Carbon auction fails for first time as confidence falls

Carbon auction fails for first time as confidence falls
Climate change minister James Shaw will have some thinking to do after carbon auction is passed in. (Image: NZME)
Ian Llewellyn
The first carbon auction of the year has failed for the first time since the process began, dealing a blow to the government's revenue-raising plans.The clearing price did not meet the confidential reserve price and as a result, there were no winning bids.All available units will be rolled over to the next auction in June, the second of four auctions this year.There were 4.475 million NZ Units (NZUs) offered with another 8m NZUs available in the cost containment reserve if the trigger price of $80.64 had been reached.Before the auction, NZU...

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