Covanta: Dublin EFW facility has begun commercial operations

By Erin Voegele | October 31, 2017

Covanta Holding Corp. recently released third quarter financial results, reporting that the company’s energy-from-waste (EFW) facility in Dublin, Ireland, has begun commercial operations and is performing in line with expectations. In the U.S., Covanta’s EFW facility in Fairfax County, Virginia, is expected to resume operations near the end of 2017. The Fairfax facility was damaged by a fire in February.

"This quarter marks a great milestone for Covanta as our state-of-the-art Dublin plant is now operational and performing very impressively.  It has been a long journey, but the end result is a testament to our development and operational capabilities. I couldn't be more proud of our team for its tireless efforts on this project." said Stephen J. Jones, president and CEO of Covanta.  "At Fairfax we are now installing upgraded fire protection and suppression equipment and expect to bring the plant back online around the end of the year. At the same time, our plants are enjoying strong markets for waste and metals and we remain on pace to meet our full-year expectations. "

During the company’s third quarter earnings call, Jones said that the Dublin facility processed nearly 100,000 tons of waste during the third quarter and generated more than 35,000 megawatt hours of power. He said the facility successfully completed its 30-day performance demonstration test earlier this month. Results of the test show emissions levels are significantly below permitted limits.

Covanta reported $429 million in revenue for the third quarter of 2017, up from $421 million reported for the same period of last year. Adjusted EBITDA was $117 million, down from $124 million during the third quarter of 2016. Diluted earnings per share were 11 cents, down from 42 cents during the same quarter of 2016. Adjusted earnings per share reached 12 cents, down from 18 cents reported for the same three-month period of last year.