Energy is our responsibility. Responsibility is our energy.
We are a major operator of grids used to transport energy. We manage the high-voltage transmission of electricity in Italy, ensuring security, quality and cost-effectiveness over time. We are working hard on development of the electricity grid, the achievement of ongoing improvements in operational efficiency and integration with the European grid. We guarantee equal access to all grid users. We are developing Non-regulated Activities and new business opportunities, building on the experience and technical expertise gained in managing complex systems and on our technological excellence.
We promote the energy transition and sustainable development by focusing on people and innovation. Every day, we work to build an atmosphere of dialogue and trust in local areas, to which we bring a vital asset for everyone's economic and social lives: electricity. This translates into choices based on respect for the environment and local communities. Our inclination to listen begins within the Company, among our people, in the awareness that the radical transformation the world is experiencing is a shared responsibility. This responsibility is our energy.
Development of the electricity system and the opening up of the market for services to new resources
Key dimensions of the electricity system
Statement from the Chairwoman and the Chief Executive Officer
The energy transition represents a major opportunity. Nothing less than an industrial transformation requiring a collective commitment from businesses, government and other stakeholders, called on to work together to devise strategies and implement projects designed to achieve the goals of decarbonisation, energy efficiency and security, and to deliver research, innovation and competitiveness.
In this new scenario, Terna has a crucial role to play as an enabler of the current transformation, requiring us to manage the growing complexity of the electricity system, whilst also establishing Italy’s importance as a European energy hub serving the Mediterranean area. As a key player in the “green revolution”, Terna is continuing to invest in order to guarantee an increasingly modern, efficient, secure, flexible and sustainable electricity grid.
The Strategic Plan 2020-2024 envisages accelerated investment in Italy’s national grid, with the aim of supporting the energy transition and the country’s decarbonisation strategy. This will have a major impact on development, partly through an increase in the induced impact. In this regard, the €7.3 billion we intend to invest in Italy’s electricity infrastructure marks the biggest investment programme ever undertaken.
Innovation and digitalisation are of strategic importance in this process. In 2019, Terna opened three new Innovation Hubs in Turin, Naples and Milan to exploit synergies between the Group’s own skills base and outstanding local expertise, developing ideas and innovative projects.
Terna pays great attention to the relationships between our business activities and the social and environmental context. In the last three years, we have organised over a thousand meetings with local communities, making participatory design our chosen approach for reaching shared, sustainable solutions for grid development.
The alignment of Terna’s mission with major international sustainable development goals is strengthened by the integration of sustainability into everything we do and the decisions we take: in addition to innovation, we are committed to people, above all to their safety at work both within and outside the Company, to ongoing dialogue with local communities and to reducing our environmental footprint.
We aim to put Italy at the centre, strengthening our country’s leading role in Europe’s energy system, take advantage of new enablers and new technologies and making a major contribution to employment and generational turnover among our personnel.
The results achieved in 2019 show how Terna has the ability to deliver on our objectives and confirm the validity of management’s approach to growing the business. The Group’s strong operating and financial performance will, moreover, enable Terna to continue to work towards providing a system that is increasingly secure, efficient and sustainable for the benefit of everyone.
Luigi Ferraris
Chief Executive Officer
Catia Bastioli
Our performance
Share price
Key projects

Our strategy
2020-2024 Strategic Plan
To play a leading role in the coming sustainable energy transition, by leveraging our distinctive innovation capabilities, competencies and technologies for the benefit of all stakeholders: this is Terna's mission, as confirmed in the new strategic plan.
Our investment programme
€7.3 billionin Regulated Activities
(up 20% compared with the previous programme)
~€900 millionin innovation and digitalisation
(up 30% compared with the previous programme)
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Our strategic framework

Guiding role in sustainable energy transition

Guiding role in sustainable energy transition




Further strengthening and leveraging technology

Development of new services supporting the energy transition

Enhancement of core competencies



Developing leadership in innovation

Skills optimization

Innovation and digitalisation


Regulated activities

“We will strengthen our core business in Italy, investing in the electricity grid. We will give top priority to all the activities that enable Italy to tackle its energy challenges in a safe, efficient and sustainable way by leveraging our technological expertise and the specific characteristics of local areas.”

  • €4.2 billion - Development of the national electricity grid
  • €0.9 billion - Defence plan
  • €2.3 billion - Renewal and efficiency projects
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Non-regulated activities

“Non-regulated Activities will be geared towards supporting the energy transition, taking advantage of opportunities beyond our core activities, pursued in line with Terna's mission.”

  • Consolidation of our role as “Energy Solutions Provider”
  • Development of high value added solutions and products for businesses
  • Expected contribution of Non-regulated Activities to the Group's EBITDA: €450 million
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International activities

“We aim to leverage the core competencies developed in Italy as a TSO through growth opportunities overseas.”

  • Strengthening Italy's role as a hub and platform for cross-border electricity trade
  • Operation and maintenance of power lines in Latin America (Brazil, Uruguay and Peru)
  • Expected contribution of International Activities to the Group's EBITDA: €200 million
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Innovation and digitalisation

“Innovation and digitalisation, needed in order to manage the complexities of the system, represent one of the two key drivers in our strategy, as well as a paradigm change: from Watts to Bytes.”

  • ~€900 million in investment in new digital technologies to transform the grid
  • Creation of Innovation Hubs around Italy, developing innovative ideas that will benefit the electricity grid
  • Development of a shared vision of processes, forming the basis for the creation of strategic, innovative projects developing the country's entire electricity system
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“Energy for change starts with our people, who represent the second key driver of our transformation.”

  • Safety improvement initiatives
  • Development of digital skills, performance appraisal and the progressive extension of agile working practices
  • Alignment of individual performance with the Company's business objectives, developing welfare and gender equality policies
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Focus on innovation

Innovation and digitalisation are indispensable in an increasingly complex, integrated and distributed energy system. Decisions regarding future development focus on the technology trends most relevant to our business.

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15 years of sustainability
The Sustainability Report 2019 marks Terna’s fifteenth annual report on its non-financial performances, proof of a concrete commitment that is increasingly integrated into the Group’s business.
Over the intervening years, our sustainable approach to doing business has resulted in a growing contribution to the creation of value over the medium to long term, mitigating ESG (Environmental, Social and Governance) risks, boosting our human capital and establishing constructive relations with stakeholderrelations with stakeholders. Our constant commitment to improving our ESG performances, through the introduction of guidelines, policies and monitoring systems, is reflected in the sustainability ratings assigned by the leading international agencies.
Historical data
Consolidated financial statements
Green finance

Green bond

10 January 2019
Terna launches a fixed-rate green bond issue in the form of a private placement, amounting to €250 million, reopening the bond issue of 23 July 2018.

Green bond 2

3 April 2019
Terna issues a new green bond worth €500 million. The issue, which proved very popular with investors with with bonds 7 times oversubscribed, has a 7-year and pays coupon interest of 1%.

Revolving Credit Facility

23 April 2019
Soon after the €500 million green bond issue, Terna obtains a back-up ESG-linked Revolving Credit Facility from a pool of banks, in the form of a committed credit facility amounting to €1.5 billion.