Renewable identification number (RIN) credit prices fell sharply on Wednesday November 13 due to speculation that the Environmental Protection Agency (EPA) sent a volume adjustment notice to the US Office of Management and Budget (OMB) that would reduce the cellulosic biofuel mandate.
2024 cellulosic (D3) RINs dropped by 15% to $2.70, with the 2025 D3 RIN following and closing near parity to the 2024 D3 RIN. Biobased diesel (D4) and conventional renewable fuel (D6) RINs also moved lower, falling by 7%.
Advanced Biofuel Association president Mike McAdams spoke with the EPA on Wednesday and confirmed they were looking to adjust the cellulosic Renewable Fuel Standard (RFS) mandate lower.
McAdams expects the EPA will be requesting the D3 mandate to be adjusted 200 million gallons lower. The current D3 mandate calls for 1.09 billion RINs to be produced through cellulosic production.
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