Covanta provides updates of Dublin, Fairfax EfW facilities
Covanta Energy Inc.
August 2, 2017
BY Erin Voegele
Covanta Holding Corp. recently released second quarter financial results, reporting its Dublin energy-from-waste (EfW) facility is on track to begin commercial operations before the end of the year. The company’s EfW facility in Fairfax County, Virginia, which was damaged during a fire in February, is expected to resume operations in the fourth quarter.
During an investor call, Stephen Jones, president and CEO of Covanta, described progress being made at the Dublin plant, noting the facility is on track to begin commercial operations by the start of the fourth quarter.
We are currently process waste and testing both boilers, he said, adding that synchronization with the Irish electrical grid is expected to occur shortly. As operations continue to stabilize following initial startup, Jones said performance testing will begin at the facility.
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“The facility is one of the most technically advanced in the world,” Jones said. “We’re excited to provide the Dublin region with a clean, sustainable waste management solution for decades to come.”
Regarding the Fairfax County facility, Jones said Covanta has repaired and replaced the refuse cranes, noting the facility is operationally ready to resume processing waste. The company is working with the Fairfax County Fire Marshal’s Office to finalize plans to upgrade fire protection and suppression equipment. Once those plans are final, it will take approximately two months to install the equipment before the plant can be restarted, he added. The facility is currently expected to restart in the fourth quarter.
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Jones also discussed a joint development agreement Covanta recently entered with Biffa, an integrated waste management company in the U.K., for two new EfW facilities. “We are excited about this partnership, which further enhances our pipeline of development opportunities in the robust U.K. energy-from-waste market,” he said.
For the three months ended June 30, Covanta reported revenue of $418 million, down from $424 million during the same period of 2016. Net loss was $29 million, compared to $37 million. Adjusted EBITDA was $82 million for the quarter, down from $93 million during the third quarter of last year.
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