California's cap-and-trade program appears to be working better:
http://energyathaas.wordpress.com/2013/02/25/california-holds-its-second-cap-and-trade-auction-signs-of-a-maturing-market/
"The market clearing price for a “current” vintage 2013 allowance was $13.62, nearly $3 above the auction reserve price of $10.71. All the “current” vintage allowances available for sale were sold."
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