Washington’s Department of Ecology confirmed that it raised almost $300 million from the state’s first quarterly cap-and-trade auction held in February.

Washington carbon allowance prices will increase sharply as the state’s cap-and-trade program becomes better established, carbon market analysts said.

Washington’s first cap-and-trade auction earned the state nearly $300 million in revenue and unloaded all allowances on offer.

Washington’s first cap-and-invest auction took place Tuesday, but initial results will not be released until March 7.

The Western EIM tariff changes allow generators to include the costs of GHG compliance associated with Washington’s cap-and-trade program in their energy bids.

Washington officials said cap-and-trade auctions could raise $1.5 billion through FY 2024 while new fuel standards will boost gas by about one cent per gallon.

A bill to provide funding to deal with Washington’s droughts received strong support in a legislative hearing.

Washington lawmakers won’t know until mid-March how much cap-and-trade revenue they will be able to spend during the 2023-25 budget period.

The owner of Washington’s only non-utility gas-fired plant filed a suit over what it claims is discriminatory treatment in the state’s cap-and-trade program.

Washington Gov. Jay Inslee thinks the state government should explore joining with businesses to build and share EV charging sites.