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Auction Proceeds Allocated to the Green Fund

Since December 3, 2013, the Ministère du Développement durable, de l’Environnement et de la Lutte contre les changements climatiques (MDDELCC) has held quarterly greenhouse gas emission units auctions. All proceeds from the sales are paid to the Green Fund.

Since November 25, 2014, the auctions have been held jointly with California. Emission units from both Québec and California are entirely fungible, which means that emitters and other participants can purchase them irrespective of their country of origin.

In joint auctions, the minimum unit price is the greater of the annual minimum Quebec and California prices, expressed in US dollars. The reference conversion rate at any given auction is the Bank of Canada noon rate on the day before the sale(1). However, Canadian bidders can pay in either Canadian or US dollars.

As a result of this policy, auction proceeds may in part be converted from one currency to the other. Any variance in the exchange rate between the day before the auction and the day of conversion may have a minor impact on the amount paid to the Green Fund. The following table shows the amount paid to the Green Fund for each listed auction.

Total canadian dollar proceeds from the auction of greenhouse gas emission units paid to the green fund, as of September 11, 2017

Québec-only Auctions Current Years Future Years Proceeds paid to the Green Fund
Units sold Price Units sold Price

December 3, 2013

1,025,000

$10.75

1,708,000

$10.75

$29,379,750.00

March 4, 2014 1,035,000 $11.39 1,285,000 $11.39 $26,424,800.00
May 27, 2014 1,049,111 $11.39 1,302,000 $11.39 $26,779,154.29
August 26, 2014 694,000 $11.39 1,455,000 $11.39 $24,477,110.00
Sub-total 3,803,111   5,750,000   $107,060,814.29

 

Québec-California Joint Auctions Current Years Future Years Proceeds paid to the Green Fund (2)
Units sold Price Units sold Price

November 25, 2014

1,049,114

$13.68

1,527,000

$13.41

$34,687,822.04

February 18, 2015 (3) 11,171,647 $15.14 1,474,000 $15.01 $191,239,426.43
May 21, 2015 13,118,323 $15.01 1,386,463 $14.78 $217,312,458.20
August 18, 2015 11,171,647 $16.39 1,474,000 $16.10 $207,019,309.08
November 17, 2015 11,171,647 $17,00 1,474,000 $16.89 $214,622,654.04
February 17, 2016 11,149,718 $17,64 1,320,037 $17.64 $219,533,976.21
May 18, 2016

1,085,305

$16.40

128,887

$16.40

$19,999,969.52

August 16, 2016 3,520,244 $16.45 108,440 $16.45 $59,541,579.86
November 15, 2016 8,942,291 $17.29 143,835 $17.29 $156,984,054.36
February 22, 2017 1,555,604 $17.84 98,660 $17.84 $29,481,711.11
May 16, 2017 8,676,131 $18.82 297,950 $18.51 $168,413,711.64
August 15, 2017 8,676,131 $18.74 1,368,500 $18.49 $187,694,463.82
Sub-total 91,287,802 10,801,772 $1,706,531,136.31
Total 95,090,913 16,551,772 $1,813,591,950.60

(1) Effective March 1, 2017, the Bank of Canada no longer publishes a noon exchange rate, but publishes instead a single exchange rate each day. This daily exchange rate, published on the day before the auction, will be used as the Auction Exchange Rate for all subsequent auctions.

(2) Joint auctions involve currency conversion for part of the proceeds. The rate and transaction fees on the date of conversion can affect the amount deposited to the Green Fund. As a result, the product of the number of emission units sold and the settlement price may slightly differ from the actual amount deposited.

(3) The increase in the number of emission allowances offered for sale in 2015 results from the inclusion of fossil fuel distributors on January 1, 2015.

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