New RIN system set to ‘stabilise the market’

The National Biodiesel Board (NBB) and global energy information provider Genscape has announced the launch of the GEnscape Renewable Identification Number (RIN) Integrity Network dashboard.

The NBB call the initiative ‘another step to stabilising the RIN market’ and its RIN task force has continuously worked with the petroleum industry to provide solutions to the uncertainities in the RIN market.

The RIN Integrity Task Force, made up of obligated parties, blenders, retailers and both small and large biodiesel producers, helped guide the development of a voluntary, private sector program that would provide transparency and integrity to the marketplace.

‘A handful of isolated fraud cases have paralyzed the biodiesel RIN markets, but the launch of a comprehensive auditing and real-time monitoring program will give the market a great deal of confidence in any biodiesel producer that is participating in the Genscape program,’ says NBB CEO, Joe Jobe.

The dashboard allows subscribers to do due diligence, with real-time information on participating biodiesel producers, through a user-friendly, online information service. It also allows subscribing parties to tell whether an individual biodiesel producer's RINs have been verified through the Genscape system.

There have been more than 70 full registrations and 15 obligated parties that have signed up to trial the service.