That Washington Post reports that the Obama administration has all but caved on the principle of auctioning 100% of emission credits in a cap-and-trade system:
The Obama administration might agree to postpone auctioning off 100 percent of emissions allowances under a cap-and-trade system to limit greenhouse gas pollution, White House science adviser John P. Holdren said today, a move that would please electricity providers and manufacturers but could anger environmentalists.
...."The idea, obviously, is to end up with a bill that reflects both the thinking of Congress and the administration, a bill that the president can sign," Holdren said, adding that when it comes to a 100 percent auction, "Whether you get to start with that or get there over a period of time is something that's being discussed."
Getting there over time is what the Europeans tried, of course, and it was a disaster. Basically, it meant nearly a decade of wasted effort until they finally got close to a 100% auction. Blecch. Still, at this point I suppose I'll be grateful if we put any kind of plan in place at all, since I assume the one thing we will get 100% of is Republican opposition.