Abstract |
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. In the Renewable Fuel Standard (RFS2) program, EPA Moderated Transaction System (EMTS) is an electronic platform that screens the generation and moderates the transfer of RINs between renewable fuel producers, importers, exporters, obligated parties, and RIN owners. EMTS screens submitted RINs, based on registration information, and provides a structured environment in which to conduct RIN transactions. |