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arbcombo -- 2015 LCFS Compliance Information Credit Clearance Market Information

Posted: 13 May 2016 17:06:15
LCFS Compliance Reporting for 2015. 

Air Resources Board staff have analyzed the Low Carbon Fuel
Standard (LCFS) compliance data for compliance year 2015 and are
announcing a 98 percent compliance rate by the covered entities
for this period. 

A total of 174 parties actively reported under the LCFS program
during 2015. Out of those, 52 regulated parties reported
deficits. These high carbon fuel parties generated 2,410,598
deficits during this period.  Low carbon fuels generated a total
of 6,261,390 credits in the program over the same timeframe.  

Only one regulated party failed to retire sufficient credits to
cover their 2015 obligations.
  
Summary of 2015 LCFS Compliance Reporting
Total parties actively reporting in 2015 under LCFS program 174
Total parties generating deficits 52
Total number of parties that met their 2015 compliance obligation
51

As reported in the Q4 2015 Quarterly Data Summary, cumulatively
through 2015, the LCFS program has generated 16.55 MT million
credits and 9.14 MT million deficits, for a net total
over-compliance of about 7.41 million MT credits banked in the
program. 

Credit Clearance Markets

The one party that did not retire sufficient credits is Astra Oil
Company, LLC, which reported a small net short position of 337
deficits for 2015.  

Name of the Regulated Party     Number of CCM Deficits 
Astra Oil Company, LLC	                  337

The LCFS includes a provision for holding a Credit Clearance
Market (CCM) that provides additional compliance flexibility to
regulated parties who have not met their previous year-end
obligation.  

On April 4, 2016 the Executive Officer (EO) issued a call for
credits to be pledged for sale in the CCM.  The following parties
pledged a total of 15,242 credits for sale in CCM 2016:

Name of the Regulated Party            Number of CCM Credits 
BP Products North America, Inc.	               10,000
GFP Ethanol, LLC dba Calgren Renewable Fuels    5,000
Titan El Toro, LLC	                          242

The EO has determined that the CCM will occur in 2016 to allow
Astra Oil the additional opportunity to meet its obligation. The
CCM will be operational from June 1 to July 31, 2016.  During
this period, this regulated party must acquire credits pledged
into the CCM from the parties listed above.

The maximum price set for credits to be sold in the 2016 CCM is
$200 per credit.  Regulated parties that have pledged credits to
sell into the CCM cannot reject an offer to purchase pledged
credits at the maximum price, but may accept an offer to purchase
at a lower price if they prefer to do so. 

If you have any questions regarding this document, please contact
Ms. Manisha Singh, Manager, Fuels Section, at (916) 327-1501 or
via email at Manisha.Singh@arb.ca.gov.

Program Background

The Low Carbon Fuel Standard is one of the measures adopted by
ARB, pursuant to Health and Safety Code Sections 38500-38599 (AB
32) to reduce greenhouse gases in California.  The Program’s goal
is to reduce the carbon intensity of fuels sold in California ten
percent by 2020.  It is designed to help clean the air, protect
the environment, and drive the development of clean, low-carbon
fuels to improve California's energy security and energy
independence.  The program is flexible and allows entities to
reduce the carbon intensity of the fuel they sell, blend cleaner
fuels purchased from other parties, or purchase tradeable credits
for compliance.

The Credit Clearance Market portion of the LCFS increases market
certainty regarding maximum compliance costs, strengthens
incentives to invest in and produce low-CI fuels, and reduces the
probability of credit shortfalls and price spikes.




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