California saw another three months of weak demand for pollution permits amid persistent uncertainty about the future of the state's cap on carbon emissions.
The California Air Resources Board reported Wednesday that fewer than one in five permits were distributed at an auction last month. The vast majority were given away to utilities, which get them for free. Some were sold to polluters in Quebec, the Canadian province that sells permits at the same auction.
California will take in only about $8 million from an auction that could have generated $592 million if all permits were sold.
The program is a prime funding source for projects including high-speed rail and transit construction. But revenue has plummeted thanks to a glut of permits on the market, a lawsuit and legislative uncertainty.
