(a) Any party that owns any amount of renewable fuel (in its neat form or blended with gasoline or diesel) that is exported from the region described in §80.1126(a) shall acquire sufficient RINs to offset a Renewable Volume Obligation representing the exported renewable fuel.
(b) Renewable Volume Obligations. An exporter of renewable fuel shall determine its Renewable Volume Obligation from the volumes of the renewable fuel exported.
(1) A renewable fuel exporter's total Renewable Volume Obligation shall be calculated according to the following formula:
RVOi = (VOLk * EVk)i + Di-1
Where:
RVOi = The Renewable Volume Obligation for the exporter for calendar year i, in gallons of renewable fuel.
k = A discrete volume of renewable fuel.
VOLk = The standardized volume of discrete volume k of exported renewable fuel, in gallons, calculated in accordance with §80.1126(d)(7).
EVk = The equivalence value associated with discrete volume k.
= Sum involving all volumes of renewable fuel exported.
Di-1 = Renewable fuel deficit carryover from the previous year, in gallons.
(2)
(i) If the equivalence value for a volume of renewable fuel can be determined pursuant to §80.1115 based on its composition, then the appropriate equivalence value shall be used in the calculation of the exporter's Renewable Volume Obligation.
(ii) If the equivalence value for a volume of renewable fuel cannot be determined, the value of EVk shall be 1.0.
(c) Each exporter of renewable fuel must demonstrate compliance with its RVO using RINs it has acquired pursuant to §80.1127.
[72 FR 23995, May 1, 2007]
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