FAIRFIELD, N.J., Oct. 30 /PRNewswire-FirstCall/ -- Covanta Holding Corporation announced today that its Onondaga, New York waste-to-energy (WTE) Facility will be honored by the Federal Occupational Safety and Health Administration (OSHA) with its coveted "VPP STAR" designation on Wednesday, November 1, 2006. Covanta Onondaga, Inc., a subsidiary of Covanta Holding Corporation owns and operates the Facility, a renewable energy power plant fueled by municipal solid waste. The "VPP STAR" recognition is the highest honor given to facilities where employees, OSHA and facility management partner to reduce employee injury and ensure a safer workplace. Employee empowerment, enhanced self assessment programs and consistent achievement beyond OSHA minimum regulatory compliance are characteristics required of an OSHA VPP STAR facility. In awarding The STAR elite status, OSHA gives strong consideration to the level of employee involvement in on-site health and safety program development and to long term management commitment and support. Covanta Onondaga's designation as a "VPP STAR" facility is an honor held by less than 0.03% of the more than 7 million US workplaces. Participation in the agency's rigorous Voluntary Protection Program (VPP) requires adherence to the highest health and safety protocols in industry, demonstration of ability for continuous improvement, strong training programs and detailed hazard recognition and analysis techniques. After managing an effective health and safety program for many years, the Onondaga employees launched participation in the VPP program during 2005 and received OSHA's recognition of The STAR status in August 2006. Covanta Onondaga is the 65th worksite to receive this prestigious recognition in the State of New York, representing less than 0.013 percent of establishments in New York State to achieve the status. Covanta Onondaga is the 13th Covanta facility to earn The VPP STAR company-wide and is the 3rd Covanta facility in New York State to earn the recognition. "Covanta has made great strides in the workplace improving safety and health for all. Its efforts to attain the VPP Star status have shown they care about their employees' well being both on and off the job. Covanta Onondaga is considered one of OSHA's models of excellence," said Mike Casler, OSHA Region II Compliance Assistance Specialist. "While Covanta Onondaga has always been one of Covanta's revered facilities, achieving The OSHA VPP STAR status provides a special tribute to the health and safety performance of both the leadership team and the employees. I extend my pride in and support for the Onondaga Facility employees and their families and friends as we celebrate the wonderful collaborative team efforts that made this achievement possible," said Mr. John Klett, Senior Vice President and COO of Covanta. About Covanta Holding Corporation Covanta Holding Corporation is a New York Stock Exchange listed company engaging in waste disposal, energy services and specialty insurance through its subsidiaries. Covanta's subsidiary, Covanta Energy Corporation, is an internationally recognized owner and operator of waste-to-energy and power generation projects. Covanta Energy's waste-to-energy facilities convert municipal solid waste into renewable energy for numerous communities, predominantly in the United States. NOTE: Covanta's charter contains restrictions that prohibit parties from acquiring 5% or more of Covanta's common stock without its prior consent. 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, 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," "proposed," 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, 2005, and in other securities filings by Covanta or its subsidiaries. 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. DATASOURCE: Covanta Holding Corporation CONTACT: Christine Yeung of Covanta Holding Corporation, +1-973-882-7054

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