The Short Term Energy Outlook (STEO) for July from the US Energy Information Administration (EIA) showed an increase in renewable fuel blending expectations during 2024 for biodiesel, renewable diesel and ethanol.
This could lead to more generation of renewable identification numbers (RINs) this year, Fastmarkets heard on Friday July 12.
The Renewable Fuel Standard (RFS) renewable volume obligations (RVOs), issued by the Environmental Protection Agency (EPA), provide percentage standards that are applied to the initial mandated blending forecast at the time of release.
The percentage standards translate into volumes based on the estimated consumption forecast of gasoline and diesel in the US. The actual RVOs become known over time but use the same percentage standards applied to the original mandate, which created the initial volume expectations.
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