Auction Parameters

Disclaimer: The information below is a summary and leaves out material information shared with interested parties in the Bidder Application Package and legal documentation that is expected to govern the PAFERNS.

  • The auction budget is $25 million
  • Each put option will require 2,000 CERs and will be sold to auction winners for $600 (i.e., $0.30 per CER premium or issue price)
  • Winners will be required to purchase a five year series of put options, with one option redeemable annually (see eligible emission reductions
  • A Bid Unit is 10,000 CERs (i.e., 2,000 CERs x 5 Maturity Dates)
  • The minimum bid will be for 100,000 CERs (10 Bid Units)
  • The maximum bid will be 2,000,000 CERs (200 Bid Units)
  • The deposit will be 20% of the Issue Price or $600/Bid Unit
  • To become qualified to bid, firms will undergo an Integrity Due Diligence screening and pay the refundable deposit 
  • The final auction clearing strike price and the auction winners will be made public on the PAF webpage, the names of losing bidders will not be announced
  • The starting price in the auction will be $8/CER (the equivalent of $80,000/Bid Unit)

In order to participate in the first auction, interested parties will need to submit a Bidder Application Package on or before June 25, 2015. The Bidder Application Package will be sent in a separate e-mail, to parties that have already requested the puttable bond terms. If you would like to receive the bond terms and the Bidder Application Package please send an e-mail to The email must contain disclaimer language cut and pasted from this webpage.
Interested parties are also encouraged to review the auction page and the Bidders' Q&A.