Tidewater Renewables Ltd T.LCFS

Credit where due.

[wynner]

CARB LCFS credits up to $57 USD/ton as of yesterday.  Up again.
 TWM has to get credits from somewhere.
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 Revenue for the three

and six months ended June 30, 2024, includes approximately $55.7 million and $85.2 million of operating

emissions credit sales, respectively. For the same periods of 2023, there were no operating emissions

credit sales.

[wynner]

CARB credits still at $57US in August. Meanwhile : BC LCFS : 1400 credits in one transaction ..........$350 ! as per the BC gov't. August. Could it be Tidewater? I don't know. Could be? Who else is there? I bought several thousand lower than today's price. Ready to add more after TWM secures financing next week.

[wynner]

More on CARB credits. Scotia did an in depth analysis last week. Very positive imo. Raising the blend for RD from 5% to 9% in January 2025. Higher draw down of credits. Up to 30% by 2030. LCFS credits calculated to be $157 ? California. Not mentioned. Winter blend in Canada = less imports to BC. Tidewater already at 30% blend they said. Cruise ships running on renewable out of Spain. New

[wynner]

Carb LCFS credits at $60 US today. The bottom was July. imo.

[wynner]

 $61US now on a steep ramp. Just going over MDA news release. My take for next Q+. Revenue down due to LCFS credit sale to TWM. Good for TWM. Interest payment down due to TWM taking the debt. Bad for TWM. Finance costs. Should probably eliminate the hedge because now the bank isn't going to force it. No hedging losses. Good for both TWM and LCFS. Derivative loss. Lower revenue and less