recs, page-14

"Carbon tax, when established, will make the RECs more valuable, at least in the near term, as the power generators will need to buy more of them or pay more tax, while they are readjusting their operations."

I am sorry man you have completely misunderstood this.

a)RECs separated into STCs and LGCs
b) CBD exposed to STCs through small solar
c) CBD exposed to LGCs through big wind (ie not)
d) STCs cannot go above $40 (also, see other post cf liquidity)
e) Neither STCs nor LGCs have anything to do with the carbon price, except to the extent that the carbon price makes renewables more competitive, potentially driving deployment, which would drive DOWN the price of LGCs, not that CBD have any as far as I know