ROCKVILLE, Md., Feb. 21, 2023 (GLOBE NEWSWIRE) -- OPIS, a Dow Jones company, has expanded its suite of carbon assessments to help customers navigate two major new climate programs in Washington state, which took effect in January 2023.
Washington’s new cap-and-invest program and Clean Fuel Standard aim to cut greenhouse gas emissions in the state on its path to net zero. To help customers understand the cost impact of these policies on the fuel supply chain, OPIS has unveiled the first daily Washington-based price assessments on the market.
The new Washington Carbon Allowances (WCA), Cap-at-the-Rack (CAR) and Clean Fuel Standard price assessments from OPIS provide subscribers with accurate, market-based benchmarks for state-issued carbon credits and the per-gallon emissions costs for 37 different types of fuels. This ensures greater price transparency for fuel sellers and buyers, helping them make strategic, sustainable decisions that protect the environment and their bottom line.
“We are excited to leverage our extensive experience in providing comprehensive compliance market pricing to help our customers navigate Washington’s new carbon reduction regulations,” said Brian Crotty, general manager of OPIS. “Initiatives that put a price on carbon effectively reduce emissions while also creating revenue for clean energy programs. As more jurisdictions introduce climate initiatives, OPIS stands ready to provide trusted, reliable price transparency that informs purposeful business decisions in environmental markets.”
Since publishing began in January 2023, the OPIS WCA assessment for prompt delivery has averaged $41 per metric ton. OPIS CAR prices for fuels at Washington rack terminals averaged 34 cents per gallon for gasoline and 42 cents per gallon for diesel over the same time period. The OPIS Washington Clean Fuel Standard Credit price has averaged $67 per metric ton since launch.
“According to our analysis, cap-and-invest compliance costs for gasoline and diesel fuel could reach $1.2 million this year alone, but the lack of standardization in how suppliers reflect compliance costs poses a challenge for fuel buyers,” said Lisa Street, head of climate and carbon markets at OPIS. “It is imperative that entities operating in Washington have access to accurate and reliable price assessments so they can strategically manage costs and risks, and ensure policy-related expenses are applied fairly.”
OPIS began providing daily price transparency for North America’s compliance carbon markets in 2014 and remains the leading benchmark provider for carbon and fuels market data. The new Washington CAR, WCA and Clean Fuel Standard prices appear daily in the OPIS Carbon Market Report and OPIS End of Day Ethanol Assessment Report, respectively. OPIS also delivers a daily Global Carbon Offsets Report, providing trusted benchmark assessments for voluntary carbon market pricing.
OPIS assessments reflect confirmed bids, offers and trades reported by approved traders, brokers and electronic platforms. Full details about OPIS pricing methodologies are available at opisnet.com/about/methodology/.
OPIS, a Dow Jones company, provides accurate pricing, real-time news and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. OPIS and its brands, McCloskey, PetroChem Wire, Axxis and Chemical Market Analytics, enable customers to buy and sell energy commodities with confidence across the globe via easy access to transparent data, expert-level customer support, educational events and energy data solutions.
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