Updated estimates of CCA compliance costs
On Wednesday the department of ecology reported the results of its first regular auction of Cap-and-Invest Program allowances for 2024, which was held on March 6 (link). The settlement price for current (2024) vintage allowances was just $25.76. This is down significantly from the prices paid at last year’s auctions, which averaged $55.12 per metric […]
March 06 , 2024 - Kriss Sjoblom
Did Initiative 2117 reduce the bids that the state received in today’s cap-and-invest auction?
Between 10 AM and 1 PM today (March 6), the Department of Ecology held its first 2024 auction of greenhouse gas emission allowances. Results of this auction will be published next Wednesday (March 13). The futures market for allowances indicates that the settlement price for today’s auction will be quite a bit lower than the […]
February 05 , 2024 - Emily Makings
What constitutes an alternative to an initiative to the Legislature?
The Secretary of State has certified six initiatives to the Legislature this year: Meanwhile, bills are moving in the Legislature this year that could be considered alternatives to I-2117 and I-2124. Whether they would go to the ballot as alternatives if passed by the Legislature has not been definitively answered. Under the state constitution (Article […]
May 18 , 2023 - Emily Makings
The state has appropriated over $400 million related to the Blake decision
On Tuesday, the Legislature held a special session to pass 2E2SSB 5536, a drug policy bill that is in response to the 2021 state Supreme Court decision in State v. Blake. (The Court held that the state’s drug possession law was unconstitutional because the state did not have to prove intent in order to convict.) […]
November 15 , 2022 - Kriss Sjoblom
Tax Structure Work Group Nov. 14 Meeting
The Washington legislature’s Tax Structure Work Group (TSWG) met yesterday. Under a proviso in the 2021-23 state budget, TSWG is to develop revenue neutral state tax reform legislation for the 2023 session of the legislature. At its March 30 meeting, TSWG selected 5 reform concepts tor further elaboration and analysis by staff at the Department […]
August 25 , 2022 - Emily Makings
State Supreme Court: Property insurance doesn’t cover business income lost due to COVID shutdowns; property tax refund cases must be filed in the collecting county
The state Supreme Court released two notable decisions today. The first is about insurance coverage of business income that was lost due to the state’s COVID shutdowns in 2020. The second is about where property tax refund cases must be filed. 1. COVID shutdowns did not trigger property insurance coverage of lost business income because […]
June 29 , 2022 - Kriss Sjoblom
New analysis projects much higher prices for carbon allowances under the Climate Commitment Act
In 2021 the legislature passed and the governor signed E2SSB 5126 (the Climate Commitment Act [CCA]) establishing a cap and invest system to regulate and reduce the emission of carbon dioxide (CO2) and other greenhouse gasses in Washington state. Under the CCA the state will annually sell at auction tradable emissions allowances. Each allowance would […]
April 01 , 2022 - Kriss Sjoblom
Update on personal income, consumer spending and saving rates during the COVID-19 recession
Here are updates of three charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for February and revisions to numbers for prior months. I also include a new chart on Medicaid spending, which has grown significantly over the last two years. Personal Income in February was […]
March 23 , 2022 - Kriss Sjoblom
According to the Census Bureau, King County lost population from 2020 to 2021
Census posted this map on Wednesday evening: Thursday morning update. Here are some numbers: The Census Bureau estimates that King County’s population decreased by 0.9% (down 20,266) from July 1, 2020, to July 2, 2021. The other two counties with estimated losses are Kitsap (-0.5%, -1,346) and Yakima (-0.2%, -498). San Juan County (+4.1%, +793) […]
March 15 , 2022 - Kriss Sjoblom
Moody’s: Extended Russia-Ukraine war would hurt Washington
From Bloomberg: An extended conflict between Russia and Ukraine would hit the U.S. economy broadly, with all 50 states affected by the fallout, according to an analysis by Moody’s Analytics. … Washington and South Carolina, the two states that export the most proportionally to Russia and Ukraine, would be hurt. Shipments affected likely would include […]