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Renewable Energy Group Praises New York City's Biodiesel Fleet Law

Stocks in this article: REGI

Renewable Energy Group® (NASDAQ: REGI) hailed New York City’s new law that will utilize a five percent blend of biodiesel in the city’s vehicle fleet beginning next year, and increasing to 20 percent in the near future.

REG President and CEO Daniel J. Oh and Gary Haer, Vice President, Sales and Marketing were on hand at City Hall to witness Mayor Michael Bloomberg signing the legislation into law. The measure, introduced by Councilman Jim Gennaro, codifies the city’s existing use of biodiesel blends in the city’s fleet of approximately 6000 vehicles. The city’s Parks and Recreation Department has been using B5 for the last two years and began using B20 this year during warmer months.

The new law requires the city fleet to use a B5 biodiesel blend beginning July 1, 2014. Beginning July 1 2016, the city fleet must use a B20 blend from April to November. The city will also launch a pilot program prior to December 1, 2016 to study year round usage of B20 with no fewer than 5 percent of the city fleet.

“Thanks to the leadership of Mayor Bloomberg and Councilman Jim Gennaro, New York City has been, and will continue to be a champion of biodiesel usage,” said Oh. “This law ensures that legacy of support will continue so that New Yorkers can enjoy the benefits of cleaner air and a healthier environment that biodiesel brings, while diversifying our energy sources and strengthening food supply.”

In addition to the fleet law, the city has had a B2 biodiesel requirement for home heating oil in effect since last year. The New York State legislature recently passed B2 statewide legislation, requiring all heating oil for use in any building within Nassau, Rockland, Suffolk and Westchester counties to contain at least two percent biodiesel, effective October 1, 2014. On July 1, 2015, all heating oil sold for use in any building statewide will meet this standard.

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