Course 10 of 20 · Biofuels and SAF Desk Academy

RIN Operations & Exposure

Stage C, Funding and environmental entitlements. Level 5 of 10.

Generation, separation, retirement and reporting of renewable identification numbers, and the position and invalidation exposure a credit book carries.

121 chapters · 11 modules · every chapter one 8 to 10 minute explainer · builds on: Course 04, Course 07, Course 09

Enrol or enquire See the 121 chapters
How a chapter is delivered

One chapter is one idea taken to the point of use

Each chapter covers one idea to the point where you can use it, and comes two ways: a narrated explainer, and a deep dive audio discussion of around thirty minutes that works the same material at depth.

Self-paced throughout, and the same chapters can be taught as a cohort. Chapters run in order: each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

11 modules · 121 chapters

Open any module for its full chapter list, in teaching order.

M0 The Renewable Identification Number as an Instrument Ch 1-10
  1. What a Renewable Identification Number Actually Is
  2. The Renewable Fuel Standard as the Programme That Issues Them
  3. The Gallon-RIN as the Unit of Account
  4. Equivalence Value: Why One Gallon Is Not Always One RIN
  5. The Four Nested Fuel Categories and Their D-Codes
  6. Nesting Direction: Which D-Code Can Satisfy Which Standard
  7. Assigned and Separated as the Two States of a RIN
  8. Who Is Long a RIN and Who Is Short an Obligation
  9. Volume-Based Credits Against Intensity-Based Credits
  10. Map of the Work From Batch to Compliance Report
M1 Generating RINs From a Batch Ch 11-22
  1. Registration Before Generation
  2. The Approved Pathway Table and the D-Code It Assigns
  3. Engineering Review and Third-Party Facility Verification
  4. The Batch as the Unit of Generation
  5. Measuring the Batch Volume a Generation Claim Rests On
  6. Standardising Volume to a Reference Temperature Before Counting
  7. Applying an Equivalence Value to a Measured Batch
  8. Feedstock Records Behind a Single Generation Entry
  9. Generating RINs From Biogas Used as Transportation Fuel
  10. The Importer's Generation Duty at the Port of Entry
  11. Renewable Fuel That Cannot Generate a RIN
  12. One Batch Generated End to End, Worked
M2 The Registry Account and the Transaction Record Ch 23-33
  1. The EPA Moderated Transaction System as the Ledger of Record
  2. Account Types and Who May Open Which
  3. Reporting a Generation Into the Registry
  4. The Buy and Sell Pair That Must Match
  5. Pending, Matched and Expired Transactions
  6. The Product Transfer Document That Travels With an Assigned RIN
  7. Reading a RIN Serial Number Field by Field
  8. The Account Statement as the Only Balance That Counts
  9. Reconciling an Internal RIN Ledger to the Registry Balance
  10. Representing a RIN Position in an ETRM
  11. Correcting a Mis-Reported Generation or Transfer
M3 Separation: Detaching the RIN From the Gallon Ch 34-44
  1. What Separation Does, Mechanically
  2. Who Is Permitted to Separate a RIN
  3. Separation by Blending Into a Transportation Fuel
  4. Separation by Retiring the RIN Against an Obligation
  5. Separation on Export of the Renewable Fuel
  6. Separation When Neat Renewable Fuel Is Sold for Transport Use
  7. The Assigned RIN That May Only Move With Its Gallon
  8. Why a Blender Outside the Obligated Group Ends Up Long
  9. Timing the Separation and the Position It Creates
  10. Separation Errors: Acting Without the Right, and Failing to Act
  11. A Blend Event Separated and Recorded, Worked
M4 The Separated RIN Market and Transfer Mechanics Ch 45-55
  1. What Changes Once a RIN Is Separated
  2. The Bilateral RIN Trade and Its Confirmation
  3. Quoting a Credit by Category and Vintage
  4. Brokered RIN Trades and What the Broker Carries
  5. Settlement Against a Registry Transfer, Not a Delivery
  6. Terms of a RIN Purchase Agreement
  7. Representations a RIN Seller Gives
  8. The Indemnity Clause and What It Is Worth
  9. Buying RINs Bundled With the Physical Barrel
  10. The Cost Pass-Through Argument and Its Assumptions
  11. Liquidity by Category and Vintage, and What It Does to Execution
M5 The Obligation Side: Who Owes and How Much Ch 56-66
  1. Who Is an Obligated Party and Who Is Not
  2. How a Volume Obligation Is Built in Structure
  3. Four Standards Applied to One Obligated Volume
  4. Satisfying the Nested Standards in the Right Order
  5. The Exporter's Duty to Replace What It Shipped Out
  6. Small Refinery Exemptions as a Demand Variable
  7. Waiver Credits as an Alternative to a Cellulosic RIN
  8. Retirement as the Act That Discharges an Obligation
  9. Retiring the Wrong Category and What It Costs
  10. The Deficit Carryforward and Its One-Year Limit
  11. The Obligated Party's Short Position Across the Year
M6 Vintage, Carryover and the Compliance Calendar Ch 67-76
  1. The Vintage Stamped on a RIN at Generation
  2. The Validity Window and the Expiry That Follows
  3. The Capped Share of an Obligation a Prior-Year RIN May Meet
  4. Choosing Which Vintage to Surrender First
  5. The RIN That Expires Unused
  6. Generation Year Against Obligation Year
  7. The Compliance Calendar and When a Short Becomes Real
  8. Mis-Tagged Vintage as a Position Error
  9. Carrying Length Across a Year End
  10. A Two-Vintage Ladder, Worked
M7 Reporting, Attestation and Audit Evidence Ch 77-86
  1. Quarterly Credit Activity Reporting
  2. The Annual Compliance Demonstration
  3. The Attest Engagement and Its Agreed Procedures
  4. Preparing the Evidence an Attest Engagement Will Ask For
  5. Record Retention and the Document Set Behind Each Batch
  6. The Control That Catches a Double-Generated Batch
  7. Segregation of Duties Between Generation and Trading
  8. Self-Reporting an Error Before Anyone Asks
  9. Responding to an Agency Information Request
  10. Credit Instruments in Other National Programmes
M8 Measuring the RIN Position Ch 87-98
  1. What a RIN Position Is, and What It Is Not
  2. Gross Length and Gross Shortness by Category
  3. Netting Within a Category and a Vintage
  4. Netting Across Categories Under the Nesting Rule
  5. Assigned RINs as a Position Contingent on a Blend
  6. Credits in Transit and Trades Awaiting a Match
  7. The Forward Credit Position From Committed Production
  8. The Forward Obligation From Committed Fuel Sales
  9. Marking a RIN Holding Without Asserting a Price
  10. The Integrated Refiner-Blender's Net Position
  11. The Position Report a Credit Book Signs Off
  12. Where Credit Position Measurement Hands Over to Hedging
M9 Invalidation Exposure Ch 99-110
  1. What Makes a RIN Invalid
  2. The Buyer-Beware Rule and Where the Replacement Duty Lands
  3. Retrospective Invalidation of an Already-Surrendered RIN
  4. The Sudden Short an Invalidation Creates
  5. The Replacement Window and the Order It Forces
  6. The Quality Assurance Programme and What Verification Buys
  7. Verified and Unverified RINs in the Same Book
  8. Generator Concentration as an Invalidation Exposure
  9. Contractual Protection Against Invalidation and Its Limits
  10. Sizing Invalidation Exposure on a Held Position
  11. Setting a Limit on Unverified Holdings
  12. Where Invalidation Work Ends and Fraud Detection Begins
M10 A Worked Credit Book and the Limits of the Method Ch 111-121
  1. The Book Introduced: A Producer, a Blender and an Obligated Affiliate
  2. The Worked Book, Part One: A Quarter of Generation Recorded
  3. The Worked Book, Part Two: Blending and the Length It Produces
  4. The Worked Book, Part Three: Trades Placed, Matched and Broken
  5. The Worked Book, Part Four: The Obligation Computed and Discharged
  6. The Worked Book, Part Five: An Invalidation Notice Arrives
  7. The Worked Book, Part Six: Reconciled to the Registry and Closed
  8. The Same Quarter From the Obligated Buyer's Seat
  9. Judging a Credit Position Report by Its Inputs
  10. What RIN Operations Cannot Tell You
  11. The Standing Routine a Credit Book Leaves You

The brochure gives each of these 121 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 10 of twenty

It stands alone, and it is also the entry point to the Biofuels and SAF Desk Academy pathway.

Enrol or enquire See the whole pathway