Some quick scribbles on the implications for Canada of cap and trade extension in California, (SP webinar video here) Price ceiling, building on the containment reserve tiers and a buyout for the price ceiling will reduce the integrity of the cap (SGER tech fund buy-out equivalent, but real reductions needed to maintain cap integrity) but will slow the rise in the price (ceiling working with the two containment price reserves or speed bumps where cost thresholds release more