2015: a network that is growing

We will recount a year of great results

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Letter of the Chairwoman and the CEO

Matteo del Fante, Catia Bastioli

The 2015 results confirm the Group’s solid growth trend.
Terna was able to make its contribution also to the reduction in the costs of the electricity system, visible in the containment of expenses incurred on the dispatching service market and in further convergence of the zonal prices, keeping the system secure. During 2015, Terna consolidated its cooperation with other grid operators both in the context of international bodies (ENTSO-E), and at the bilateral level. The operating focus for the creation of the new interconnections provided for in the development plan is also continuing. Their entry into operation will increasingly facilitate the process of integration and coordination with the large continental electricity grids.

Catia Bastioli             Matteo Del Fante                                                
The Chairwoman         The Chief Executive Officer                                                                                                         

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The Terna Group, briefly

  • Owner of the National Transmission Grid (NTG)

  • Responsible for planning, construction and maintenance of the NTG

  • Responsible for transmission and dispatching of electricity throughout Italy

  • The largest independent network operator (TSO – Transmission System Operator) in Europe and the reference operator of the national electricity system

Read more    Corporate Structure


The 2016-2019 Strategic Plan

The 2016-2019 Strategic Plan initiatives identified regard:

  • Increased commitment to developing the National Electricity Grid and the integration of the High Voltage grid acquired from Ferrovie dello Stato

  • Promotion of new business under the scope of Non-Regulated Activities, in Italy and abroad

  • Identification of international opportunities in Regulated areas, coherent with the Group’s current risk profile

  • Increase in operating efficiency

  • Technological innovation

  • Improvement of Free Cash Flow and the maintenance of a solid financial structure

  • New dividends policy

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2016 Development Plan

Total investments of around € 6.6 billions

  • Reduction of energy losses of 1.6 billion kilowatt-hours per year

  • Reduction of CO2 emissions of approximately 15 million tonnes/year

  • Reduction of congestions for an amount of more than 5,000 MW

  • Greater overall foreign exchange capacity, estimated at more than 6,000 MW

  • Greater power capacity generated by renewable sources of around 5,500 MW.

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Performance of Terna stock and shareholder return

Average price for the year
4.22 €/share
Average price for the year
Maximum share price
4.79 €/share
Maximum share price (29/12/2015)
Dividend per share
20 € cents
Dividend per share
Total shareholder return
+32.5 %
Total shareholder return

Financial and economic performance

2.082,1 Mln €
Revenue (+4.3%)
​1.539,2 Mln €
EBITDA (+3.2%)
Group net income
595.5 Mln €
Group net income (+9.4%)
Total investments
1.103,1 Mln €
Total investments  (+0.6%)

Operating performance

Power lines
8.379 km
Power lines acquired from Ferrovie dello Stato
Electrical substations
Electrical substations acquired from Ferrovie dello Stato
PUN (Single National Price)
52 €/MWh
(Single National Price)
MSD (Dispatching Services Market)
-31 %
(Dispatching Services Market)

Environmental performance

Incidence of SF6 leaks
-16 %
Incidence of SF6 leaks (compared to 2014)
Direct emissions of CO2
66.799,4 t
Direct emissions of CO2 (-14%)
Rifiuti riciclati
92 %
Waste recycled (+11%)
Injury rate
Injury rate (-3.4%)

Social performance

Young people recruited
Young people recruited
​Donne in posizioni manageriali
18,2 %
Women holding managerial positions (senior and junior executives) over total women (+0.6%)
Training coverage
97 %
Training coverage  (+8%)
Hours of training per capita
56 h
Hours of training per capita (+30%)

Terna Group objectives and capital

The Terna Group’s general objectives refer in part only to Regulated Activities, and partly to Regulated and Non-Regulated Activities combined. These objectives are pursued by transforming the capital that the Group holds into actions, based on governance strategies and systems.

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Continuity indices of the electrical service

Each stage of the electricity system – generation, transmission, and distribution – contributes to the result of ensuring the availability of electricity for society, guaranteeing adequate quality standards and a number of outages lower than pre-set thresholds.
Terna monitors the continuity of the service provided through different indices, defined by the AEEGSI (Resolution 250/04) and by the Terna Grid Code.

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Electricity service costs

In 2015 Terna recorded a notable reduction in the cost of energy with a benefit for all the Italian system, thanks to the savings obtained on the Dispatching Services Market (DSM for which Terna is directly responsible) and maintenance of the PUN (Single National Price) at the same minimum levels of 2014, with the effect of greater competitiveness.

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Economic-financial performance

In 2015, the Terna Group achieved revenues totalling € 2,082.1 million (+4.3% compared to 2014).
Revenue from Regulated Activities recorded an increase of € 26.8 million compared to the previous year. The growth of revenue from Non-Regulated Activities amounting to € +63.1 million.

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Non-Regulated Activities

The Terna Group undertakes infrastructural activities and services under the market system or regulated by foreign authorities, pursuing new business opportunities with its experience, technocal expertise and ability to innovate, all gained managing complex systems.

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Sustainability performances  

The improvement in Terna’s environmental and social performance is based on a constant commitment to making progress in all areas of sustainability.

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The events of 2015

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Discover Interactive Reports Terna

Integrated Report

Sustainability Report

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