On April 26, Covanta Holding Corp. released first quarter financial results, reporting that the company’s biomass assets have recently been idled. Overall, total revenue increased, reaching $403 million compared to $383 million during the same period of last year. An increase in waste and service revenue was partially offset by decreases in energy and recycled metals revenue.
During an investor call, Stephen Jones, president and CEO of Covanta, noted the company shutdown all of its biomass facilities in April, and doesn’t anticipate any additional biomass revenues for the remainder of the year. He also said that the company is continuing to look at options for its biomass assets. Brad Helgeson, executive vice president and chief financial officer, cited economics in the current energy price environment as the reason Covanta shutdown those facilities.