Covanta reports progress with UK waste-to-energy projects
July 29, 2019
BY Erin Voegele
Covanta Holding Corp. President and CEO Stephen Jones discussed the company’s U.K. waste-to-energy development activities during Covanta’s second quarter earnings call July 25. While no new major projects were announced, Jones said progress is being made on several previously announced projects.
Currently, Covanta has two plants under construction in the U.K., he said, including the Rookery facility and the Earls Gate plant. The Rookery South Energy Recovery Facility is under development in partnership with the Green Investment Group and Veolia near Stewartby, a village approximately 50 miles northwest of London. Once operational, it will process more than 500,000 metric tons of residual waste annually, generating more than 60 megawatts (MW) of energy. The Earls Gate Energy Centre, under development in partnership with GIG and Brockwell Energy, is located in Grangemouth, Scotland, and will process 216,000 metric tons of waste, generating heat and power that will be supplied to an adjacent industrial operation.
According to Jones, both the Rookery plant and the Earls Gate facility are now in the civil construction stage. Construction is proceeding as planned, he said, with commercial operations expected to begin in 2022.
During the second quarter, Covanta continued to make progress on reaching financial close on the Protos and Newhurst projects in the U.K., Jones said. On top of the four U.K. projects announced to date, Jones said Covanta is continuing to pursue several other U.K. projects that are in earlier stages of development.
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Covanta reported $72 million in energy revenue for the second quarter, down slightly from $76 million during the same quarter of 2018. Overall, the company reported $467 million in revenue for the quarter, up from $454 million during the second quarter of last year. Net loss was $21 million, compared to a net loss of $31 million during the same period of 2018. Adjusted EBITDA was $94 million, down from $103 million.
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