Cellulosic Renewable Identification Number (RIN) credit prices fell sharply on Friday December 6 due to the US Environmental Protection Agency (EPA) proposing a partial waiver of the 2024 cellulosic biofuel volume and an extension of the 2024 compliance deadline.

On Thursday December 5, the EPA proposed to partially waive the 2024 cellulosic biofuel volume under the Renewable Fuel Standard (RFS) due to a shortfall in cellulosic biofuel production. As a result of the late waiver proposal, the EPA is also proposing to extend the 2024 compliance reporting deadline.

The filing comes nearly a month after cellulosic RINs dropped sharply on the November 13 news that the EPA had sent a volume adjustment notice to the US Office of Management and Budget (OMB) that would reduce the cellulosic mandate.

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