Contents
Investment summary 3
Positives and risks 6
Sector relative valuations 9
Industry landscape 12
Regulation 15
Capacity market liberalisation 19
Impact of macro deterioration 20
Corporate governance risks 23
Companies 25
RusHydro ................................................................................................................27
OGK1 ......................................................................................................................41
OGK3 ......................................................................................................................56
Disclosures Appendix 71