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April 3, 2015

EPA Announces 2014/2015 Cellulosic Waiver Credit Prices, New Direct Final Rule


On March 25, 2015, EPA announced the direct final rule, Regulation
of Fuels and Fuel Additives: Cellulosic Waiver Credit Price and Minor
Amendments to Renewable Fuel Standard Regulations
, that would
result in cellulosic waiver credit prices being posted on the EPA website
rather than as a result of the rulemaking process. This would allow the credit
prices to be announced as soon as the needed data for the wholesale price of
gasoline is available, which would provide more certainty to the market. The
credit prices are supposed to be updated annually according to the Clean Air
Act (CAA) but delays in RFS have also delayed updating the credit prices. EPA
announced that the price of the waivers will be $0.49 per credit for the 2014
compliance period and $0.64 per credit for the 2015 compliance period. This
direct final rule also corrects an error created by an earlier rule where EPA
moved standards for process heat produced from biogas and accidentally
overwrote standards for giant reed and napier grass. This final rule will take
effect 30 days after it is published in the Federal Register unless it
receives any adverse comments.