S&P Global Platts proposes to change the roll date to the first publishing day of the year for its US Renewable Volume Obligation current year assessments, effective January 4, 2021.
This change follows feedback from market participants that the gasoline and diesel markets typically consider the current calendar year from the start of January instead of following the roll in Renewable Identification Number assessments from the first publishing day of February.
Under the proposal, Platts would continue to roll its individual year RVO and RIN assessments on the first publishing day of February each year. The current year code (RVOR002) is published in the Platts Biofuelscan, US Marketscan, Latin American Wire, and on Platts Global Alert and Platts Biofuels Alert.
Platts publishes calendar year RVO values for three years that follow the same calendar and publication timings as the corresponding Renewable Identification Number assessments. The current year RVO code was created on June 18, 2018, to reflect the current year RVO value with a roll date of the last working day of January. For example on January 31, 2019, the RVO rolling assessment was for the 2018 RVO value, then on February 1, 2019, the RVO rolling assessment represented the 2019 RVO value. Under the proposal, the RVO rolling assessment would have represented the 2019 RVO value on January 2, 2019.
RVO is the aggregate cost of the Renewable Identification Number percentages per gallon of transportation fuel for biodiesel, ethanol, advanced biofuel, and cellulosic ethanol as mandated by US Environmental Protection Agency in Renewable Fuel Standard Program (RFS2).
As per Platts methodology, Platts calculates the RVO values factoring the value of D4, D6, D5 and D3 RIN credits as assessed by Platts for the respective RVO year. As these renewable fuels are mandated by the EPA and hence subject to change without prior notice, Platts will update the Platts RVO formulas at any time. When such changes are set forth by the EPA, Platts will inform the market of the changes in the formula through subscriber notes.
For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.