# 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 leading independent grid operator in Europe and 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 November 2005, Terna acquired a business unit from GRTN, as defined by the Prime Ministerial Decree of 11 May 2004. Cassa Depositi e Prestiti became the relative majority shareholder.
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, the Terna Group reorganized its corporate structure, establishing a holding company overseeing two fully owned operational subsidiaries: Terna Rete Italia and Terna Plus, each with its own CEO and board of directors.
In 2013, Terna initiated strategic projects, including the “Capri-Torre Annunziata” submarine cable connecting Capri to mainland Italy. The same year, Terna and its French counterpart RTE began work on enhancing the Italy-France interconnection via the new “Piedmont-Savoy” line, which became operational in 2023.
In 2015, Terna acquired the high-voltage grid of the FS Italiane Group and started developing new national and international interconnection infrastructures, including SA.CO.I.3 (Italy-Corsica-Sardinia) and links with Montenegro (inaugurated in 2019) and Austria (operational in 2023).
To support efficiency improvements and environmental protection investments in its national infrastructure, Terna issued its first Green bond worth €750 million in July 2018, becoming the first Italian utility to do so. Additional green hybrid bonds followed in 2022 (€1 billion) and 2024 (€850 million).
In 2022, Terna launched the Tyrrhenian Link interconnection project between Campania and Sicily, followed in 2023 by the Adriatic Link project between Marche and Abruzzo. That year, Terna also activated the submarine connection between Elba Island and Piombino. Internationally, the company developed the world's longest direct-current cable laid along a highway between Italy and France and initiated the first submarine direct-current connection between Europe and North Africa, linking Italy and Tunisia.
In April 2023, Giuseppina Di Foggia was appointed CEO and General Manager, becoming the first woman to lead a major publicly listed Italian company. The same year, Terna launched its 2023-2032 Development Plan, featuring over 30 infrastructure projects, including the Hypergrid project, utilizing high-voltage direct current (HVDC) technologies to double exchange capacity and achieve Italy’s energy transition and security objectives.

## 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%.