The California Legislative Analyst's Officeis predicting that annual revenues from the state's cap-and-trade emissions trading system could increase to $7 billion from $2 billion over the next 12 years, with estimated revenues of $2-4 billion in 2018. The program was extended to 2030 and has been the subject of speculation about how much theprices for carbon emissions allowances may rise. While analyzing a variety of issues left to the California Air Resources Board (CARB), future prices are "highly uncertain,” said the analysis. The report said a wide variety of factors contribute to the uncertainty, including future macroeconomic conditions and technological advances; future greenhouse gas reduction policies; and how CARB handles various design decisions for the program.

Calpine Corp.shareholders have approved the $5.6 billion acquisition by Energy Capital Partners (ECP) and a consortium of investors and is expected to be completed in 1Q2018. Calpine is being acquired for $15.25/share, a 51% premium over the share price when the transaction was announced in May. San Diego-based ECP's consortium is led by Access Industries and the Canada Pension Plan Investment Board. Calpine plans to maintain its Houston headquarters and current management team.