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