EPA to cap PES’ RIN obligation at $10M

In Pennsylvania, Reuters reports the Environmental Protection Agency has offered to cut Philadelphia Energy Solutions’ RIN obligation by 70%, capping it at $10 million. It is the second time the agency has offered to make such a deal for PES that entered into bankruptcy protection last year after it suffered a major fire. By limiting the company’s RIN obligations, it is meant to free up cash so it can pay off creditors. Its original obligations were for around $35 million. In 2018, the EPA under the Trump Administration waived $350 million worth of RIN obligations and it exited its bankruptcy protection that was in place at the time as a result. It went bank into bankruptcy the following year after the fire.