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EPA Extends PES Refinery's Biofuel Compliance Date (Ind. Report)
Philadelphia Energy Solutions, EPA
Date: 2018-02-02
Following up on our 24 January coverage, Reuters is reporting the US EPA has agreed to extend the deadline for Philadelphia Energy Solutions (PES) to comply with its biofuel credit obligation to May 1, according to a bankruptcy filing.

As previously reported, PES' plan to exit it Chapter 11 bankruptcy is dependent upon its shedding existing biofuel "point-of-obligation" biofuel blending costs under the US DOE Renewable Fuels Standard. The company claims its 2016-17 biofuels obligation totaled $185 million, and the cost of RINs in 2017 alone was $218 million, according to Reuters. (Source: PES, Reuters, Various Media, Feb., 2018) Contact: Philadelphia Energy Solutions, www.pes-companies.com

More Low-Carbon Energy News RFS,  Point-of-Obligation,  RINs,  Ethanol,  Ethanol BlendPhiladelphia Energy Solutions,  RFS,  Point of Obligation,  EPA,  


Valero Cuts RFA as Cost Cutting Measure (Ind. Report)
Valero Energy Corp., Renewable Fuels Association
Date: 2018-01-24
In what it describes as a "cost cutting measure" occasioned by the EPA Renewable Fuel Standard (RFS) , San Antonio, Texas-based ethanol producer Valero Energy Corp., the the largest American oil refiner, has withdrawn from the Renewable Fuels Association, according to a Valero statement.

The company contends compliance with the RFS "point-of-obligation" was too costly. Under the RFS, Valero and other oil refiners are required to blend ethanol with gasoline or purchase credits to comply. In 2016, Valero spent $750 million on fuel credits. (Source: Renewable Fuels Association, Reuters, Valero, 22 Jan., 2018) Contact: Valero Renewable Fuels, Joe Gorder, Pres., (800) 324-8464, www.valero.com; RFA, Geoff Cooper, Snr. VP, (202) 289-3835, www.ethanolrfa.org; RFA, Bob Dinneen, Pres., CEO,(202) 289-3835, www.ethanolrfa.org

More Low-Carbon Energy News Valero Energy,  RFS,  Renewable Fuels Association,  


Refiner PES Pins Bankruptcy on RFS Costs (Ind. Report)
Philadelphia Energy Solutions
Date: 2018-01-24
Philadelphia Energy Solutions, owner of the largest U.S. East Coast refinery, reports its plan to exit it Chapter 11 bankruptcy is dependent upon its shedding existing biofuel "point-of-obligation" biofuel blending costs under the US DOE Renewable Fuels Standard. The company also plans to sell $150 million worth of credits to help emerge from bankruptcy, according to Reuters.

PES claims its 2016-17 biofuels obligation totaled $185 million, and the cost of RINs in 2017 alone was $218 million, according to Reuters.

In its bankruptcy filing on Monday, the company said it does not have enough cash to comply with the laws for 2016 and 2017. (Source: Reuters, Philadelphia Energy Solutions, Various Media, 23 Jan., 2018) Contact: Philadelphia Energy Solutions, www.pes-companies.com

More Low-Carbon Energy News RFS,  Biofuel Blending,  Point of Origin,  

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