Growth Energy Provides Updates on IRS 45Z Registration Requirements and RFS Litigation |
Earlier this week, Growth Energy hosted a member webinar on the Internal Revenue Service (IRS) and U.S. Treasury Department's May 31 guidance on registration requirements for the 45Z Clean Fuel Production credit. As noted by Growth Energy staff during the webinar, bioethanol producers who want to be eligible to claim 45Z for either sustainable aviation fuel (SAF) or non-SAF production at the start of the 45Z credit period (which begins on January 1, 2025) need to have registered with the IRS using Form 637 (available for download here) before July 15 to allow IRS to process the registration request. The guidance adds that failure to register could result in delayed eligibility for the tax credit.
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The webinar also featured detailed updates by Growth Energy General Counsel Joe Kakesh on how Renewable Fuel Standard (RFS) disputes are playing out in the courts.
Members who missed the call can find a recording of the webinar in the Resources section of the Growth Energy Member Portal (note: access to the portal is password-protected and only for Growth Energy members. First time users will need to perform a password reset).
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For more information, please contact Vice President of Government Affairs John Fuher. |
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Last week, domestic ethanol demand was 14.1 BGY, down 2.2% compared to a week ago. The EIA-reported gas demand was down 2.2% from last week, at 137.1 BGY. The 4-week average ethanol and gas demand are 14.3 and 139.1 BGY (-1.0% YoY). Demand for the week was down as expected in the week following the long holiday weekend.
Ethanol production was 16.4 BGY last week, up 0.4% versus the week before, and 1.0% more than the 4-week average in 2019. Midwest production was up 0.5% (+1.5 MG) versus a week ago, and average production in the other regions was down 1.6% (-0.3 MG), mainly in the USGC region. Capacity utilization of plants online was 92.9% overall, 94.0% in the Midwest, and 78.0% on average, elsewhere, excluding 1,247 MGY of capacity shutdown at 25 ethanol plants for other than maintenance (details on pg. 31). On an installed capacity basis, utilization was 86.8% overall, 91.0% in the Midwest and 48.6% in the other regions.
Exports were an estimated 31.6 MG last week based on 140 MG of exports forecast for May. The EIA reported no ethanol imports last week.
Overall inventory was up 10.0 MG last week. EIA-counted stocks decreased 6.5 MG, and regional changes were: East (-7 MG), Gulf (-1 MG) and West (+6 MG) Coasts and the Midwest (-4 MG). In-transit inventory increased 16.5 MG.
Based on the total inventory of 1,803 MG on May 31st and the 4-week avg. domestic demand, there were 46.1 days of supply, down 0.3 days versus a week ago. Including the 4-week avg. of net exports, there were 41.3 days of supply, down 0.2 days versus a week ago. |
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Rep. Hinson Joins Growth Energy's E15 Summer Challenge |
Lallemand Announces Acquisition of BASF's Bioenergy Enzymes Business |
Next Week: Growth Energy at FEW 2024 |
Tune In: Get Bioethanol Chevy Heads to Sonoma |
| Get Bioethanol NASCAR Toyota/Save Mart 350 Sonoma, CA June 9, 2024 2024 International Fuel Ethanol Workshop
Minneapolis, MN June 10-12, 2024 |
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Rep. Hinson Joins Growth Energy's E15 Summer Challenge |
Rep. Ashley Hinson fills up with E15 while in Iowa. |
Representative Ashley Hinson (R-Iowa) joined Growth Energy's E15 Summer Challenge by sharing a video of herself filling up with E15 (Unleaded 88) while on a day of county tours in her Iowa district. Rep. Hinson spoke of the benefits of the higher blend of bioethanol, and reminded viewers that E15 is saving drivers money at the pump. Check it out here. |
Join the E15 Summer Challenge! |
Growth Energy CEO Emily Skor filling up with Unleaded 88. |
Summer driving season is now underway, and we want to remind you to fill up with lower-cost, lower-carbon E15 (Unleaded 88) at the pump as you hit the road!
Whether it's everyday errands or a cross-country road trip, join Growth Energy in our E15 Summer Challenge! Share your savings with us on social media using the hashtag #E15SummerChallenge! |
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For more information, please contact Vice President of Government Affairs John Fuher. |
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Lallemand Announces Acquisition of BASF's Bioenergy Enzymes Business |
Growth Energy members BASF and Lallemand Biofuels & Distilled Spirits (LBDS) announced this week the sale of the former's bioenergy enzymes business to LBDS. This sale includes the Spartec® product portfolio and any related technologies in development.
LBDS and BASF’s bioenergy business have been partners since 2017, jointly developing the
expression of gluco and alpha amylase enzymes in bioengineered yeast, now widely used in
the North American ethanol production market.
“Lallemand is the best owner for the bioenergy enzymes business,” said Daniel Wilms, Vice President Strategy, Innovation & Sustainability at BASF’s Nutrition & Health division. “Their dedication to the biofuel industry, along with their complementary portfolio and global presence, will create new opportunities for growth.”
If you are attending the International Fuel Ethanol Workshop (FEW) in Minneapolis, Minn. next week, LBDS will be presenting their expanded portfolio for attendees.
Read the full press release here. |
For more information, please contact Senior Vice President of Development Kelly Manning. |
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Next Week: Growth Energy at FEW 2024 |
Don't forget that next week, Growth Energy will be at the 40th Annual International Fuel Ethanol Workshop (FEW) in Minneapolis! Growth Energy Senior Vice President of Regulatory Affairs Chris Bliley will keynote the event on Tuesday, June 11th at 9:30 a.m. CDT.
Following the keynote, attendees will hear from Growth Energy's Vice President of Government Affairs John Fuher who's serving on a panel with other association leaders to discuss today's clean energy policy landscape.
Find us at Booth #1123 for more information on our advocacy efforts and take a spin with our prize-filled claw machine! |
For more information, please contact Senior Vice President of Development Kelly Manning. |
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Tune In: Get Bioethanol Chevy Heads to Sonoma |
This weekend, NASCAR's No. 3 driver Austin Dillon will take the Get Bioethanol Chevy to the iconic 110-lap road course in Sonoma, Calif. Follow along here and be sure to tune in this Sunday at 3:30 PM ET on NASCAR on FOX! |
For more information, please contact Senior Vice President of Development Kelly Manning. |
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Growth Energy is the leading voice of America’s biofuel industry, delivering a new generation of plant-based energy and climate solutions. |
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