitting bids that are not fully backed by a bid guarantee is a violation of California’s Cap-and-Trade Regulation. The penalty was reduced in light of the fact that the City of Riverside was participating in the auction for the first time and has adopted procedures to prevent similar problems in the future.