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Covanta Reopens the Tulsa Energy-From-Waste Facility

November 12, 2008

TULSA, Okla., Nov. 12 /PRNewswire/ — Covanta Energy, a world leader in the development and operation of large scale Energy-from-Waste and other renewable energy projects and a wholly-owned subsidiary of Covanta Holding Corporation , today announced the reopening of the Walter B. Hall Resource Recovery Facility.

The facility, which can process up to 1,125 tons of municipal solid waste per day and generate 240,000 pounds per hour of steam, is currently accepting commercial and residential household waste for processing into clean, renewable energy.

“The reopening of Tulsa’s only Energy-from-Waste Facility demonstrates the continued need for both renewable energy and sustainable solid waste management solutions,” said Seth Myones, President of Covanta Americas. “Further, this is a powerful indication of the strength of the Energy-from-Waste industry and our ability to generate clean energy from a sustainable fuel source, municipal solid waste.”

Covanta acquired the Energy-from-Waste facility from CIT earlier this year and has been implementing environmental, safety, and operational improvements to the plant, which began commercial operation in 1986 but has not been open since June 2007. Steam generated by the conversion process will be sold to local refineries and used to generate electricity.

About Covanta

Covanta Energy is a subsidiary of Covanta Holding Corporation, an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s 38 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta’s modern Energy-from-Waste facilities safely and securely convert approximately than 16 million tons of waste into more than 8 million megawatt hours of clean renewable electricity and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visit http://www.covantaholding.com/

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements as defined in Section 27A of the Securities Act of 1933 (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (“SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,”"believe,”"expect,”"anticipate,”"intend,”"estimate,”"project,”"may,”"will,”"would,”"could,”"should,”"seeks,” or “scheduled to,” or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Covanta cautions investors that any forward-looking statements made by Covanta are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Covanta, include, but are not limited to, those factors, risks and uncertainties that are described in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2007, and in subsequent securities filings by Covanta with the SEC. Although Covanta believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Covanta’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

Covanta Energy

CONTACT: Vera Carley, Covanta Energy, +1-973-882-2439

Web Site: http://www.covantaholding.com/




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