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Sandy pushes back California carbon auction deadline

1 Nov 2012, 4.42 pm GMT

Washington, 1 November (Argus) — East coast disruptions caused by Hurricane Sandy have rippled all the way to the west coast, where the California Air Resources Board (ARB) yesterday extended the deadline for participants in the 14 November carbon allowance auction.

The extension will allow potential bidders to get their bid guarantees in after severe flooding and power outages crippled business operations in New York City's downtown financial district and in other cities.

Financial services for the auction are being handled by Deutsche Bank. The letters of credit or other forms of financial security were originally due tomorrow at the bank's on the 27th floor of 60 Wall Street, roughly 300 meters from the swollen East river.

ARB yesterday told potential auction participants that they now have until 2pm PT on 7 November to submit their bid guarantees, and that those guarantees should be sent to Deutsche Bank's offices at 1761 East Saint Andrew Place in Santa Ana, California, 92705.

The notice advises that any participants who sent their bid guarantees to the Manhattan office in recent days and did not receive an email from Deutsche Bank confirming its receipt should call the bank immediately and “ensure that your bid guarantee has been successfully received.”

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