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Covanta Holding Corporation (Covanta), incorporated on April 16, 1992, is a holding company that, through its subsidiaries, is engaged in the businesses of waste and energy services, and insurance services. Covanta owns and operates infrastructure for the conversion of energy-from-waste, waste disposal and renewable energy production in the United States. It also engages in the independent power production business outside the United States. The Company owns or operates 51 energy generation facilities, 41 of which are in the United States, and 10 of which are located outside the United States. Covanta also has investments in subsidiaries engaged in insurance operations in California primarily in property and casualty insurance. National American Insurance Company of California (NAICC) writes non-standard private automobile insurance policies in California. The Company operates in two segments: Waste and Energy Services and Other Services.

Waste and Energy Services Business

Covanta's energy generation facilities use a variety of fuels, including municipal solid waste, water (hydroelectric), natural gas, coal, wood waste, landfill gas and heavy fuel oil. The Company also owns or operates several businesses that are associated with its energy-from-waste business, including a waste procurement business, two landfills, and several waste transfer stations. It also operates one domestic water treatment facility.

The principal purpose of the Company's energy-from-waste projects is to provide waste disposal services, typically to municipal clients who sponsor the projects. The electricity or steam generated is generally sold to local utilities or industrial customers, Many of its service contracts may be renewed for varying periods of time, at the option of the municipal client. Covanta receives revenue in the form of fees pursuant to the service or waste contracts, and in some cases, energy purchase agreements, at facilities it owns or operates. TransRiver Marketing Company, L.P. (TransRiver), a subsidiary of the Company, markets waste disposal services to third parties predominantly to utilize that portion of the waste disposal capacity of its energy-from-waste projects, which is not dedicated to municipal clients. TransRiver provides waste procurement services to its waste disposal and transfer facilities. TransRiver also provides management and marketing of ferrous and non-ferrous metals recovered from energy-from-waste operations, as well as services related to non-hazardous special waste destruction and residue management for the Company's energy-from-waste projects. The Company conducts international energy business through its foreign subsidiaries and affiliates. The largest element of its international waste and energy services business is our 26% ownership in and operation of a 510 megawatt (gross) pulverized coal-fired electric generating facility in the Philippines. It also has interests in other fossil fuel generating projects in Bangladesh, China, India and the Philippines, an energy-from-waste project in Italy, and two small hydroelectric projects in Costa Rica. The projects sell the electricity and steam they generate under long-term contracts or market concessions to utilities, governmental agencies providing power distribution, creditworthy industrial users, or local governmental units. The Company also sells electricity and steam under short-term arrangements. The Company has interests in international power projects with an aggregate generating capacity of approximately 952 megawatt (gross) with its portion of the ownership in these facilities representing approximately 377 megawatt. In addition to the Company's headquarters in Fairfield, New Jersey, covanta's international business is facilitated through field offices in Shanghai, China; Chennai, India; Manila, Philippines; Birmingham, England, and Bangkok, Thailand.

On February 12, 2007, the Company entered into agreements relating to the subscription for a 40% equity interest in Chongqing Sanfeng Environmental Industry Co., Ltd. (Sanfeng). Sanfeng, a company located in Chongqing Municipality, China, is engaged in the business of owning and operating energy-from-waste projects and providing design and engineering, procurement and construction services for energy-from-waste facilities in China. Sanfeng owns minority equity interests in two 1,200 metric tons per day, 24 megawatts mass-burn, energy-from-waste projects. Energy-from-waste facility design and engineering services are provided by Sanfeng using technology under license from Martin GmbH fur Umwelt und Energietechnik.

Other Services Business

Covanta's insurance operations are primarily conducted through NAICC. NAICC has managed its business across four principal lines of business: non-standard private passenger automobile; commercial automobile; workers' compensation, and property and casualty. As of December 31, 2006, NAICC was engaged in writing non-standard private passenger automobile primarily in California.




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