Terna to invest over 21 bln euros in Italy power grid in 10 years (updated)

Terna Energy SA

15/03/2023 12:58

(Adds details, Terna CEO comments)
    By Giancarlo Navach and Francesca Landini
       MILAN, March 15 (Reuters) - Italian power grid operator
Terna  TRN.MI  will invest over 21 billion euros ($22.41
billion) in the next 10 years in speeding up the energy
transition and reducing the country's dependence on foreign
supplies under a new plan unveiled on Wednesday. 
    The total investment is 17% higher than in a previous
10-year plan, Terna said in a statement.
    An innovative 'hypergrid' project is the main new feature
introduced in the new plan, with investments of 11 billion euros
in five new electricity 'backbones' that will double the power
exchange capacity from the south to the north to 30 gigawatts.
    The hypergrid, to be completed in the next 15 years, will
allow Italy to make renewable energy available across the whole
country.
    "Renewable energy sources represent our oil. Enabling their
deployment and integration is part of our mission as directors
of the electricity system and will be decisive for our country's
energy security," Terna CEO Stefano Donnarumma said. 
    The Italian government could raise its green energy goals,
targeting an additional renewable energy capacity of around 85
gigawatts (GW) by 2030, Energy and Environment Minister Gilberto
Pichetto Fratin said attending Terna's presentation. 
    Speaking at the event, Donnarumma added that Italy could
also develop power lines with both Algeria and Egypt to become
an energy hub for southern Europe under a plan sponsored by the
government. 
    "I am convinced that Italy, with its large power grid, is
destined to play a role as an energy hub in southern Europe and
Terna will play its part," the top executive said.
    Last year the European Union said it would support the
construction of an underwater power line project between Italy
and Tunisia with around 307 million euros of funding.
    ($1 = 0.9369 euros)

 (Writing by Gianluca Semeraro and Francesca Landini, editing
Federico Maccioni, Alexandra Hudson)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))