Bloomberg BNA's Webinar: Thursday, November 6 (1:00-2:30pm Eastern)
Please join two seasoned environmental practitioners from McGuire Woods LLP, Bernadette M. Rappold and Dale Mullen as they discuss the promise and perils of these new markets and how to comply with the RFS registration and RIN-generation requirements.
At Congress’s direction, the Environmental Protection Agency instituted its Renewable Fuels Standard program in 2007 to increase the volume of renewable fuels used in transportation. The RFS regulations require domestic producers and importers of gasoline and diesel to blend increasing volumes of renewable fuels into their finished products. Regulated producers and importers demonstrate their compliance with the requirements by purchasing and retiring “Renewable Information Numbers,” which are a proxy for renewable fuels and a valuable commodity sold on an EPA-moderated exchange.
At first, the RFS program’s emphasis was on corn ethanol and other liquid fuels, but Congress designed RFS to incentivize a diverse range of renewable fuels, including non-liquids, such as biogas and electricity derived from renewable feed-stocks. In response, the EPA has issued a sweeping, new set of RFS regulations that will allow biogas and electricity to generate the most valuable form of RINs, so-called “cellulosic RINs,” creating a new value chain and laying the groundwork for new players, like utilities, to enter the RFS market.
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