Energy Census Price Assessment Methodology

Last updated 19 October 2017

Markets
RTFC, UCOME, FAME, RME and ULSD

Census Principles

Census specialises in bringing price discovery to opaque commodity markets and uses a survey-based approach as its primary price reporting mechanism. Census offers an independent, impartial price reporting service that is dedicated to improving transparency and certainty within the markets it reports on.

Survey-based assessments are suited to markets where standardisation, in terms of qualities, volume, other specifications, is lacking. Many of the key benchmark prices that underpin exchange-listed contracts or other derivative financial instruments utilise a survey approach to price reporting.

Every day Census canvasses market participants to identify key pricing information from across all the markets that Census serves. Any data relating to prices, such as expressions of buying interest (bid); expressions of selling interest (offer); confirmed trade levels; tender or other contract details; pricing information from related or similar products; freight information and costs; derivative or exchange-listed contracts; government information, is collated on a daily basis and may factor in the final, end-of-day assessment.

Firm physical expressions of buying, selling or trading relating to the specific commodity that Census is assessing, that have been independently confirmed with the market, take precedence over any other pricing information.

Census Approach

Census talks to market participants throughout the day to determine the price direction, emerging trends or any other information pertinent to the market served. In that effort, Census aims to understand and highlight the factors that underpin price movement and gather a compelling weight of evidence around the end-of-day price.

Census aims to bring transparency to the markets it serves through the collation and collection of relevant pricing information. All physical data that Census captures through the day is stored in its data processes, with the most relevant bid, offer or trade information shared as part of the final publication process.

Census publishes relevant live market alerts throughout the day that reflect key price movements. Such alerts may be published online via the relevant Census website and its mobile app, through instant messenger or social media.

Once collected, verified and collated, the pricing information forms the basis for the end-of-day assessment. The assessments are published weekly in the Energy Census [RE]fuel Report.

Census Renewable Transport Fuel Certificate (RTFC) assessments

Census publishes a current and previous year assessment for Renewable Fuel Transport Certificates alongside assessments for the related markets of ULSD, UCO, UCOME, FAME 0 and RME.

All Europe-based assessments are timestamped 16:00 London time.

All prices are published on a weekly basis.  Census will collect data on the RTFC and related markets throughout the week, but the data collected on the day of publication will be directly considered in establishing that day’s assessment.​

Census RTFC current year and previous year

Census publishes current year and previous year assessments for certificates issued as part of the UK government’s Renewable Transport Fuel Obligation. Assessments are published on a UK pence per certificate basis.​

 

Census diesel and biodiesel assessments

Census publish differentials for FOB UCOME, FOB FAME 0 and FOB RME to mineral diesel in order to establish the theoretical ceiling for crop-based RTFCs and waste-based RTFCs. Alongside assessments for UCOME, FAME 0 and RME, Census also publishes assessments for FOB ULSD and CIF UCO.

The Census FOB UCOME assessment is published on a weekly basis and reflects best indications for Used Cooking Oil Methyl Ester that complies with the European Renewable Energy Directive meeting EN 14214 traded in the Amsterdam-Rotterdam-Antwerp barge spot market. The assessment reflects trading on a free on board basis. Price is published in US dollars per metric ton on an outright price basis.

The Census FOB ULSD assessment is published on a weekly basis and reflects best indications for Ultra Low Sulphur Diesel of 10 parts per million sulphur, meeting EN 590 traded in the Amsterdam-Rotterdam-Antwerp barge spot market. The assessment reflects trading on a free on board basis. Price is published in US dollars per metric ton on an outright price basis.

The Census FOB FAME 0 assessment is published on a weekly basis and reflects best indications for Fatty Acid Methyl Ester with a Cold Filter Plug Point of 0 degrees Celsius, meeting EN 14214 traded in the Amsterdam-Rotterdam-Antwerp barge spot market. The assessment reflects trading on a free on board basis. Price is published in US dollars per metric ton on an outright price basis.

The Census FOB RME assessment is published on a weekly basis and reflects best indications for Rapeseed Methyl Ester, meeting EN 14214 traded in the Amsterdam-Rotterdam-Antwerp barge spot market. The assessment reflects trading on a free on board basis. Price is published in US dollars per metric ton on an outright price basis.

Foreign Exchange

The Census US dollar to British pound sterling exchange rate is based on an assessment of the prevailing exchange rate as at 16:00 London time.