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California LCFS average credit transfer up on week: CARB

Houston — California's Low Carbon Fuel Standard carbon credit transfer values rosein the week ended June 10, according to the most recent Air Resources Boarddata released.

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The volume-weighted average price in the most recent week of data was$148.66/mt, up from $135.49/mt the previous week. The lowest transfer was at$105/mt while the highest was $169.50/mt.

There were 302,149 mt transferred with a total value of $44.917 million,the data released Tuesday showed.

These weekly transfers are not necessarily representative of the currentmarket, but are the credits transferred in the last week. If two partiestraded last week for credits in the fourth quarter of 2018, that transactionwill appear when the credits transfer in the fourth quarter, not in lastweek's report.

The average transfer in May rose to $140/mt from $129/mt in April. Maysaw 122 transfers with a total volume of 847,000 mt. Values ranged$92-$161/mt.

S&P Global Platts assessed LCFS carbon credits at $178/mt Tuesday.

LCFS credits are generated as obligated parties produce fuels below theannual carbon intensity requirement. For example, in 2018 the gasolinestandard is 93.55 CI. If a party produces gasoline that is 90 CI, it generatescredits that can be sold in the market to parties who generated a deficit, orgasoline above 93.55 CI.

Each credit represents 1 mt of carbon emissions.

The LCFS aims to reduce the carbon intensity of transportation fuels by10% of 2010 levels by 2020. The initial years of the program required a 1%reduction, while 2018 requires a 5% cut, and the targets will accelerate incoming years.

--Wes Swift, wesley.swift@spglobal.com

--Edited by Derek Sands, derek.sands@spglobal.com