Oregon CFP Credit Bank Suffered Largest Drawdown on record During Q1 2021

Oregon’s Clean Fuels Program (CFP) looks to get back on track after reporting a disappointing first quarter for 2021.  Credit generation fell 14 percent below Q4 2020 reporting, while deficit generation increased nearly 30 percent.  Second quarter reporting is expected to be released in November.

The pandemic would have had an impact on the program, but it cannot entirely explain the credit bank drawdown.  During Q4, which is well imbedded within the pandemic, credit generation outpaced deficits by 22,302. During Q1 was the lack of residential EV credits posted to the program had a significant impact.  Residential EV credits had been a steady 24,872 each quarter during 2020 but were recorded at zero for Q1 2021. Having these credits posted would have only partially offset the 116,958-credit drawdown during the quarter.

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