Bigger trash Since trash disposal is the big business, Covanta also starts to look somewhat like a Waste Management ( WM 0.81% ), with a solid book of fee-based business. Interestingly, Waste Management is also working on the EfW space, burning 7.7 million tons of waste in 2012. That's less than half of Covanta's capacity. That said, in addition to that, Waste Management is using its landfills to produce natural gas. So Waste Management provides additional ways to play the energy from trash angle.