- Press Releases
March 11 (Renewables Now) - Italian grid operator Terna SpA (BIT:TRN) has committed to spend EUR 7.3 billion (USD 8.27bn) to modernise and strengthen the country’s power network over the next five years in support of climate targets requiring higher volumes of green power.
The company announced the investment in its 2020-2024 Strategic Plan, which it released on Tuesday together with its 2019 financial report. The new business plan calls for an almost 20% increase in investments as compared to the previous plan.
The proposed investments will go for modernising the Italian power transmission network and for strengthening cross-border connections. Terna will support Italy in becoming “an energy hub” for the European and Mediterranean area.
The bulk of the financing, over EUR 4 billion, will be allocated to improve the connections between market zones, streamline the grids in the main metropolitan areas and add more interconnections. The main projects that will be implemented in this category are interconnections between Campania, Sicily and Sardinia, and Sardinia, Corsica and the Italian mainland.
An additional EUR 2 billion will be poured into schemes aiming to improve the quality of service, digitalise the grid and introduce sustainable solutions, while around EUR 1 billion are earmarked for the installation of devices, such as synchronous compensators, that enhance grid security, adequacy, resilience and stability.
“Terna is carrying out a deep transformation, by placing itself at the center of the energy transition as a key accelerator,” said Terna’s CEO and general manager Luigi Ferraris.
While the main focus will be on the domestic grid, Terna will also continue operating and developing power assets in Brazil, Uruguay and Peru and explore selected growth opportunities on the international market.
(EUR 1.0 = USD 1.133)