(H/T to Joe & Valerie)
Covanta has written off its entire investment on the Poolbeg project in its 3Q results, citing the “political and regulatory environment” in Ireland. That’s just the sort of language we want in a SEC filing.
According to RTE, Covanta still intends to build the incinerator but does not feel bound to do so.
I’m not sure whether this is more bluff by Covanta, prudent accounting on their part, or a sign that Minister Gormley will after all waste a substantial sum of money, raise waste charges for everyone, and condemn the country’s waste to landfill for years to come.