Counting on revenue from California’s quarterly cap-and-trade market is a huge weakness in the financial plans to open the first segment of California’s high-speed rail system in 2025.

That’s according to the head of the independent group that reviews and analyzes the California High-Speed Rail Authority’s plans, who spoke to the state Senate’s transportation committee on Tuesday.

Lou Thompson, head of the California High-Speed Rail Peer Review Group, said cap-and-trade “is an exceptionally…