Strategic Plan 2013-2017

4,1 billion Euros of grid investiments confirmed also commitment on non traditional activities dividend policy confirmed

In the next 5 years Terna Group will invest, in activities regulated by the Electricity and Gas Authority (AEEG), 4.1 billion euros for the Electricity Grid's safety and modernization, of which 83% for Grid development. Of these 4.1 billion euros, about 300 million euros will be allocated to the development of storage systems.

In the medium and long term, the 2013 National Development Plan confirms investments for 7.9 billion euros. The Plan's priorities are to increase the Net Transfer Capacity with foreign countries and reduce bottlenecks between and inside market zones or due to the use of renewable plants.

Non Traditional Activities: expected a pipeline of activities for a value of about 400 million euros cumulated and an additional potential of 900 million euros in

Traditional Activies - Capex Plan

Priority to grid development also by introducing new technology
In the next 5 years Terna Group will invest, in activities regulated by the Electricity and Gas Authority (AEEG), 4.1 billion euros for the Electricity Grid's safety and modernization, of which 83% for Grid development. Of these 4.1 billion euros, about 300 million euros will be allocated to development of storage systems, corresponding to a 75MW capacity.

Terna currently has over 150 building sites open throughout the Country, for a value of 3 billion euros. At present, there is an overall of 1,200 km of new sustainable and technological grid being built and 60 new stations. Once completed, the projects will allow the removal of 850 km of old lines. The main projects being implemented include: - the 380 kV Foggia-Benevento power line, between Puglia and Campania; - the 380 kV "Trino-Lacchiarella" power line, between Lombardia and Piemonte; - the 380 kV "Dolo-Camin" power line, between Venezia and Padova, - doubling the electricity connection between Sicilia and Calabria, "Sorgente-Rizziconi*", - two new interconnections with foreign countries, namely "Piossasco-Grand'Ile*", between Italy and France and "Villanova-Tivat", between Italy and Montenegro.
The future structures will bring technological, environmental and sustainability innovation and this will lead to a 1 mln ton reduction of CO2 emissions. In particular, 70% of the overall length of our 6 top development projects (i.e. over 1.000 km) will be made using submarine and underground cables, whilst last generation pylons (i.e. single pole pylons and "Germoglio" supports) will cover 60% of overhead segments.

*Terna S.p.A. is the only responsible party for the information contained here above. The EU is not responsible of any use that could be made of the information contained herein.

Traditional Activies - RAB Remuneration

The average annual RAB growth is confirmed in the 7% area. Indeed, Tariff RAB will go from 9.9 in 2012 to 13.7 billion in 2017.More importantly, at the end of the Plan RAB will be double the 2008 level and, for the first time, incentivised RAB will be greater than Ordinary RAB.

Non Traditional Activies - Business Model Fine Tuning

Terna strategy allows to consolidate a pipeline of about 400 million euros, developing activities in the field of engineering, O&M and housing of fibre optic. Further potential 900 million euros,could be added, but they are not currently included in the Plan.

Operational Efficiency

Increased revenues and cost control will allow to achieve an additional increase in profitability. The Ebitda margin at the end of the Plan should exceed 80%.

Capital Structure

The 2013-2017 Plan set a lower increase of the financial debt for an amount of 600 million euros compared to previous plan (1 billion euros compared to 1.6 billion euros).The capital structure remains solid: during the Plan period the ratio between Net debt and RAB will be lower than 60% in all the plan years and we foresee that the ratio between Net debt and Ebitda will improve and reach a value below 4x at the end of the Plan.

Dividend Policy

The 2013-2017 plan confirms the Terna S.p.A. dividend policy announced last year: in the Plan period is expected a base dividend from Traditional Activities equal to 19 eurocents per share, on top of which will be added the contribution from Non Traditional Activies (60% pay out on results).



 

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TERNA S.p.A. - Share capital € 442,198,240 fully paid-in
Registered office in Italy, Viale Egidio Galbani, 70 – 00156 Rome – Tel + 39 06 83138111 Rome
Register of Companies, Tax Code and VAT No. 05779661007 – R.E.A. in Rome 922416
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