Welcome to the Bioeconomy: 15th Annual Executive Leadership Conference Kicks Off in Florida |
Growth Energy's 15th Annual Executive Leadership Conference is currently underway at the JW Marriott Marco Island Beach Resort in Marco Island, Fla. The event kicked off yesterday with a comprehensive Tech Forum covering specialized issues that affect plant and facility performance, Growth Energy's annual Golf Tournament, and a welcome reception sponsored by CTE Global. Check out yesterday's highlights in the video below: |
Today's opening General Session will begin shortly, and attendees will have the chance to hear from experts in the field of biofuels and agriculture speak on topics such as sustainable aviation fuel, carbon intensity, artificial intelligence and more. Featured speakers will include USTR Chief Trade Agricultural Negotiator Doug McKalip, USDA Under Secretary for Trade and Foreign Agricultural Affairs Alexis Taylor, plus Congressman Darin LaHood, from the 16th District of Illinois.
Follow along with the action on Growth Energy's social media channels using the hashtag #ELC2024. Are you with us on-site in Marco Island? Be sure to use the hashtag when you share photos from the event and don't forget to tag us to say hello!
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Last week, domestic ethanol demand was 12.8 BGY, up 3.4% compared to a week ago. The EIA-reported gas demand was up 3.4% from last week, at 124.8 BGY. Demand and production rebounded, but not completely, from the downturn the week before that was brought about by severe cold weather across many parts of the U.S. The 4-week average ethanol and gas demand are 12.8 and 125.0 BGY (+1.2% YoY).
Ethanol production was 15.2 BGY last week, up 21.2% versus the week before, and 3.7% less than the 4-week average in 2019. Midwest production was up 22.5% (+50.6 MG) versus a week ago, and average production in the other regions was up 1.9% (+0.3 MG). Capacity utilization of plants online was 85.9% overall, 86.8% in the Midwest, and 71.6% on average, elsewhere, excluding 1,197 MGY of capacity shutdown at 25 ethanol plants for other than maintenance. On an installed capacity basis, utilization was 80.4% overall, 84.6% in the Midwest and 43.0% in the other regions.
Exports were an estimated 29.4 MG last week based on 130 MG of exports forecast for January. The EIA reported no ethanol imports last week.
Overall inventory was up 12.6 MG last week. EIA-counted stocks decreased 64.9 MG, and regional changes were: East (-3 MG), Gulf (-36 MG) and West (-5 MG) Coasts and the Midwest (-21 MG). In-transit inventory increased 77.5 MG.
Based on the total inventory of 1,836 MG on January 26th and the 4-week avg. domestic demand, there were 52.3 days of supply, down 0.1 days versus a week ago. Including the 4-week avg. of net exports, there were 46.8 days of supply, down 0.1 days versus a week ago. |
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House Passes Tax Bill with R&D Expensing |
American Drivers Have Logged 100 Billion Miles on E15 |
Growth Energy Submits Testimony on Indiana E15 Retail Tax Incentive |
POET and Summit Carbon Solutions Announce Carbon Capture Partnership |
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2024 Growth Energy Executive Leadership Conference Marco Island, Fla. January 31- February 3, 2024 |
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House Passes Tax Bill with R&D Expensing |
Yesterday, the U.S. House of Representatives passed the bipartisan
Tax Relief for American Families and Workers Act of 2024. Included in the legislation is expensing for domestic research and development costs retroactive to 2022, along with restoration of an earlier interest deduction, an expansion of small business expensing, and an extension of bonus depreciation.
Specifically on the research and experimental expenditures, this bill delays the date when taxpayers must begin deducting their domestic research or experimental costs over a five-year period until taxable years beginning after December 31, 2025. Therefore, businesses of all sizes may immediately deduct current domestic research or experimental costs that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. The bill's updated R&D tax credit will make it easier for the biofuel industry to innovate, invest, and create new jobs. We’re grateful for this bipartisan, pro-growth solution that will help support innovation and economic activity in rural America through an updated research and development tax credit, and we are urging swift passage in the U.S. Senate.
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For more information, please contact Vice President of Government Affairs John Fuher. |
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American Drivers Have Logged 100 Billion Miles on E15 |
Growth Energy released updated data this week showing that American drivers recently surpassed a massive milestone: 100 billion miles driven on affordable, homegrown E15 fuel.
The 15-percent biofuel blend is saving motorists nationwide an average of up to 15 cents per gallon at the pump. In some states, amid heightened fuel costs this past summer, drivers saw E15 savings climb as high as 60 cents per gallon.
“At Growth Energy, we are proud to lead the charge on American-made, plant-based fuels,” said CEO Emily Skor. “Homegrown biofuels deliver value for consumers at the pump, value for American agriculture and rural communities, and value for our nation’s climate goals. We’re proud of the 100 billion miles driven on E15 and excited that consumers have access to an affordable, earth-friendly option to fuel their travels.” Skor used the news to urge lawmakers to find a federal legislative solution that provides for the unrestricted sale of E15 in every state, all year long.
“There aren’t very many products on the market today that allow consumers to both save money and lower their carbon emissions at the same time. E15 is one of them,” she added. “We need a permanent fix to ensure retailers can continue to offer this fuel option and consumers can continue to rely on it to quickly and easily lower their fuel costs and shrink their carbon footprint.”
Read more.
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For more information, please contact Vice President of Market Development Jake Comer. |
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Growth Energy Submits Testimony on Indiana E15 Retail Tax Incentive |
Dallas Gerber, Growth Energy Director of State Government Affairs, was in Indianapolis, Ind. this week testifying on Indiana House Bill 1315, which establishes a five cent per gallon tax incentive for retailers to sell E15. The legislation was heard in the House Agriculture and Rural Development Committee, where Growth Energy was joined by the Indiana Ethanol Producers Association, Indiana Corn and Soy, and the Indiana Food and Fuel Association in supporting the bill.
“House Bill 1315 empowers Indiana fuel retailers, farmers, and consumers to benefit from increased ethanol production and blending in fuel that can be used in more than 96% of all vehicles on the road," Gerber said in his testimony. "Providing a tax incentive for the sale of E15 provides a needed boost for Indiana corn farmers, who would see stronger sales and increased farm incomes because of higher demand for an Indiana-grown-and-produced product.” Indiana is among several states, including Ohio, South Dakota, and Michigan, in which Growth Energy is working to enact a tax incentive for fuel retailers to offer E15 and higher blends.
You can read Gerber's testimony as prepared here.
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For more information, please contact Senior Vice President of Regulatory Affairs Chris Bliley. |
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POET and Summit Carbon Solutions Announce Carbon Capture Partnership |
In a major step forward for the future of agriculture and biofuels, POET and Summit Carbon Solutions announced a groundbreaking partnership connecting the world’s largest biofuel producer with the world’s largest carbon capture and storage project. This collaboration brings together two entities—both founded upon creating new agricultural markets and supporting rural communities—to capture the value of the biogenic CO2 from the bioethanol production process.
The partnership strategically expands the carbon opportunity across the Midwest by incorporating POET’s 12 facilities in Iowa and five facilities in South Dakota into the Summit project. This addition will facilitate the capture, transportation, and permanent storage of 4.7 million metric tons of CO2 annually from the 17 POET bioprocessing plants.
“POET is excited to partner with Summit Carbon Solutions on this historic project,” said Jeff Broin, POET Founder and CEO. “As the world seeks low-carbon energy solutions, carbon capture ensures that ag-based biofuels will remain competitive for decades to come. This is a tremendous opportunity to bring value to farmers, bioethanol producers, and rural communities and counties in participating states, and I believe it will unleash even more opportunities for ag and bioprocessing in the future.”
"Our partnership with POET is creating new economic opportunities in agriculture,” said Lee Blank, CEO of Summit Carbon Solutions. “This initiative is aimed at enhancing the financial profitability of our farmers, contributing to higher land values, and ensuring a more prosperous future for farm families and communities. Our focus is on tangible benefits that directly support the backbone of our nation's agricultural industry." Read more here.
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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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