British Surveyors from Suregrove Limited Examine JSC RusHydro’s HPPs
JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that specialists from the renowned British surveying company Suregrove Limited, as part of a pilot project, examined several HPPs owned by JSC RusHydro (at the invitation of the Company). The insurance surveyors carried out work at the Company's Sayano-Shushenskaya HPP and Zagorskaya PSHPP last week, and they plan to inspect the Votkinskaya and Saratovskaya HPPs in the near future.
Following the examination of the Sayano-Shushenskaya HPP and Zagorskaya PSHPP, Suregrove Limited specialists stated that the plants are safe. Surveyors inspected both the operating equipment and facilities under reconstruction. Expert reports are expected to be executed by December.
The visit to the Company's four plants is part of the pilot cooperation project between the Company and western surveyors. A large-scale tour of the Company's facilities will be organized for insurance specialists for spring 2011.
The fact that RusHydro has invited external specialists to examine its facilities indicates that the Company is open to both the Russian and international insurance markets. In the Company's opinion, these examinations will create a favorable environment for renewing insurance agreements in 2012 and beyond.
Inviting insurance appraisers will help simplify the work of insurance companies that provide coverage for JSC RusHydro's facilities. In addition, an appraisal conducted by a reputable British survey company will facilitate the re-insurance process, while also ensuring that JSC RusHydro will receive guaranteed money in the case of an insured accident.
For 2011, JSC RusHydro has engaged JSC Alfa Strakhovanie to provide insurance for property owned by JSC RusHydro and its SDCs (including insurance on facilities under construction). Suregrove Limited has vast experience in Russia and has previously conducted examinations for companies, including: Norilsk Nickel, Rosneft, Euraz Holding, Severstal, RUSAL, VISMA/VSMP, Ural Stal, Gazprom, RAO UES, Lukoil, Transneft, MDM Group and others.
The information in this press release may contain
projections or other forward-looking statements regarding future events or the
future financial performance of RusHydro. You can identify forward looking
statements by terms such as "expect," "believe,"
"anticipate," "estimate," "intend,"
"will," "could," "may" or "might," the
negative of such terms or other similar expressions. We wish to caution you
that these statements are only predictions and that actual events or results
may differ materially from these statements. We do not intend to update these
statements to reflect events and circumstances occurring after the date hereof
or to reflect the occurrence of unanticipated events. Many factors could cause
the actual results to differ materially from those contained in our projections
or forward-looking statements, including, among others, general economic
conditions, our competitive environment, risks associated with operating in
Russia, rapid technological and market change in our industries, as well as
many other risks specifically related to RusHydro and its operations.