EPA allows PES off the RIN hook with only half of its compliance met

In Washington, Reuters reports that in a move protested by the ethanol industry, the Environmental Protection Agency has granted Philadelphia Energy Solutions a reprieve in its RIN compliance requirements, cutting them by about half to the 210 million RINs the company had already purchased compared to the 467 million required for 2016 and 2017. The company sought to have its entire $350 million obligations waived as part of bankruptcy proceedings filed in January. In exchange for the reprieve, the company will have to demonstrate compliance on a semi-annual basis rather than an annual basis once it has come out of bankruptcy. RIN prices dropped to 35 cents as a result of the decision but later rebounded.