EPIC gathers pricing information that is created by actual suppliers and is the same wholesale pricing data that suppliers provide to their customers daily. EPIC’s prices are not released to the marketplace until the prices become effective.
To qualify in an EPIC Wholesale Rack report, a supplier must maintain a steady allocation of product(s) and sell to anyone that meets their customer terms of agreement. Therefore, EPIC’s Wholesale Price Reports do not include contract pricing, which is not open to all potential customers. (See note below)
EPIC Summaries: A summary can be an average of two or more prices, or can be a single price listed as the Rack High or Rack Low. Averages are calculated and reported on either branded, unbranded or all suppliers’ posted prices. Summaries can reflect the subscriber’s preference for gross or net supplier terms with gross prices showing the price before prompt payment discounts have been applied and net prices representing the price after prompt payment discounts have been applied. Only “updated” prices are included.
Outages/Out of Range or Bogus Value Prices: All prices marked as an “outage” are eliminated from EPIC’s summaries. EPIC handles these in two different ways based on current market conditions and whether they are a range outage value or bogus value. All prices marked as an “outage” are reveled with an “X” next to the price. Outages are marked during the quality control process.
“A Bogus Value” is a known price a supplier may post when they are out of product. The purpose of a Bogus Value is for a price that doesn’t fall into the Range Outage values but still needs to be excluded from rack reports. The way they are excluded is to show the last confirmed price but mark it with an X. Prices that have not changed in 14 days are checked weekly. The move date provides the date when that price went into effect and the move amount would be blank.
An “Out of Range” value does not refer to product availability. Instead, it indicates that a price appears to be unreasonably high or low when parallel to other prices, and isn’t included in the EPIC summaries. If a supplier’s price is below the low value or above the high value, the price is marked as a Range Outage Price and the supplier does not display in the rack reports.
Branded versus Unbranded: Branded products can only be sold at locations under a specific supplier’s name or brand. Unbranded products are sold at independent locations, where a customer can purchase unbranded product from an unbranded supplier.
EPIC Terminal Reports and EPIC Standard Rack Reports: EPIC’s Terminal Reports provide full supplier pricing detail, listing terminal city’s and terminal owners, and showing prices where a supplier has product availability. EPIC’s Standard Rack Report does not indicate terminal owners, indicates city, but provides the same supplier pricing detail (except if a supplier has product at one more or terminals, in which case, the lowest price at a terminal will be represented).
EPIC reserves the right to change the methodology of EPIC Wholesale Rack Reports at any time. EPIC will provide a 24-hour written notice on the website prior to any such changes for customer review.
Explanation of “Contract” References
EPIC provides several daily Price Reports and Price Indexes reflecting confirmed supplier wholesale pricing and averages by Rack Market. Accordingly, buyers and sellers can use EPIC Indexes to tie their transaction to a specific EPIC Price Report or Price Index at a fixed point in time. Available in gross or net terms, EPIC’s supplier pricing and indexes are available in EPIC’s History Reports for retroactive confirmation and audit requirements. EPIC Indexes include lows, highs and averages for all suppliers as well as branded and unbranded lows, highs and averages.
Released daily after 10:00 a.m. EST, the EPIC “Benchmark Contract” Price Report reflects the average of all supplier pricing in each EPIC Rack Market prior to that time. The term “contract” reflects the industry’s common use of this timestamp report as a basis for buyers and sellers to agree to a transaction price and index.
Please note that EPIC does not include contract pricing in its indexes. Only wholesale supplier pricing is included in the calculation of EPIC Indexes.
Low Carbon Fuel Standard Program (LCFS)
EPIC Price Reports show finished prices. This allows for an “apples to apples” comparison, enabling customers to see the actual price they will be paying without having to do any calculations.
- Base Price – what a supplier is charging per unit.
- Low Carbon Fuel Standard cost added per unit (varies by product and supplier.)
- Finished price – what customers are actually paying per unit (base price + GHG + LCFS.)