The California Air Resources Board held a carbon allowance auction on August 16, selling 13.9 million 2013 credits, which can be used immediately, at $12.22 each. 9.56 million of the advance allowances, which go into effect in 2016, were sold at $11.10 each; an average of 1.69 bids was made for every allowance. Every allowance available was sold at the auction.