Covanta to Report Second Quarter Results on July 22

Date: July 13, 2010

Source: Covanta Holding Corporation

Covanta Holding Corporation Second Quarter Earnings Conference Call to be Held on July 23, 2010

Covanta Holding Corporation (NYSE: CVA) will host a conference call at 8:30 AM (Eastern) on Friday, July 23, 2010 to discuss its second quarter results. The Company will release those results after the market closes on Thursday, July 22, 2010. Our press release will also be available in the News section of the Company's website at www.covantaholding.com.

Prepared remarks will be followed by a question and answer session. To participate, please dial 877-806-3982 approximately 10 minutes prior to the scheduled start of the call. If you are calling from outside of the United States, please dial 702-928-7062. Please utilize conference ID number 84494781 when prompted by the conference call operator. The conference call will also be webcast live from the Investor Information section of the Covanta website.

A replay of the conference call will be available from 11:30 AM (Eastern) Friday, July 23, 2010 through midnight (Eastern) Friday, July 30, 2010. To access the replay, please dial 800-642-1687, or from outside of the United States 706-645-9291 and use the replay conference ID number 84494781. The webcast will also be archived on www.covantaholding.com.

About Covanta

Covanta Holding Corporation (NYSE: CVA) is 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 45 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 20 million tons of waste into more than 9 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 www.covantaholding.com.

Covanta Holding Corporation Announces Conversion Rate Adjustments on Senior Notes and Debentures

Covanta Holding Corporation (NYSE: CVA) today announced that in connection with its previously announced special cash dividend of $1.50 per share, adjustments have been made to the conversion rates applicable to its 3.25% cash convertible senior notes due 2014 and to its 1.00% senior convertible debentures due 2027.

The dividend was declared on June 17, 2010, and will be payable on July 20, 2010 to stockholders of record as of the close of business on July 12, 2010.

The 3.25% Cash Convertible Notes due 2014:

The conversion rate will be adjusted to 59.1871 shares of Covanta's common stock per $1,000 principal amount of the notes. The adjusted conversion rate is equivalent to an adjusted conversion price of $16.90 per share and became effective on July 8, 2010.

The 1.00% Senior Convertible Debentures due 2027:

The conversion rate will be adjusted to 38.9883 shares of Covanta's common stock per $1,000 principal amount of the debentures. The adjusted conversion rate is equivalent to an adjusted conversion price of $25.65 per share. This conversion rate adjustment became effective on July 13, 2010.

About Covanta

Covanta Holding Corporation (NYSE: CVA), is 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 45 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 20 million tons of waste into more than 9 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 www.covantaholding.com.

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