California Carbon Revenue Expected to Disappoint

California Governor Jerry Brown’s 2013-2014 budget proposal lays out the spending plan for $600 million in cap-and-trade.  The budget estimates total program revenue of $200 million in 2013, a far miss from the $1 billion revenue forecast one year ago, reflecting weaker-than-expected demand in the November auction. On January 10, 2013, California Governor Brown released…