CCX Finally Closes for Good

Per the New York Times the Chicago Climate Exchange (CCX) has finally closed their doors for good as of December 31, 2010. However,  Porky Pig was not seen saying “th-th-th-that’s all folks!”

As usual it seems they have hope that everybody will get stupid again and give them another shot at it. Why? Well, while Congress has said no to cap & trade as have the Japanese, it seems the greentards in places like California are giving them hope.

I’d liken it to fishing. You can cast a lure out and reel it in and watch 10 fish totally ignore it, 5 fish look it over close and swim off, but there’s always one or two if the dumber ones who will take the bait. California is like one of those dumb fish.

Calif. keeps hope alive

But California’s recent moves toward mandatory emissions trading is breathing new life into the market. RGGI officials are also in talks to reform their system. And CCX officials say that although they’ve closed their contractually binding trading platform, they aim to leverage their relationship with some of the nation’s largest companies to revitalize the voluntary carbon market, while maintaining their dominant position as the largest host of trading in a variety of environmental commodities.

It gets even funnier. We all know that if you’re going to spend the kind of money it takes to start a carbon trading firm that you expect it to be a money-making business. At least I’d think anyone with a brain would. But, now that CCX has fallen flat on its face, it seems the warmer excuses are coming out of the woodwork.

“The point was to get companies familiar with allowances and trading, and how to do that and how to use offsets and exchange them on a platform. And that has all been accomplished,” said Lisa Zelljadt, an analyst at the carbon market research firm Point Carbon. “So with the advent of mandatory programs like RGGI and now California … the sort of experimental value of CCX as it was is over.”

Funny how the point suddenly changed from making money to getting “companies familiar’ and that now it was only an experiment. Laughable indeed.

I do like how they call them “CFI’s.” Might stand for ‘Complete “F***ing Idiocy in my book. If the aforementioned wasn’t enough for you here’s more on why I made that remark.

CFIs once traded as high as $7.50 per metric ton of CO2-equivalent emissions, but as of last Friday, the exchange trading price was just 5 cents, the same price they’ve been at for more than a year.

“Quite frankly, the market has pretty much collapsed,” said James Hugh, who handles CCX transactions for the utility PSEG. “There really isn’t all that much to do there.”

Yes, the price is at a whopping 5 cents per ton. A real money-maker, eh? Collapse? I’d say more like a nuclear explosion.

You can read all the other blithering and excuses at the source link below, but the bottom line is FAIL! That’s also next on the agenda for California thanks to AB32 and the support of the Gentardnator. More CO2 Insanity.

Source: New York Times

 

 

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Filed under AB32 California, California, Cap & Trade, Climate Change, CO2, Co2 Insanity, Global Warming, Government, Prop 23, Renewable Energy

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