"Stakeholders in the cap-and-trade program had hoped it would get extended, said Meredith Fowlie, an economist and professor at UC Berkeley who studies energy markets and climate change...

The uncertainty around the future of the cap and trade program past 2030 has been causing uncertainty in the market,” Fowlie said. For years, “we have been trying to underscore the importance of having this reauthorization conversation because there’s lots of market participants holding on to permits, making investment decisions that depend on the future of the cap and trade program.”