On July 26, Covanta Holding Corp. released second quarter financial results, provided an update of its energy-from-waste (EfW) operations and announced plans to close an EfW plant in New Jersey.
During an investor call, Stephen Jones, CEO and director of Covanta, said several of the company&rsquo;s largest plants are positioned to reach record waste and energy volumes this year. He noted the company&rsquo;s key assets are performing well, and said Covanta is continuing to move forward on its portfolio optimization plan.
According to Jones, Covanta recently decided to close its 550 ton-per-day EfW plant in Warren County, New Jersey. &ldquo;This was a difficult decision as the facility has run consistently well and the team has done a fantastic job there,&rdquo; he said &ldquo;However, given its size and the challenging local market conditions, we didn&rsquo;t see its potential to be a significant financial contributor going forward.&rdquo; The facility is expected to close early next year.
Regarding Covanta&rsquo;s energy segment, Jones said Covanta saw strong year-over-year improvement in energy production, given the performance of the fleet and the Fairfax plant in particular. He also noted that Covanta has agree to a new 15-year power purchase agreement at its Marion County EfW facility in Oregon. &ldquo;The new power sales will begin in the later part of 2019,&rdquo; he said. &ldquo;The pricing in this agreement reflects the plant&rsquo;s capability as a base load renewable energy provider and we expect it to improve the plant&rsquo;s overall economic proposition.
In addition, Jones said that the Virginia-based Fairfax plant entered into a new one-year power purchase agreement for a portion of its output. &ldquo;This agreement includes value for the renewable aspects of the plant,&rdquo; he said.
Overall, Covanta reported $454 million in revenue for the second quarter, up from $424 million for the same period of last year. Net loss was $31 million compared to a net loss of $37 million during the second quarter of 2017. Adjusted EBITDA was $103 million, up from $93 million during the first quarter of last year.
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On July 26, Covanta Holding Corp. released second quarter financial results, provided an update of its energy-from-waste (EfW) operations and announced plans to close an EfW plant in New Jersey.     



Covanta releases Q2 results, plans to close New Jersey EfW plant

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