Terna, the Italian TSO, published the updated 2024–2028 Industrial Plan, featuring record investments focused on infrastructure, digitalization, and resilience. Over 99% of the plan complies with European sustainability criteria and aims to integrate 107 GW of renewables by 2030.

With a total investment of €17.7 billion, Terna has presented the updated 2024–2028 Industrial Plan, reinforcing its strategic role in Italy’s energy transition. The plan includes €1.2 billion more than the previous version over the same period, representing a 7% increase.

This update seeks to drive key infrastructure works, grid digitalization, international interconnections, and resilience measures against climate change.

The initiative focuses on three core pillars: the development of a more robust and efficient grid, the massive integration of renewable energy, and the advancement of a digital infrastructure capable of managing an increasingly complex energy mix.

“With €17.7 billion over five years, we are setting a new investment record. We are increasing the grid’s reliability and efficiency and strengthening our role in ensuring the country’s electrical security and energy independence,” states Giuseppina Di Foggia, CEO and General Manager of Terna.

The updated 2024–2028 Industrial Plan reaffirms the strategic objectives Terna must pursue to fulfill its role as the national Transmission System Operator. The Group must enable the integration of new renewable generation capacity by expanding the transmission infrastructure—planned and developed in tandem with storage systems and improved system adequacy.

Additionally, enhancing Italy’s energy independence is critical. The renewable capacity to be installed in the coming years also aims to reduce the country’s reliance on imported raw materials. Only the full integration of renewables and more efficient energy flow management can ensure a more secure and independent energy future, reducing price volatility for end-users.

Large-Scale Infrastructure and Electrification

€16.6 billion will be allocated to regulated activities in Italy, the core of Terna’s business. These investments will allow the development and modernization of the national transmission grid and a 40% increase in cross-border exchange capacity.

Key strategic projects include:

• Tyrrhenian Link: a submarine connection between Sicily, Sardinia, and the mainland.

• Elmed: the first DC submarine link between Europe and Africa, connecting Italy and Tunisia.

• Sa.Co.I.3: a new interconnection between Sardinia, Corsica, and mainland Italy.

• Adriatic Link: connecting Abruzzo and Marche.

• Other key lines: Milano–Montalto, Central Link, Dorsale Adriatica, and Montecorvino–Benevento.

The Regulatory Asset Base (RAB) is set to grow from €22.5 billion in 2024 to €32 billion in 2028, with a compound annual growth rate (CAGR) of 9%.

The updated plan also includes €10.8 billion over five years for further grid development.

Digitalization, Resilience, and Energy Security

The plan allocates €2.4 billion to digital transformation, more than 20% above the previous plan. It includes the development of tools like Digital Twins, IoT sensors, artificial intelligence, and predictive systems to optimize network operations and maintenance.

Another €2.3 billion will be invested in the Security Plan, covering the deployment of advanced technologies like synchronous compensators, STATCOMs, and enhanced cybersecurity. Resilience projects will also address climate-related risks, with 350 extreme weather events in Italy during 2024—six times more than in 2015.

“We aim for a more resilient grid, ready to face the sector’s challenges while minimizing environmental impact,” Di Foggia emphasizes.

Non-Regulated Activities: New Business Lines

Under a new organizational structure, Terna Energy Solutions will lead market-based activities, focusing on services for renewables, energy storage, and connectivity. These activities are expected to contribute €730 million to the cumulative EBITDA over the plan period, 22% more than the previous plan, with low investment requirements and risk profile.

A feasibility study for a new transformer manufacturing plant has been launched, alongside expanded operations in solar O&M and energy efficiency services.

Sustainability as a Core Driver

Over 99% of the investment plan meets the EU green taxonomy criteria. The Group reaffirms its goal to cut CO₂ emissions by 46% by 2030 (vs. 2019) and reach net-zero emissions by 2050. It also aims to establish a Science Based Target for Nature by 2026.

The newly established Terna Foundation will focus on energy literacy, fighting energy poverty, and supporting green job creation.

2024 Results and Financial Outlook

In 2024, Terna delivered a record €2.692 billion in annual investment, up 17.6% from 2023. Revenues reached €3.68 billion (+15.5%), EBITDA was €2.566 billion (+18.3%), and net profit rose 19.9% to €1.061 billion.

By 2028, projections aim for €5.19 billion in revenues, €3.36 billion in EBITDA, and €1.19 billion in net profit. A growing dividend policy is ensured, with a minimum annual payout equivalent to €0.3962 per share, matching the 2024 level.

Through this update, Terna strengthens its position as a key enabler of the energy transition, delivering efficient investments and reliable service while driving the development of a sustainable, digital infrastructure that underpins Italy’s energy independence.

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