The EPA’s ‘Set Rule’ finalized sharply higher mandates for the cellulosic biofuel category and confirmed the elimination of the cellulosic waiver credit (CWC), driving cellulosic RIN prices to the highest in over a year.
The mandates were set using an aggressive 25% annual rate of growth for the Renewable Natural Gas (RNG) industry—the top generator of cellulosic D3 RINs—through 2025.
Current year vintage D3 RINs rallied in response to the bullish ruling, trading as high as $3.15/RIN by July 7, 2023, a record high for the vintage.
