More Eleventh Hour Hiccups for November Cap-and-Trade Auction

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As if the warnings from the Emissions Monitoring Assessment Committee (EMAC) pointing out a number of serious cap-and-trade vulnerabilities weren’t enough, as well as the continuing glitches in the CITSS registration process, now Mother Nature is sending tendrils of uncertainty into CARB’s efforts to ensure a successful cap-and-trade auction on November 14 in that Hurricane Sandy has further complicated the bid guarantee process for the auction.

On November 1, CARB was forced to send a message to all Primary Account Representatives and Alternate Account Representatives for entities that submitted "an intent to bid" in the 2012 Q4 Auction November 14. The message informed them of an extension of time to get in bid guarantees for participation in the auction. The original deadline was Friday, November 2.

The message read in part:

"Due to the impact of Hurricane Sandy on Manhattan and the surrounding areas and the related State of Emergency declarations in New York, the location for the delivery of bid guarantees has been revised and the due date has been extended."

Earlier in the week, CLFP had inquired about the possible effect the storm may have had on the auction processing efforts after a few of our members noted they’d received no response back from either CARB or Deutsche Bank in the application process. CARB informed CLFP that they were aware of the situation and were in contact with Deutsche Bank.

Here are the new requirements for meeting the bid guarantee deadline from CARB:

You must submit your bid guarantee by no later than 2:00 p.m. Pacific Time on Wednesday, November 7, 2012, if you intend to participate in the November 14, 2012 auction. If you have already submitted a bid guarantee to the New York address and have received an email from the Auction Administrator confirming that your bid guarantee has been received, then no further action is required. It is recommended that if you submitted your bid guarantee to the New York mailing address in the last few days and have not received an email confirming that your bid guarantee has been received that you call Deutsche Bank at the phone number below and ensure that your bid guarantee has been successfully received.

Wiring instructions remain the same as previously provided. To download your wiring instructions, which include the Deutsche Bank Account Name, Port number, ABA number, and DDA number, please log into the Auction Platform. Once logged into the Auction Platform, click on Templates on the right hand side of the screen. Under Report or Document, select Wiring Instructions, then click on 2012 Q4 Auction November 14 and download the wiring instructions form. If you are mailing the bid guarantee forms, please include your CITSS Entity Legal Name or individual name and Deutsche Bank Account Number.

If you have any questions on submitting your bid guarantee, please contact Deutsche Bank National Trust Company at (212) 250-6645, (714) 247-6038, or CAARB.inbox@db.com.

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