Financial participation in the last auction increased to 32%, the highest in the program’s history. And with it, the auction settlement price jumped up by $5.49 above the auction floor. The settlement price of $23.20 has added price pressures on compliance entities who previously believed the market to be in surplus for long. This has also changed overall participant behaviours and possibly brought ahead, the first allowance deficit. This webinar will address the changing supply-demand and provide a window into key drivers for 2021-22 including our emissions outlook for 2021-22.