2023 LCFS Credit Volume is 3.5 Million Over 2022, Generating $865 Million Less in Revenue

Weekly LCFS credit volume surged to the third highest on record last week and was the largest since October 2022. 2023 credit volume is 3.5 million above 2022, but revenue is down. The average 2023 credit price of $76 is 58 percent below the 2022 average of $121, causing 2023 revenue to trail 2022 by $865 million. This leaves the program in the odd, yet somewhat familiar position, of increasing transactions and falling revenue. If this trend continues, it will be for the second consecutive year.

Credit volume for the week ending July 16, 2023, reached 1.58 million, 108 percent over the 762,928 credits traded the week prior and 77 percent above the volume transacted at this time last year. Additionally, credit volume was 119 percent above the prior four-week average of 723,029.

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