March 17, 2022
- Cap and Trade Auction Update
- Update on Future Board Meetings
- Spring Construction Update
- February Cap-and-Trade Auction Results:
- Preliminary results suggest the Authority will receive about $244 million from the February auction.
- Annualizing the quarters, the past four auctions have generated about $1.047 billion for the Authority – this is the highest level of revenue for any one-year period since the auctions started.
- The graph shows the market is stabilizing after the pandemic, and the market is robust. Should continue to be a vibrant program.
- The primary driver of higher auction proceeds is auction settlement prices significantly above the reserve price – in February the auction settlement price was $29.15 per allowance versus the reserve price of $19.70.
- The Final 2022 Business Plan will be updated to include the February auction.
- Graphic is a bar graph, showing (y axis) quarterly auction proceeds in dollars by (x axis) quarter from the cap-and-trade auctions. The first quarter shown is August of 2017, and the most recent quarter is February 2022.
- The last four quarters show approximately $1 billion in funds to the High-Speed Rail Authority.
- Two lines are present superimposed over and across all bars showing two funding levels where quarterly bars need to reach each quarter to the Authority to receive $500 million and $750 million dollars per year.
- A severe dip in funding is marked by the start of the covid-19 pandemic.
APRIL BOARD MEETING PREVIEW
- Upcoming April Board Meeting:
- Reminder: the upcoming April meeting will be a two-day Board meeting. Pre-covid practices and protocol.
- Wednesday, April 20 and Thursday, April 21
- The meeting will be in-person in Sacramento
- Location: East End Complex, 1500 Capitol Avenue
- Expected Action Items:
- EIR/EIS for San Jose to Merced
- Draft 2022 Business Plan considered for adoption.
UPCOMING BOARD MEETINGS
- Future In Person Meetings:
- Authority must include a physical teleconference location for board members not participating in person on the agenda.
- Locations must be accessible to the public.
- Ensure equipment is sufficient.
- Post agenda at all teleconference locations.
- Members of the public attending at teleconference locations must be able to address the governing body in the same manner as those attending in person.
- All votes taken at meetings with teleconference must be with a roll call vote.
- We have to go back to the prior rules.
- View the February 2022 CEO Report PowerPoint Presentation.
- View video of the February 2022 CEO Report.
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