EMTS Transaction Instructions (April 2012).

摘要

The Renewable Fuel Standard (RFS) was mandated by the Energy Policy Act of 2005 and revised in the Energy Independence and Security Act of 2007. RFS2 regulations apply to annual periods beginning July 1, 2010, changing initial RFS regulations which covered the May 1, 2007 June 30, 2010 period. The RFS is a volume standard (expressed in gallons) and requires definition of an annual percentage of total projected gasoline or diesel fuel refined or imported that must comprise renewable fuel. Renewable fuels are defined on the basis of feedstock and production process. EPA sets the RFS2 standards as percentages for cellulosic biofuel, biomass-based diesel, advanced biofuel, and renewable fuel annually. Application of the standard percentage to the volume of transportation fuel produced or imported, plus any deficit carryover from the preceding year, defines the Renewable Volume Obligation (RVO) for obligated parties. Obligated parties are defined as refiners that produce gas or diesel fuel within the 48 contiguous states and Hawaii, or importers that import gas or diesel fuel into the 48 contiguous states and Hawaii. Alaska and U.S. territories can opt-in by petition. Obligated parties must demonstrate compliance with the RVO annually.