# Terna Group

Terna S.p.A. is a transmission system operator (TSO) based in Rome, Italy. It operates through Terna Rete Italia, that manages the Italian transmission grid and Terna Plus which is in charge of new business opportunities and non-traditional activities in Brazil, Chile, Peru and USA (2023). With 75,140 kilometres (46,690 mi) of power lines or around 98% of the Italian high-voltage power transmission grid, Terna is the sixth largest electricity transmission grid operator in the world based on the size of its electrical grid. Terna is listed on the Borsa Italiana and is a constituent of the FTSE MIB index.

## History

On 31 May 1999, Terna was established within the Enel Group, by way of implementation of Italian Legislative Decree No. 79/99 which within the context of the process for the deregulation of the Italian electricity sector, sanctioned the separation between ownership and management of the national transmission grid.
On 23 June 2004, following the Prime Minister's Decree issued on 11 May of the same year, Terna was put on sale with an IPO on Borsa Italiana.
In 2010 Terna joined Desertec, a project aimed at producing and transmitting renewable energy in the Middle East and North Africa (MENA) to meet local needs and be assigned in part to the European interconnected grid.
In 2011, Terna Group adopted a new organizational structure. Through Terna Rete Italia safely manages the Italian electricity system with more than 63,500 kilometers of high voltage lines. Through Terna Plus manages new business opportunities and non-traditional activities, in Italy and abroad.
2011 was the 7th consecutive year of growth for the Group. A dividend of €21 was paid per share. The 2011 results were submitted by the CEO Flavio Cattaneo during the Terna Board of Administration meeting held to approve the Strategic Plan 2012–2016.
In 2012, Terna consolidated Revenues stood at 1,806 million euros, +10.4% compared to 2011, mainly due to the Grid Transmission Fee and to the results from Non Traditional Activities carried out by the Group.
On 31 January 2012, Terna presented the Development Plan of the National Electricity Transmission Grid for the decade 2012–2021. The plan is drafted and updated every year and, in 2012, it included investments for over 7 billion euro aimed at increasing efficiency for the electricity system, including the reduction of energy losses and the reduction of CO$_2$ emissions.
In 2013, Terna consolidated Revenues stood at 1,896 million euros, with an increase of 90.5 million euros (+5%) compared to 2012. Ebitda stood at 1,281 million euros (+6,5%), Group Net income at 514 million euro (+10,8%).

## Operations

Terna is responsible for national electricity transmission management and development in Italy. Terna's assets include:
* 75,140 km of lines
* 910 transformation and switching stations
* 1 National Control Center (NCC)
* 4 Control centers
* 30 lines of interconnections with other countries (CTI)
* SA.PE.I. the longest underwater cable in the world (435 km), with a capacity of 1000 MW
To safeguard its assets, Terna has created an organization capable of protecting the company's physical and technological infrastructures, also through the prevention and management of episodes of corporate fraud. In this framework, in order to guarantee the maximum safeguarding of said infrastructures and investments, it has signed memoranda of understanding, first of its kind and type with the Ministry of the Interior, Carabinieri and Guardia di Finanza.

## Group Structure

The Terna Group includes:
* Directly controlled italian companies
** Terna Rete Italia S.p.A. (100% ownership)
** Rete S.r.l. (100% ownership)
** Terna Plus S.r.l. (100% ownership)
** Terna Energy Solutions S.r.l. (100% ownership)
** Terna Forward S.r.l. (100% ownership)
** Terna Interconnector S.r.l. (65% ownership)
* Directly Controlled Foreign Companies
** Terna Crna Gora d.o.o. (100% ownership)
* Companies evaluated using the Equity Method and participated by Terna S.p.A.
** CESI S.p.A. (42.69% ownership)
** CORESO S.A. (15.84% ownership)
** CGES (22.09% ownership)
** Equigy B.V (20% ownership)
** ELMED ÉTUDES Sarl (50% joint control)
** SEleNe CC S.A. (33.33% joint control)
* Companies controlled through Terna Energy Solutions S.r.l.
** Tamini Trasformatori S.r.l. (100% ownership)
** Avvenia The Energy Innovator S.r.l. (100% ownership)
** Brugg Kabel Services AG (100% ownership)
** LT S.r.l. (75% ownership)
* Companies controlled through Terna Plus S.r.l.
** Terna Chile S.p.A.
** Terna Peru S.A.C.
** Terna 4 Chacas S.A.C.
** SPE Transmissora de Energia Linha Verde I S.A.
** Terna USA LLC.

### Terna Linee Alta Tensione S.r.l.

On April 1, 2009, Terna acquired 100% of Enel High Voltage Lines S.r.l. from Enel Distribuzione S.p.A. The company owned 18,583 kilometers of high-voltage electricity grid, purchased for €1,152 million. This acquisition brought Terna's ownership to 98.5% of the national grid. Since 2009, Terna has managed these assets using the same approach previously adopted by Enel, outsourcing grid management to third-party companies through national tenders. These companies include Consorzio Arcobaleno, Consorzio Golden Lucano, and Siel.

## Financial results

| Year | Revenue (€ million) | EBITDA (€ million) | Net Profit (€ million) | Dividend (€ cents) |
| 2023 | 3,186.7 | 2,168.6 | 885.4 | 33.96 |
| 2022 | 2,964.5 | 2,059.2 | 857.0 | 31.44 |
| 2021 | 2,604.8 | 1,854.8 | 789.4 | 29.11 |
| 2020 | 2,514.0 | 1,830.0 | 786.0 | 26.95 |
| 2019 | 2,295.1 | 1,741.2 | 757.3 | 25.00 |
| 2018 | 2,197.0 | 1,650.6 | 706.6 | 23.00 |
| 2017 | 2,162.8 | 1,603.9 | 688.3 | 22.00 |
| 2016 | 2,103.2 | 1,544.7 | 633.1 | 20.00 |
| 2015 | 2,082.1 | 1,539.2 | 595.3 | 20.00 |
| 2014 | 1,996.4 | 1,491.5 | 544.5 | 20.00 |
| 2013 | 1,896.4 | 1,488.1 | 513.6 | 20.00 |
| 2012 | 1,805.9 | 1,390.0 | 463.6 | 20.00 |
| 2011 | 1,554.0 | 1,122.0 | 454.0 | 21.00 |
| 2010 | 1,589.2 | 1,174.9 | 612.0 | 21.00 |
| 2009 | 1,390.2 | 1,003.2 | 771.0 | 19.00 |
| 2008 | 1,196.0 | 850.7 | 335.3 | 15.80 |
| 2007 | 1,348.2 | 977.8 | 434.2 | 15.10 |

## Governance
### Management from 1999

Chairmen
* Francesco Tatò (1999-2002)
* Fulvio Conti (2002-2005)
* Luigi Roth (2005-2014)
* Catia Bastioli (2014-2020)
* Valentina Bosetti (2020-2023)
* Igor Di Biasio (from 2023)
Chief Executive Officers
* Sergio Mobili (1999-2005)
* Flavio Cattaneo (2005-2014)
* Matteo Del Fante (2014-2017)
* Luigi Ferraris (2017-2020)
* Stefano Antonio Donnarumma (2020-2023)
* Giuseppina Di Foggia (from 2023)

### Board of directors

Board members, appointed on May 9, 2023, for the 2023–2025 term:
* Igor De Biasio - Chairman
* Giuseppina Di Foggia - CEO and General manager
* Jean-Michel Aubertin, Regina Corradini D’Arienzo, Enrico Tommaso Cucchiani, Angelica Krystle Donati, Marco Giorgino, Gian Luca Gregori, Karina Audrey Litvack, Francesco Renato Mele, Qinjing Shen, Simona Signoracci, Anna Chiara Svelto

### Shareholders

Terna has been listed in the Italian Stock Exchange since 2004. The main shareholders are:
* CDP Reti – 29.85%
* Retail – 13.9%
* Institutional investors – 56.3%

## Awards

According to the Edison Electric Institute, Terna is the best European company among utilities by total return of shares in 2010–2012. In these three years Terna's return stood at 24%, compared to average returns in the sector (DJ Stoxx-10%, Ftse Mib-21%). In 2010 Terna did receive the same recognition for the 2007–2009, as Terna's share return stood at +40%, achieving a net overperfomance (nearly 55%) compared to the European sector that registered -15%.