Platts launches daily SAF assessments for California and Illinois, excluding environmental credits

Platts, part of S&P Global Commodity Insights, has launched four daily market-based California and Illinois sustainable aviation fuel assessments that exclude environmental credits, effective Aug. 18, 2025.

The global aviation industry continues to make significant progress toward achieving the Carbon Offsetting and Reduction Scheme for International Aviation's net-zero target, driven by efforts to reduce carbon intensity and greenhouse gas emissions. In parallel, the US, at both federal and state levels, has introduced various incentives to support the growth of low-carbon fuels, including SAF, contributing to a steady rise in production and consumption.

Following extensive feedback from market participants, Platts identified a clear demand for transparent, market-based SAF assessments. Additionally, stakeholders, particularly airlines and aviation fuel buyers, have expressed the need for assessments that reflect the market value of SAF, independent of environmental credits such as Renewable Identification Numbers, Low Carbon Fuel Standard credits and 45Z tax credits.

Platts has therefore launched four SAF assessments that exclude environmental credits, in response to market feedback that the value of SAF with credits detached is a more widely used price reference, particularly among airlines seeking clarity on the intrinsic value of SAF itself.

The new assessments have the following specifications:

SAF (H-S) California (credits detached)

The California neat SAF (HEFA-SPK) assessment is published as an outright price in US cents/gallon, as well as a premium to the Platts Jet Kero LA pipeline (PJAAP00) assessment. The assessments are exclusive of the California Low Carbon Fuel Standard carbon credit, federal SAF tax credit and D4 biomass-based diesel Renewable Identification Number. This is assessed on a delivered at place basis and reflects SAF delivered via rail car or barge to Los Angeles. Neat SAF delivered to other locations within California, such as San Francisco, is also considered, but may be normalized back to the basis location.

SAF (H-S) Illinois (credits detached)

The Illinois neat SAF (HEFA-SPK) assessment is published as an outright price in US cents/gallon, as well as a premium to the Platts Jet Kero Chicago pipeline (PJAAF00) assessment. The assessment excludes the Illinois SAF tax credit, federal SAF tax credit and D4 biomass-based diesel RINs. It is assessed on a DAP basis and reflects SAF delivered via rail car or barge to the Chicago area.

Both assessments reflect delivery five to 25 days forward.

The assessments reflect a minimum volume of 1,000 barrels, meeting the ASTM D7566 standard specification for Synthesized Paraffinic Kerosene from Hydroprocessed Esters and Fatty Acids (SPK-HEFA), as referenced in Annex A2, using feedstocks such as vegetable oils, waste oils, fats, tallow and other similar feedstocks. Platts is not considering SAF produced from palm oil or palm fatty acid distillate within the assessment. The values reflect a reference carbon intensity of 42gCO2e/MJ.

The assessments consider information reported to Platts and published as heards throughout the day, including firm bids and offers, trades and indicative values, as well as any other data deemed relevant to the assessment process.

The assessments reflect a 13:30 Houston time market close and follow the Platts US publishing schedule.

The new SAF assessments are published against the following symbols:

Please submit any feedback, comments or questions about this proposal to mrts_biofuelsandfeedstocks@spglobal.com and pricegroup@spglobal.com.

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