WCI Markets: WCAs plummet 20% after steep Q3 auction clear triggers surprise cost relief measure

Washington Carbon Allowances (WCAs) took a nosedive Wednesday after the state government said it will sell millions of forthcoming reserve allowances solely at the scheme’s lower tier price, with a state senator also unveiling draft legislation in the wake of the record high Q3 auction results publication to provide cost relief by raising the programme’s near-term allowance budgets.