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Credit Clearance Market

The Credit Clearance Market creates a clear path for regulated parties to come into compliance with the clean fuel standards in the event that they are short in the number of credits they need to comply. The CCM strengthens the program by setting the maximum compliance cost for the program, reducing the possibility of credit price spikes, and maintaining the incentive to invest in low carbon fuel production and distribution. The CCM also creates a clear maximum price for selling credits at the end of a compliance period, and thus caps the cost of complying with the program.

Credit Clearance Market timeline for 2022

  • April 1, 2022: DEQ issued a call for credits to be pledged into the CCM.

  • May 2, 2022: Regulated parties were required to submit their annual report for 2021 and indicate to DEQ if they will need to purchase credits from the CCM. Two parties must purchase credits in the CCM this year.

  • May 15, 2022: DEQ will declare, on or before this date, if the CCM is necessary. Since there are two parties that must purchase credits, there will be a CCM in 2022.

  • June 1, 2022: DEQ will publish, on or before this date, a list of the companies that have pledged to sell credits into the CCM and a list of the companies that must buy credits in the CCM to come into compliance with the CFP. DEQ will also notify regulated parties what their pro-rata share of the pledged credits are. Three parties have pledged to sell credits in the CCM – Neste US, McMinnville Water & Light, and PacifiCorp. Two parties must buy credits in the CCM - ARS Fresno and Coleman Oil. There are significantly more credits pledged into the CCM than are needed by the parties need to purchase so they will be required to purchase their entire obligation.

  • From June 1 to July 31, 2022: The CCM is in operation. Buyers and sellers negotiate amongst themselves to complete credit transfers. Parties must submit credit transfers to DEQ as per routine program requirements.

  • Aug. 31, 2022: Regulated parties must submit their amended annual reports reflecting credits purchased through the CCM. If a party has deficits remaining after the CCM, CFP will increase the number of deficits by 5% and place into the regulated party's annual report for the following year.