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.