Enviva: Facilities incured 'limited' damage from Hurricane Michael
Enviva Partners reported that its facilities incurred only limited damage from Hurricane Michael. The Partnership undertook substantial preparation in advance of Hurricane Michael's landfall to keep employees safe and minimize disruption, including proactively idling operations at its wood pellet production plant in Jackson County, Florida and a third-party deep-water marine terminal in Panama City, Florida. Based on initial assessments, the Cottondale plant did not incur substantial wind or water damage. Although the Partnership does not own material infrastructure assets at the Panama City terminal, a small portion of the roof on its contracted storage warehouse will need to be replaced and an estimated 5,000 tons of wood pellet inventory stored at the terminal appear to have been damaged by wind and rain. The Partnership's production facilities and inventory are insured under a comprehensive insurance program. The Cottondale plant is prepared to return to operations once power is restored to the site, which is expected to occur within the next week. Although the Port of Panama City remains closed, the Partnership is making arrangements to transport wood pellets from the Cottondale plant to other terminals. As a result, the Partnership expects Hurricane Michael to temporarily delay portions of its shipping schedule. The Partnership will continue to assess any impact on ship timing and operations as the region recovers.