ALEXANDRIA, Va. -- Retailers who blend biofuels now have a new resource to manage the Renewable Identification Numbers (RINs) they earn through the Renewable Fuel Standard (RFS).
The truckstop and travel center association NATSO Inc. and its Alternative Fuels Council have started a RIN Management Service to help retailers who buy, sell and blend biodiesel, ethanol, renewable diesel and renewable compressed natural gas to navigate the RFS’ compliance requirements.
The service includes:
- Consultation on complying with the RFS and Low Carbon Fuel Standard.
- Registration assistance for the U.S. Environmental Protection Agency’s (EPA) RFS program and an IRS Blenders License.
- Resources on fuel supply options.
- Assistance with state incentive programs.
- Monitoring of the status of impending IRS Blenders Tax Credits.
The service also offers software that provides real-time RIN management, a system of record for RIN transactions and RIN account reconciliations. The software can reduce the staff time it takes for blenders and marketers to comply with the RFS by up to 75%, according to the Alternative Fuels Council. The group’s staff will also provide quarterly reporting mandated by the EPA and third-party CPA audits.
“Bringing new fuels to market and managing Renewable Identification Numbers is a time-consuming task,” said Jeff Hove, fuels specialist for Alexandria, Va.-based NATSO. “This program allows fuel retailers to access highly skilled professionals to help them expedite the process while accurately meeting their compliance needs. It effectively removes the hurdles that stand in the way of many fuel retailers from entering the alternative fuels and RIN markets, which may significantly increase fuel margins.”
NATSO launched the Alternative Fuels Council in June to help retailers introduce alternative fuels to their forecourt. The RIN Management Service is the second tool introduced by the council this year. This summer, it introduced its first product, the Biodiesel Fuel Quality Plan, which is designed to help retailers ensure a minimum standard of biodiesel quality.