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Replay -

I know, RINs are boring. It took me a while to even want to try and figure it out. I'm still not all the way there, but with the way RIN prices have risen in the ethanol world - going from fractions of a penny when they first came out to more than 15 cents a credit - I figure they will get more attention now. People tend to pay attention to things that can make them money.
By Ron Kotrba | March 04, 2009
If anyone tuned in for the EPA Webinar last week on the development of a federal renewable identification number (RIN) credit tracking system, you probably got as little as I got out of it – there were audio difficulties throughout the simulcast. Afterwards I gathered some information as to what the gist of the event really was.

The purpose of the Webinar was to explain EPA's development of a Moderated Tracking System to accurately and securely track renewable identification number (RIN) credits in order to successfully execute the renewable fuels mandate. RINSTAR has been working with EPA to help EPA develop a federal register through which all RIN transactions would flow to ensure accuracy and honesty in reporting.

The number of invalid RINs in the marketplace has caused EPA some concern. Also, EPA stated it would not play "matchmaker" in the market with RINs but instead the MTS will act as an accounting mechanism to bring integrity to the market. Much of the backend of the Webinar was highly technical in the IT department.

The MTS system won't be enacted until once the final RFS2 rule comes out, which isn't expected until Jan. 1.

After the technical difficulties of the simulcast, McMartin sent out this letter with a subject line: "EPA MTS Webinar and Surveying Do-Over"

"The CFSAB (Clean Fuel Standards Advisory Board) received some great news yesterday afternoon when we had the good fortune of acquiring the entire EPA MTS presentation, including the audio portion. Now we can replay the presentation and run the online polling for you and the entire industry to take part in. This Do-Over Webinar will be conducted on Thursday March 5th starting at 1:00 EST (10:00 PST, 11:00 MST, 12:00 CST) and will last approximately one and one-half hours.

As you are most likely aware, the first attempt at the webinar was a bust – much of it my own fault. Now I am taking my mother's advice on this one – "If at first you don't succeed, try, try again". And I am betting that your own mother gave you some of the same advice and would encourage you to give me another chance.

The good news for you is that since you had previously registered for the event, you won't need to do a thing right now. To save you the time and trouble, my associates will be registering you for this new webinar sometime today or tomorrow. Look for an e-mail confirmation on Monday when you get back to the office.

Now, in an effort to further redeem myself, I am making an offer that my associates believe I may have lost my mind on. At no charge to you, we will validate as many as 1.0 Million Gal-RINs across the RINSTAR® registry for anyone who previously signed up for the simulcast webinar on 2/25. This offer is limited, applies to a one time data file submission, subject to terms of non-disclosure, and available only to the first 12 companies who respond by end of business on Tuesday.

Considering the market value of RINs, and the fact that we routinely identify between 5 and 6% of RINs outside of the RINSTAR® registry to be invalid, this offer could easily be worth $8000 or more to your company. With 12 companies taking me up on this, that is over $100,000 worth of repentance on my part. Not to mention the potential savings in avoided audits. I hope this illustrates the true respect we all have for your time.

As we now see from EPA's actions with the proposed MTS program, RINs are serious business today and even more so in the future. The EPA is embarking on an important mission and has asked for our feedback. I hope you will take me up on this second chance to participate in the process. Join your colleagues from throughout the renewable fuel supply chain on Thursday at 1:00 EST and make your voice heard."


Anyways, the Webinar is being rebroadcast on March 5 at 1:00pm Eastern, 12pm Central. There will be interactive polling and data will be kept anonymous, but aggregated data collected from the brief surveys during the event will be presented to EPA as feedback from the industry, which it solicited.

I know, RINs are boring. It took me a while to even want to try and figure it out. I'm still not all the way there, but with RIN prices rising, going from fractions of a penny when they first came out to more than 15 cents a credit, I figure they will get more attention now – people tend to pay attention to things that can make them money.

If you are interested in checking it out, here's the link: https://www2.gotomeeting.com/register/495977954

If it doesn't work this time, Clayton will buy everyone a brand new Cadillac – I'm just kidding!