This piece is oddly silent on the failing linchpin of the program: people aren't paying nearly as much for their carbon credits as projected. The most recent auction was down 98% in nominal dollars from the preceding auction (there is surprisingly little coverage of this fact in the media, so I don't know if there are mitigating numbers).

There was an article in WSJ that is paywalled:

http://www.wsj.com/articles/californias-cap-and-trade-bubble...

And this is the only other free coverage I found via a cursory search:

https://www.yahoo.com/news/californias-landmark-cap-trade-pr...