Reserve Sale Information
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Reserve Sale Schedule
The California Cap-and-Trade Program Reserve Sale Summary of Potential Dates includes the potential Reserve sale dates for 2025.
- 2025 Reserve Sale Summary of Potential Dates (posted December 2, 2024)
Greenhouse Gas Allowance Price Containment Reserve Sales
As part of the Cap-and-Trade Program, California will offer sales of allowances from the Allowance Price Containment Reserve (Reserve) in any quarter that the Current Auction held in the preceding quarter resulted in a settlement price greater than or equal to 60% of the lowest Reserve tier price. Prior to the November 1 compliance obligation instrument surrender deadline, a sale of allowances from the Reserve (Reserve sale) will be held without regard to the settlement price in the Current Auction held in the preceding quarter.
Reserve sales are scheduled pursuant to the schedule in Appendix C of the Cap-and-Trade Regulation. California's Reserve sales will offer GHG allowances from the Reserve for sale in two fixed-price tiers.
Reserve sale notices are posted on this webpage at 12:00 PM PT, approximately thirty (30) days prior to each offered Reserve sale. If the date for posting a Reserve sale notice falls on a weekend or holiday, the notice will be posted no later than the next business day. The Reserve Sale Notice provides information about eligibility, Reserve sale format, and Reserve allowances offered for sale.
If there are no qualified applicants or qualified bidders for any offered Reserve sale, then that Reserve sale will not be held. If a Reserve sale will not be held, CARB will post a notification to this webpage no later than two (2) days prior to the offered Reserve sale.
California Reserve Sale Information and Results
| Reserve Sale Date | Information and Results |
|---|---|
September 2024 Reserve Sale 31 – September 25, 2024 10:00 AM to 1:00 PM PT / |
NOTE: Additional information on prior reserve sales can be found on the Reserve Sale Notices and Reports webpage.
2025 Annual Allowance Price Containment Reserve Notice
The 2025 Annual Allowance Price Containment Reserve Notice specifies the number of allowances in the APCR and the tier prices.
- 2025 Annual Allowance Price Containment Reserve Notice (posted December 2, 2024)
Reserve Sale Requirements, Instructions, and Examples
The Detailed Reserve Sale Requirements and Instructions provide detailed requirements and instructions for participating in a Reserve sale. The Reserve Sale Examples provide information and examples of how to determine the amount of a bid guarantee, how holding limits are applied, and examples of Reserve sale bid fulfillment and purchase determinations.
- Detailed Reserve Sale Requirements and Instructions (updated February 1, 2024)
- Reserve Sale Examples (updated February 1, 2024)
Reserve Sale Participant Training
A Reserve sale participant training presentation is posted annually and updated as needed. The presentation provides information regarding the Reserve sale eligibility, format, procedures, and requirements, as well as how to submit an application to provide notification of an entity's intent to bid in a Reserve sale, submit a bid guarantee, and submit bids in the Auction Platform.
- Reserve Sale Participant Training Presentation (updated February 1, 2024)