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Compliance strategies for the covered entity: Early surrendering
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Premium Bulletin (2018/01),  8 January, 2018
Broker Spot CCA: $15.03 (-0.6%)
Broker OTC CCA: V2018 Dec 18 $15.53 (-0.1%) V2019 Dec 19 $16.00 (-0.3%) 
ICE CCA: V2018 Front $15.03 (-0.1%) 
V2018 Dec 18 $15.44 (-0.1%)
ICE OCA: V2018 Dec 18 CAD $19.17 (-1.3%)
Broker CCO 2018 Delivery: CCO8 $12.29 (-0.1%)  CCO3 $12.91 (0.2%) Golden $13.78 (0.1%)
Broker CRT 2018 Delivery: Forestry $11.60 (0%) ODS $11.60 (0%)  Livestock $11.60 (0%) 
OFFSET COUNTERS
All CCOs: 87,286, 247 (9,871,287 buffered; 88,955 invalidated; 21,721,407 retired; 8,638,173 in compliance accounts)
Quebec offsets: 563,993
Offsets surrendered for compliance obligations of Quebec entities: 298,812
WCI Offsets available for future compliance: 55,852,859
All CCO-3s: 31,878,848 (3,332,357  buffered)
CCO-0s: 16,989,924 (1,741,132 buffered)
Credited EA projects: 128
Credited compliance projects: 208 (of 380 listed, including 231 registered)
ROCs awaiting ARBOC issuance: 45,785,398
ROCROC 
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Compliance strategies for the covered entity: Early surrendering 


 
This is a follow-up to our previous article regarding holding limits and implications surrounding the amalgamation of Enbridge Gas Distribution (EGD) and Union Gas (UG).

In response, representatives from UG and EGD confirmed that each entity would be considered as ‘a separate registered participant’ for 2017 while adding, “ In 2018, Union Gas will have to share holding and purchase limits with related entities that operate in the Ontario, California, and Quebec markets – which includes Enbridge Gas Distribution.”

The total holding and purchase limits in the linked market in 2018 will be substantially higher than the Ontario limits in 2017, and despite sharing a single account, combined holding limits for both entities would increase from 10,866,600 in 2017 to 15,433,300 in 2018

Carry or Comply
 
An entity with compliance obligations over their holding limits is faced with the question to whether carry the extra tons forward via secondary trading/bilateral agreements or retire them into their compliance accounts permanently. If the entity chooses to surrender allowances earlier than needed in order to keep under its holding limit whilst simultaneously obtaining future compliance requirements, it will be removing the excess allowances from circulation earlier than necessary.
 
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