The U.S. Bankruptcy Court on Wednesday approved a settlement allowing Philadelphia Energy Solutions to pay a small portion of the millions of dollars it owes in unpaid renewable energy obligations, clearing a major obstacle facing the bankrupt South Philadelphia refinery’s reorganization. Workers are in the process of neutralizing a highly toxic substance as part of a shut down. Chicago-based Hilco Redevelopment Partners is now officially the owner of the former Philadelphia Energy Solutions refinery complex in Southwest Philadelphia. The former PES refinery site in South Philadelphia. The report was created through a community visioning process funded by a grant from the William Penn Foundation. Visioning the Future of the Philadelphia Energy Solutions Refinery Complex, Visioning the Future of the PES Refinery Complex. “Its strategic location between the job-rich hubs of Center City, University City, Philadelphia International Airport and the Philadelphia Navy Yard gives us the opportunity to create the template for an equitable, just and inclusive Philadelphia. Police shooting interrupts hearing on proposed police oversight commission, Pa. sees highest new daily case count since pandemic began, N.J. coronavirus recovery: Vaccination plan filed with CDC. The report was designed to spark a conversation about how to ensure the long-term development of the site allows connectivity to the rest of the city and yields equitable economic and environmental benefits to the city and its residents. This vision for the Lower Schuylkill calls for a series of key moves by the city in partnership with Hilco. And we look forward to getting to know them, hearing their feedback and incorporating some of their concepts into our greater redevelopment plan,” he said. Under the settlement with the Environmental Protection Agency, PES will pay up to $10 million to buy renewable energy credits, called RINs, to satisfy its regulatory liability. The credits, which are traded on open markets, would cost about $78 million to buy at current prices, according to the Oil Price Information Service. “We’ve been waiting for this for a long time,” Philly Thrive’s Jendaiya Hill said of the refinery’s sale to Hilco. The settlement would require PES to buy $12 million more renewable credits if the refinery is successful in its current claim for a refund of federal fuel excise taxes. Under the refinery’s reorganization plan, the 1,300-acre property will be sold for $252 million to Hilco Redevelopment Partners of Chicago. The massive Philly refinery site sale is about to close. That deal allowed PES to exit bankruptcy before a disastrous 2019 fire triggered the refinery’s closure last June. “But we’re demanding that Hilco is 1000% invested with us in this process.”. Business news and analysis sent straight to your inbox every Tuesday morning. PES, which was the largest refinery on the East Coast, needed to buy renewable credits representing 161.8 million gallons of ethanol. Preserving Our Water: How we use our Delaware Watershed. “We will systematically and proactively have an all-inclusive outreach to all stakeholders. When asked to comment about the completion of the Hilco purchase, Smith wrote in an email that he did not have any comments to share. Hilco’s redevelopment plans call for a new logistics warehousing hub to be built on the site, though few specifics have been released publicly. Retail gasoline typically contains about 10% ethanol. Develop green infrastructure on the portions of the site that are in the floodplain. “I think everybody from Philly Thrive to upper management, who were still getting huge bonuses on top of their salaries, everybody took it out on the guys who went in and worked there,” he said. “The former PES refinery on the Lower Schuylkill represents the single most important development site in the city,” said Harris Steinberg, executive director of the Lindy Institute for Urban Innovation at Drexel University. This successful public planning process for the Central Delaware Riverfront over the past decade-and-a-half – one that engaged more than 6,000-Philadelphians – could provide a template for how the city can create a framework for long-term growth on privately held land which advances both public benefit and development potential. © 2020 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy, The U.S. Bankruptcy Court has approved a settlement allowing Philadelphia Energy Solutions to pay only a small portion of its renewable fuel obligations. “We view this opportunity as a generational opportunity to invest in Philadelphia, do the right thing from an environmental perspective — we work very closely with Evergreen and all the different stakeholders —  to clean up the asset and then redevelop it.”, (Evergreen Resources is the Energy Transfer subsidiary in charge of cleaning up legacy Sunoco contamination at the site before PES took it over in 2012.). “This is a huge, huge victory,” she said. But then the coronavirus put him out of work again. Drexel University, 3141 Chestnut Street, Philadelphia, PA 19104, 215.895.2000, © All Rights Reserved, The 1,400 acre PES refinery site on Philadelphia’s Lower Schuylkill River was, earlier this year after a fire and explosion in the summer of 2019 caused PES to declare bankruptcy. In the interview with WHYY, Hilco’s Perez committed again to working with the community and hiring local workforce to redevelop the site. Exactly one year ago, Philadelphia Energy Solutions CEO Mark Smith announced the permanent shutdown of the refinery complex, which ended the jobs of more than 1,000 employees, about 600 of them unionized. City Council approved a bill extending those taxes on Thursday, with just one dissenting vote. “While the active emissions of pollutants have stopped, the legacy pollutants will continue to be an issue that must be tracked and monitored to protect the health of communities in the immediate area,” said DeCarlo, also a member of the Refinery Advisory Group. The Philadelphia Energy Solutions (PES) refinery was —until last year — the largest and oldest gasoline refinery on the East Coast. “Not having a refinery there ends a long environmental justice travesty and puts Philadelphia on the right side of energy history. South and Southwest Philadelphia residents and groups have called for a cleaner future use of the site that would advance environmental justice. U.S. Bankruptcy Judge Laurie Selber Silverstein, whose court is in Wilmington, approved the settlement Wednesday during a brief hearing conducted by teleconference to comply with coronavirus pandemic restrictions. WHYY connects you to your community and the world by delivering reliable information and worthwhile entertainment. Philadelphia Energy Solutions refinery in South Philadelphia. Here’s what we know about the developer buying it. Drexel University faculty are available to provide expertise, analysis, and commentary on a wide variety of news and research topics. Ethanol producers, who sell the renewable credits, had objected in the first bankruptcy that allowing PES off the hook would undermine the Renewable Fuel Standard, which is aimed at bolstering the biofuels industry. Investigation Status: The CSB's investigation is currently ongoing. The PES refinery was the biggest stationary polluter in Philadelphia. On Monday, Sanders and members of Philly Thrive, an environmental justice organization that has led the opposition to the refinery for years, celebrated the first anniversary of its closure and demanded that the City of Philadelphia not extend the Keystone Opportunity Zone designation for the site or grant it any further tax breaks. Our goal is to jump start a robust public conversation about how Philadelphia can best integrate the site into the city over the next century”. This successful public planning process for the Central Delaware Riverfront over the past decade-and-a-half – one that engaged more than 6,000-Philadelphians – could provide a template for how the city can create a framework for long-term growth on privately held land which advances both public benefit and development potential. “It’s dead, it’s done. PES, which was the largest refinery on the East Coast, needed to buy renewable credits representing 161.8 million gallons of ethanol. “With the permanent end to the city’s largest industrial source of harmful air pollutants and climate pollution,” Philadelphia has a once in a generation opportunity to rethink the long-term future of this important site to ensure it protects our environment, health, and safety while spurring economic development and high-paying union jobs," said Joseph Otis Minott, executive director and chief council of Clean Air Council.

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