Final RINs Reform

As mentioned earlier, only two proposals out of the five proposed reforms have been finalized together with the E15 rule.

Under the first reform, EPA sets out a requirement for public disclosure when a party´s RIN holdings exceed a certain threshold. This should discourage market actors from amassing an excess of separated RINs, which could distort the market. The thresholds are applied to D6 RIN (corn based ethanol) holdings only. This is because the price of D6 RINs is expected to vary greatly: from very low prices for D6 RINs when the implied RFS requirement for conventional biofuel is below the blendwall, to the high prices (seen in previous years) when the implied RFS requirement for conventional biofuel is above the blendwall.

Under the second reform, EPA is taking ad