The Oregon Clean Fuel Program marked a momentous occasion Thursday, as OCFP credits traded at $43 for 300 metric tons for prompt transfer, only the third such trade following the implementation of the program in early 2016. Through the first 15 months the program’s inception, two trades were concluded, with the first completed at $60 for 300mt during last November, while an additional 2,000mt trade was concluded last December, with the Oregon Department of Environmental Quality choosing not to disclose the traded price. Through the month of March 2017, credit prices have straddled between $30-60/metric ton.
Through March, the agency has for the third time reported rates of credit generation under its Clean Fuel Program. In total, over 215,000t of credits were generated in Q3 2016, compared with the over 162,000t of deficits generated, leaving the total net credit bank for Q3 at a positive balance of 53,000t and the total YtD net credit bank in credit to the tune of 131,000t.
Biodiesel supplied almost 33% of the credits generated, with biodiesel’s Q3 share slightly up from Q2’s 31.54%, while ethanol supplied 65.44% of credit generation, down from Q2’s share of 67%. The average ethanol CI of the 46mn gal of ethanol consumed in credit generation was 63g CO2e/Mj, marginally up 0.15 CI points from Q2. 11.88mn gal of biodiesel was used in credit generation, up almost 2mn QoQ, with biodiesel’s average CI falling from 51.72 to 50.40.