Annual RIN Sales/Holdings Summary
- Annual RIN Sales Summary
For the first time, EPA is posting RIN sales data aggregated by RFS party type. This sales information is in addition to the monthly data detailing renewable fuel production, RIN generation, RIN separation, and RIN retirement already published by EPA. We intend to update this new information on an annual basis consistent with the data tables below. We have received positive feedback from the regulated industry that the publication of RFS data helps inform compliance planning.
The new dataset provides a summary of RFS 2 RIN sales reported to EPA by RIN sellers for the 2010 through 2014 compliance years. As described below in more detail, total RIN sales are aggregated into the primary categories of importers of petroleum fuels, exporters of renewable fuels, petroleum refiners and parties without a renewable volume obligation (“non-RVO parties”). Renewable fuel producers, pipelines, fuel marketers, and fuel blenders are typical of non-RVO parties reporting RIN sales. The data show the following:
- RINs on average are traded 1.8 times by non-RVO parties consistent with a typical biofuel distribution sequence involving a renewable fuel producer selling to a fuel blender that in turn separates the RIN and sells it to an obligated party.
- Parties with renewable volume obligations (RVOs) in the program (petroleum refiners, petroleum fuel importers and biofuel exporters) account for one RIN sale on average.
There are a number of scenarios in which RIN transactions can occur, but all RIN transactions between buyer and seller are reported to EPA and captured in this dataset. The data aggregated in the tables below show that while the total volume of RIN sales has risen with the increasing mandates, the overall pattern of RIN sales has remained largely consistent year to year. The pattern of RIN sales for non-RVO parties remains consistent at 1.8 RIN sales on average for 2011, 2012, 2013 and 2014.
The dataset provides categorical total RIN sales by compliance year, grouped by RIN year and RIN type (D-code). The total RIN sales tables summarize all RIN sales that occurred during specific calendar years. RIN sales totals have been aggregated into five categories, which are determined by information submitted in the field “Compliance Basis/Facility ID” of the most recent RIN Activity Report (Field #9 of form RFS0104). The information in this field is self-reported by each individual company submitting the quarterly activity report. The five categories are:
- AGIMP – Aggregated Importer of petroleum fuel (an Obligated Party under RFS)
- AGREF* – Aggregated Refiner of petroleum fuel (an Obligated Party under RFS)
- EXPRT – Exporter of renewable fuel (subject to an export obligation under RFS)
- NOTOP – Non-Obligated Party (solely a RIN generator or RIN owner). This category includes all non-RVO parties. (E.g., the category does not include exporters of renewable fuel, since such parties have an exporter RVO, and are covered under the EXPRT category.) It may include renewable fuel producers, marketers, blenders, and owners of both assigned and separated RINs.
- No Self Identification – Information was not provided by the submitter
* Refiners of petroleum fuel have the option of complying with their RVO on an aggregate basis or on a facility-by-facility basis. In cases where a company self-reported compliance on a facility-by-facility basis (using facility ID) and the company is registered with EPA as a gasoline/diesel refinery, then its facility (or facilities) is included with the “AGREF” category aggregation in the tables below.In cases where a company entered obviously incorrect designation information, EPA made an attempt to correct the value using previously reported information or existing registration information to assign RIN sales to a compliance category. For situations where EPA was not able to assign a compliance category, such as when the Compliance Basis/Facility ID field value was left blank or the company failed to submit a RIN Activity Report, the corresponding RIN sales are aggregated into the category “No Self Identification.” Information on both RIN totals and self-report categories is current as of April 1, 2015.
The aggregated RIN sales transactions presented below are from EMTS and are specific to RINs generated in 2010, 2011, 2012, 2013, and 2014. Year 2010 was a transition year from RFS1 to RFS2. The Year 2010 RINs in these tables include only RFS2 RINs generated in EMTS after July 1, 2010. RINs generated in 2010 (“compliance year 2010 RINs” in Table 1 below) could be used for compliance with mandates in either 2010 or 2011; unused 2010 RINs expired after the compliance year 2011 compliance demonstration in the first quarter of 2012. Similarly, all Year 2011 RINs were either used for compliance or expired after the first quarter 2013. Year 2012 RINs are still active in EMTS (and can still be traded) but will expire after the compliance demonstration deadline for year 2013 is finalized and has passed. Similarly, 2013, RINs are still active in EMTS, but will expire after the compliance demonstration deadline for year 2014 is finalized and passed.
Compliance Year 2010 RIN Sale Transactions
RIN Year by D-Code AGIMP AGREF EXPRT No Self Identification NOTOP Grand Total 2010 4 15,051,804 60,490,573 68,581,965 67,138,243 485,152,953 696,415,538 5 200,500 1,842,494 787,683 10,020,923 29,733,809 42,585,409 6 1,027,569,316 1,623,510,223 915,625,762 611,180,604 11,218,934,322 15,396,820,227 2010 Total 1,042,821,620 1,685,843,290 984,995,410 688,339,770 11,733,821,084 16,135,821,174 2011 4 419,858 1,000,000 1,419,858 6 57,585 853 3,195,345 3,253,783 2011 Total 57,585 419,858 853 4,195,345 4,673,641 Grand Total 1,042,879,205 1,686,263,148 984,996,263 688,339,770 11,738,016,429 16,140,494,815 Compliance Year 2011 RIN Sale Transactions
RIN Year by D-Code AGIMP AGREF EXPRT No Self Identification NOTOP Grand Total 2010 4 12,083,780 44,832,533 7,392,258 6,236,817 72,691,528 143,236,916 5 3,824,614 1,869,063 1,324,440 5,189,248 12,207,365 6 374,054,843 1,403,866,434 150,150,396 72,947,196 1,112,822,154 3,113,841,023 2010 Total 386,138,623 1,452,523,581 159,411,717 80,508,453 1,190,702,930 3,269,285,304 2011 4 210,810,311 749,922,277 357,875,762 244,481,013 3,099,641,747 4,662,731,110 5 159,358,438 211,930,365 76,248,353 26,822,938 153,157,886 627,517,980 6 2,805,979,438 5,584,772,576 1,815,468,339 994,086,307 23,273,253,500 34,473,560,160 2011 Total 3,176,148,187 6,546,625,218 2,249,592,454 1,265,390,258 26,526,053,133 39,763,809,250 Grand Total 3,562,286,810 7,999,148,799 2,409,004,171 1,345,898,711 27,716,756,063 43,033,094,554 Compliance Year 2012 RIN Sale Transactions
RIN Year by D-Code AGIMP AGREF EXPRT No Self Identification NOTOP Grand Total 2010 4 7,635,820 32,073 207,066 742,952 8,617,911 5 237,078 237,078 6 204,659,218 41,453,184 246,112,402 2010 Total 212,532,116 32,073 207,066 42,196,136 254,967,391 2011 4 36,451,818 253,702,183 41,564,462 9,471,783 319,260,503 660,450,749 5 8,024,666 26,923,307 3,650,895 353,943 14,338,653 53,291,464 6 628,865,517 1,835,908,729 144,210,113 75,967,178 1,481,143,663 4,166,095,200 2011 Total 673,342,001 2,116,534,219 189,425,470 85,792,904 1,814,742,819 4,879,837,413 2012 4 113,688,885 561,808,885 438,396,040 173,863,114 3,134,952,458 4,422,709,382 5 345,942,921 248,885,297 71,964,275 46,826,899 133,263,471 846,882,863 6 3,249,232,400 5,333,163,655 1,271,979,450 803,963,660 22,249,151,456 32,907,490,621 7 1,741 5,223 6,964 2012 Total 3,708,864,206 6,143,859,578 1,782,339,765 1,024,653,673 25,517,372,608 38,177,089,830 Grand Total 4,382,206,207 8,472,925,913 1,971,797,308 1,110,653,643 27,374,311,563 43,311,894,634 Compliance Year 2013 RIN Sale Transactions
RIN Year by D-Code AGIMP AGREF EXPRT No Self Identification NOTOP Grand Total 2011 4 3,980,002 37,816,217 981,433 9,704 5,628,586 48,415,942 5 65,000 3,927,690 300,000 4,292,690 6 6,239,242 287,461,752 2,384,607 39,350,727 335,436,328 2011 Total 10,284,244 329,205,659 3,366,040 9,704 45,279,313 388,144,960 2012 4 21,696,200 212,148,851 14,816,620 2,347,110 141,846,509 392,855,290 5 33,687,516 150,374,056 8,836,330 1,132,573 15,836,817 209,867,292 6 548,064,853 1,893,718,400 135,794,665 73,159,665 1,055,848,565 3,706,586,148 2012 Total 603,448,569 2,256,241,307 159,447,615 76,639,348 1,213,531,891 4,309,308,730 2013 3 156,277 478,559 634,836 4 201,884,750 1,015,306,086 656,232,071 202,070,724 4,564,501,795 6,639,995,426 5 262,265,787 304,268,524 107,316,426 64,239,057 197,246,626 935,336,420 6 3,943,407,908 8,295,589,671 1,365,910,462 981,033,364 23,047,025,736 37,632,967,141 7 456,833 456,833 2013 Total 4,407,558,445 9,615,320,558 2,129,458,959 1,247,343,145 27,809,709,549 45,209,390,656 Grand Total 5,021,291,258 12,200,767,524 2,292,272,614 1,323,992,197 29,068,520,753 49,906,844,346 Compliance Year 2014 RIN Sale Transactions
RIN Year by D-Code AGIMP AGREF EXPRT No Self Identification NOTOP Grand Total 2012 4 1,612,543 26,132,517 737,116 189,627 2,193,267 30,865,070 5 515,211 8,371,358 2,263,565 11,150,134 6 1,094,853 169,982,593 1,914,011 203,772 13,406,314 186,601,543 2012 Total 3,222,607 204,486,468 2,651,127 393,399 17,863,146 228,616,747 2013 3 11,613 167,890 179,503 4 48,035,806 332,983,942 94,396,239 2,860,827 395,967,506 874,244,320 5 5,781,964 61,897,569 2,232,838 73,463 15,873,007 85,858,841 6 302,456,986 1,747,458,624 54,898,127 62,278,335 951,260,792 3,118,352,864 2013 Total 356,274,756 2,142,351,748 151,527,204 65,212,625 1,363,269,195 4,078,635,528 2014 3 967,778 24,208,097 25,175,875 4 246,248,950 813,092,859 630,883,801 266,834,846 4,277,628,983 6,234,689,439 5 35,489,084 25,678,521 25,667,313 3,171,039 102,670,345 192,676,302 6 3,844,424,081 9,087,517,863 1,392,692,757 1,212,748,035 24,408,194,547 39,945,577,283 7 30,000 38,859 68,859 2014 Total 4,126,162,115 9,927,257,021 2,049,273,871 1,482,753,920 28,812,740,831 46,398,187,758 Grand Total 4,485,659,478 12,274,095,237 2,203,452,202 1,548,359,944 30,193,873,172 50,705,440,033 - Annual RIN Holdings Summary
The provisions for carryover RINs (RINs generated in a prior year that may be used for compliance in the next year) implement the statutory requirement that the RFS program regulations provide for credits of a 12-month duration for those who over-comply with a given year’s RFS requirements. In addition to crediting over-compliance, the carryover RIN provisions provide flexibility to obligated parties who may face unforeseen circumstances that significantly limit their ability to acquire RINs through blending renewable fuels. This could include such things as droughts or other acts of nature that are unpredictable and that make the applicable standards unattainable through blending renewable fuels. Refiners have indicated to EPA that they treat carryover RINs as essentially insurance against non-compliance. EPA believes this type of compliance flexibility helps EPA set increasing annual standards consistent with the goals of the statute. EPA already publishes a monthly summary on its website of total RINs generated and retired, as well as of previous year RINs that remain available for compliance. The total number of carryover RINs for each prior compliance year is the number of RINs from that year that are not yet retired or otherwise used by obligated parties for compliance purposes.
To further supplement the existing posted information on carryover RINs, this data set provides information on the types of parties that are holding carryover RINs, and the volume of RINs by party type. The data are aggregated into the primary categories of importers of petroleum fuels, exporters of renewable fuels, refiners of petroleum fuels, and parties that do not have a renewable volume obligation (non-RVO parties). The tables below show aggregated RIN holdings after the first reporting quarters of the three years following a compliance year (e.g., holdings of RINs generated in 2010 are shown after the first quarters of 2011, 2012, and 2013). Depending on the compliance demonstration date established for a given RIN vintage, the carryover RINs shown in Tables 1-3 may or may not have expired as of a given RIN holding date1. The data show that the overwhelming majority of carryover RINs are held by petroleum fuel importers, renewable fuel exporters, and petroleum refiners.
The tables display holdings of RINs grouped by year of RIN generation, RIN type (D-code), and category of RIN holder for specified dates that coincide with the day after the first quarter for the three years following the year of RIN generation. The RIN holdings tables show the relative distribution of RIN ownership at specific points in time.
RIN holdings have been aggregated into five categories, which are determined by information submitted in the field “Compliance Basis/Facility ID” of the most recent RIN Activity Reports (Field #9 of form RFS0104) after the RIN holding date in question. The information in this field is self-reported by each individual company submitting the quarterly activity report. The five categories are:
- AGIMP – Aggregated Importer of petroleum fuel (an Obligated Party under RFS)
- AGREF* – Aggregated Refiner of petroleum fuel (an Obligated Party under RFS)
- EXPRT – Exporter of renewable fuel (subject to an export obligation under RFS)
- NOTOP – Non-Obligated Party (solely a RIN generator or RIN owner). This category includes all non-RVO parties. (E.g., the category does not include exporters of renewable fuel, since such parties have an exporter RVO, and are covered under the EXPRT category.) It may include renewable fuel producers, marketers, blenders, and owners of both assigned and separated RINs.
- No Self Identification – Information was not provided by the submitter
* Refiners of petroleum fuel have the option of complying with their RVO on an aggregate basis or on a facility-by-facility basis. In cases where a company self-reported compliance on a facility-by-facility basis (using facility ID) and the company is registered with EPA as a gasoline/diesel refinery, then its facility (or facilities) is included with the “AGREF” category aggregation in the tables below.In cases where a company entered obviously incorrect designation information, EPA made an attempt to correct the value using previously reported information or existing registration information to assign RIN holdings within a compliance category. For situations where EPA was not able to assign a compliance category, such as when the Compliance Basis/Facility ID field value was left blank or the company failed to submit a RIN Activity Report, the corresponding RIN holdings are aggregated into the category “No Self Identification.” Information on both RIN totals and self-report categories is current as of April 1, 2015.
The RIN holdings presented below are from the EMTS system and are specific to RINs generated in 2010, 2011, and 2012. Year 2010 was a transition year from RFS1 to RFS2; the Year 2010 RINs in these tables include only RFS2 RINs generated in EMTS after July 1, 2010. Year 2010 RINs expired after quarter 1, 2012. Year 2011 RINs expired after Quarter 1, 2013. Year 2012 RINs are still active in EMTS but will expire after the compliance year 2013 compliance demonstration deadline is finalized and complete.
1For example, RINs generated in 2010 may be used to comply with 2010 or 2011 RFS mandates. The compliance demonstration date for 2011 RFS requirements was March 31, 2012. Accordingly, any 2010 carryover RINs not used for compliance as of March 31, 2012 have expired, and may not be used to demonstrate compliance with 2012 or subsequent RFS mandates.
RIN Year 2010
D Code 4
Category April 1, 2011 April 1, 2012 April 1, 2013 AGIMP 4,571,835 502,898 502,898 AGREF 60,060,156 953,153 953,153 EXPRT 1,513,088 3 3 No Self Identification 1,045,072 155,477 155,477 NOTOP 10,431,635 1,651,930 1,143,776 Grand Total 77,621,786 3,263,461 2,755,307 D Code 5
Category April 1, 2011 April 1, 2012 April 1, 2013 AGIMP 0 0 0 AGREF 1,596,057 56,080 56,080 EXPRT 732,085 0 0 No Self Identification 0 0 0 NOTOP 1,435,366 353 353 Grand Total 3,763,508 56,433 56,433 D Code 6
Category April 1, 2011 April 1, 2012 April 1, 2013 AGIMP 268,064,264 39,031,961 39,031,961 AGREF 1,983,497,746 199,649,777 199,649,777 EXPRT 5,383,755 2,027,739 2,027,739 No Self Identification 29,580,545 23,154,836 23,154,836 NOTOP 422,273,570 162,785,135 162,785,135 Grand Total 2,708,799,880 426,649,448 426,649,448 RIN Year 2011
D Code 4
Category April 1, 2012 April 1, 2013 April 1, 2014 AGIMP 23,476,108 926,378 926,378 AGREF 291,231,164 10,986,673 10,986,673 EXPRT 1,590,175 24,341 341 No Self Identification 7,689,743 3,783,539 493,122 NOTOP 72,162,726 7,394,220 5,854,918 Grand Total 396,149,916 23,115,151 18,261,432 D Code 5
Category April 1, 2012 April 1, 2013 April 1, 2014 AGIMP 4,587,661 118,208 118,208 AGREF 48,962,027 1,251,142 1,251,142 EXPRT 330,338 0 0 No Self Identification 609,419 255,194 26,164 NOTOP 3,331,678 1,063,743 1,063,743 Grand Total 57,821,123 2,688,287 2,459,257 D Code 6
Category April 1, 2012 April 1, 2013 April 1, 2014 AGIMP 347,088,603 9,704,540 9,704,540 AGREF 3,082,869,530 108,797,597 108,797,597 EXPRT 11,736,288 183,678 183,678 No Self Identification 37,546,633 19,547,419 333,086 NOTOP 363,053,397 331,090,132 330,899,168 Grand Total 3,842,294,451 469,323,366 449,918,069 RIN Year 2012
D Code 3
Category April 1, 2013 April 1, 2014 April 1, 2015 No Self Identification 20,069 20,069 20,069 Grand Total 20,069 20,069 20,069 D Code 4
Category April 1, 2013 April 1, 2014 April 1, 2015 AGIMP 11,240,821 3,481,465 5,671 AGREF 261,141,489 257,903,305 176,242,300 EXPRT 2,792,630 1,882,252 3,028,364 No Self Identification 1,548,002 1,396,239 1,783,336 NOTOP 37,761,419 11,943,062 3,325,096 Grand Total 314,484,361 276,606,323 184,384,767 D Code 5
Category April 1, 2012 April 1, 2013 April 1, 2014 AGIMP 14,870,767 8,045,727 1,322 AGREF 157,627,122 150,418,305 119,285,212 EXPRT 0 0 0 No Self Identification 645,333 1,118,253 1,118,253 NOTOP 1,675,259 2,969,381 754,417 Grand Total 174,818,481 162,551,666 121,159,204 D Code 6
Category April 1, 2012 April 1, 2013 April 1, 2014 AGIMP 44,226,035 53,414,355 1,140,251 AGREF 1,968,545,177 1,967,495,827 1,482,940,801 EXPRT 6,951,853 2,968,948 2,067,078 No Self Identification 15,377,352 10,626,895 10,423,123 NOTOP 67,251,383 16,694,979 11,810,081 Grand Total 2,102,351,800 2,051,201,004 1,508,381,334 D Code 7
Category April 1, 2013 April 1, 2014 April 1, 2015 AGREF 1,741 1,741 1,741 Grand Total 1,741 1,741 1,741