Fourth Auction - Parameters

The Pilot Auction Facility is pleased to announce the following anticipated parameters in conjunction with its fourth auction:

  • The auction date will be March 3, 2020
  • The auction will be a reverse auction in which the premium will be fixed and bidders will bid down on the strike price.
  • The premium will be fixed at $0.30/ton
  • The refundable Bid Deposit will be fixed at $0.30/ton​
  • The auction budget is expected to be at least $6 million​
  • The minimum bid will be 25,000 tons of corresponding Emission Reductions
  • The maximum bid will be 1,200,000 tons tons of corresponding Emission Reductions
  • Winners will be required to purchase one series of put options, redeemable once in November 2021 (see eligibility criteria)
  • To become qualified to bid, firms will undergo an Integrity Due Diligence screening and pay the refundable deposit 
  • The auction clearing strike price and the auction winners will be made public on the PAF webpage

The PAFERNs draft final terms and Bidder Application Package can be requested by sending an e-mail to with the disclaimer language cut and pasted from this webpage.

Interested parties are also encouraged to review the auction Eligibility Criteria, the Bidders' Q&A and participate in one of the in person or online events.