Tuesday, May 29, 2018

USA, Hawaii: Ormat has Insurance Coverage of up to $100 Million in Event of Volcanic Eruptions

Ormat Provides an Update on the Puna Power Plant in Hawaii Following the Kilauea Volcanic Eruption (News Release)

View of the fissure complex is toward the southeast during a May 28 overflight of the lower East Rift Zone at about 1:15 p.m. HST. The lava channel in middle of photograph is filling with lava erupted from fissure 22. The Puna Geothermal Venture property is at the bottom right. COURTESY USGS

Ormat Technologies Inc. provides an update on the Puna geothermal power plant located about 15 miles away from the Kilauea volcano, which erupted on May 3, 2018 and which continues to erupt and flow lava.

On Sunday afternoon, May 27th (Hawaiian time), the approaching lava covered the wellheads of two geothermal wells. The company cannot assess at this stage the extent of the damage to the future functionality of these wells. The lava continues to flow and may reach other wells and areas of the Puna facility.

Ormat has property and business interruption insurance policies that include insurance coverage in a combined amount of up to $100 million in the event of volcanic eruptions and earthquake. The Company is working with its insurance broker and has provided notice to its insurance carriers regarding the situation at Puna.

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