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Bankrupt Philly Refiner Offered Cap on RFS Obligation (Ind Report)
Philadelphia Energy Solutions
Date: 2020-05-11
The Trump administration has offered to place a $10 million cap on bankrupt Philadelphia Energy Solutions' biofuel blending obligations, effectively cutting the refiner's regulatory liability by more than 70 pct and freeing more cash for the company's creditors. Under the deal PES will either surrender 161.8 million biofuel blending credits (RINs) valued at roughly $35 million or pay up to $10 million to meet its RFS obligations, according to Reuters.

The Trump EPA previously waived $350 million in biofuels compliance costs for PES after its initial bankruptcy in 2018.

As reported in Jan., Philadelphia-headquartered bioenergy developer SG Preston dropped its previously expressed interest in redeveloping the shut-down fire-damaged 335,000 bpd Philadelphia refinery, which is now being sold by creditors for $252 million and redeveloped under a bankruptcy court approved plan. (Source: Various Media,Reuters, May, 2020)

More Low-Carbon Energy News Philadelphia Energy Solutions,  RFS,  Biofuel Blend,  RINs,  


SG Preston Drops Interest Philly Refinery Redevelopment (Ind. Report)
SG Preston,Philadelphia Energy Solutions
Date: 2020-01-22
In the Keystone State, Philadelphia-headquartered bioenergy developer SG Preston reports it intends to apply its expertise in partnership with leading environmental sustainability investment initiatives to target and convert large-scale industrial sites occupied by traditional industries such as coal power and petroleum refining -- the fire-damaged Philadelphia Energy Solutions (PES) refinery being an example although Reuters has reported SG Prestion is not now pursuing that opportunity despite its reported previous interest.

The company's industrial site conversions will focus on re-developing these sites to produce renewable fuels and clean power, while also partnering with institutions with a track record of actively, and diligently remediating the environmental contamination of the sites, according to the company's website.

SG Preston's strategic goal is to develop 1.2 billion gallons of renewable biofuels to help major stakeholders in the transportation, aviation jet fuel and related industries meet their strategic goals, according to its website.

S.G. Preston earlier unveiled plans to buy the PES plant and to ... (Source: SG Preston Website, Jan., 2020) Contact: SG Preston, Randy LeTang, CEO, (215) 278-6001, (215) 734-2401 – fax, www.sgpreston.com

More Low-Carbon Energy News SG Preston,  Biofuel,  Ethanol,  Philadelphia Energy Solutions,  


RNG Energy Plans $120 Mn Digester for Philadelphia (Ind. Report)
RNG Energy Solutions,Philadelphia Energy Solutions
Date: 2018-09-24
As previously reported by the Philadelphia Inquirer, renewable methane producer RNG Energy Solutions LLC reports it has formed a joint venture with Philadelphia Energy Solutions to construct the $120 million Point Breeze Renewable Energy anaerobic digestion project to covert food waste into approximately 3 million cubic feet per day of methane gas. The project is expected to be completed in two to three years.

RNG is currently developing similar energy systems in Seattle, Boston and New Jersey. (Source: RNG Energy Solutions, The Philadelphia Inquirer, 21 Sept., 2018) Contact: RNG Energy Solutions LLC, Jim Potter, Pres., jim.potter@rngenergysolutions.com, www.rngenergysolutions.com; Philadelphia Energy Solutions, www.pes-companies.com

More Low-Carbon Energy News Methane,  RNG Energy,  anaerobic digestion,  Philadelphia Energy Solutions ,  

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