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Up, Up, and Away: What’s the Real Story On RINs?. Scott H. Irwin. http://money.msn.com/business-news/article.aspx?feed=OBR&date=20130327&id=16285821. Renewable Volume Obligations (RVOs). Renewable Identification Numbers (RINs).

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slide3

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20130327&id=16285821http://money.msn.com/business-news/article.aspx?feed=OBR&date=20130327&id=16285821

renewable identification numbers rins
Renewable Identification Numbers (RINs)
  • The U.S. EPA enforces RVOs using RINs, a tradable credit system
  • A RIN is a 38-digit number assigned to each gallon or batch of renewable fuel produced or imported into the U.S.
  • Each RIN travels with the biofuel as it moves through the supply chain
  • RINs are actively traded in a secondary market
  • RINs allow obligated parties to meet their individual mandates by applying RINs representing biofuels which they have physically purchased and blended, or those which were purchased from another party through RIN trading
slide7

Source: Schnepf, R., and B.D. Yacobucci. “Renewable Fuel Standard (RFS): Overview and Issues.” Congressional Research Service, March 2013.

slide8

Source: Schnepf, R., and B.D. Yacobucci. “Renewable Fuel Standard (RFS): Overview and Issues.” Congressional Research Service, March 2013.

slide9

Source: Schnepf, R., and B.D. Yacobucci. “Renewable Fuel Standard (RFS): Overview and Issues.” Congressional Research Service, March 2013.

slide10

Source: Schnepf, R., and B.D. Yacobucci. “Renewable Fuel Standard (RFS): Overview and Issues.” Congressional Research Service, March 2013.

slide11

The Ethanol Market: No Mandate

Price

Supply

P*

Demand

Q*

Quantity

slide12

The Ethanol Market: Non-Binding Mandate

Price

Supply

P*

Demand

QM

Q*

Quantity

slide13

The Ethanol Market: A Binding Mandate

Price

Supply

P*

Demand

Q*

QM

Quantity

slide14

The Ethanol Market: A Binding Mandate

Price

Supply

Ps

P*

Demand

Q*

QM

Quantity

slide15

The Ethanol Market: A Binding Mandate

Price

Supply

Ps

P*

Pd

Demand

Q*

QM

Quantity

slide16

The Ethanol Market: A Binding Mandate

Gasoline

Blenders

Purchase Price

Selling Price

Price

Supply

Ps

P*

Pd

Demand

Q*

QM

Quantity

slide17

The Ethanol Market: A Binding Mandate

Gasoline

Blenders

Purchase Price

Selling Price

Price

Supply

Ps

P*

RINs Price

Pd

Demand

Q*

QM

Quantity

slide25

Source: Schnepf, R., and B.D. Yacobucci. “Renewable Fuel Standard (RFS): Overview and Issues.” Congressional Research Service, March 2013.

slide30

A Continuum of Business Models for Obligated Parties in the U.S. Motor Fuel Supply Chain

Long Refining Capacity

Short Blending Capacity

Short Refining Capacity

Long Blending Capacity

slide31

A Continuum of Business Models for Obligated Parties in the U.S. Motor Fuel Supply Chain

Long Refining Capacity

Short Blending Capacity

Short Refining Capacity

Long Blending Capacity

RINs Surplus

RINs Deficit