The tragic events of September 11, 2001 had a dramatic effect on equity prices in the short term, particularly the senior U.S. issues. Prices at press time were down for Allied Waste (25.9 per cent), Waste Management (10.1 per cent), Republic Services (15.1 per cent), and Casella Waste Systems (14.3 per cent). European companies also declined, but less dramatically, such as Vivendi Environnement (down 8.8 per cent) and Waste Recycling Group (down 2.2 per cent). Imco Recycling had the best performance, increasing 9 per cent.
Over the summer Vivendi won a number of contracts, including a US $800-million contract to build and operate a desalinization plant near Tel Aviv, Israel.
Enbridge Inc. of Calgary, Alberta announced its SunBridge Wind Power project with Suncor Inc., also of Calgary. Located near Gull Lake, Saskatchewan, it generates electricity for the Saskatchewan power grid from three test turbines. The full plant, to consist of 17 turbines, will be commissioned in June 2002.
Casella Waste Systems of Rutland, Vermont continued its non-core asset sales initiative, selling its tire recycling assets for U.S.$13-million and its timber energy resources subsidiary.
Colin Cieszynski is an investment advisor at Canaccord Capital. Contact Colin at 416-867-4543; fax 416-879-7706; or email Colin_Cieszynski@canaccord.com.