Terna pledges to invest $8.3 B in Italian grid
Terna has pledged to spend a record amount on the country’s power grid, to meet growing demand for electricity from green energy as climate targets bite.
Terna headquarters
Italy, Milan: Italy’s Terna has pledged to spend a record amount on the country’s power grid over the next five years to meet growing demand for electricity from green energy as climate targets bite.
In its new business plan, Terna said it would hike investments by 20% to $8.3 B (€7.3 B) in the period to 2024.
Most will be spent on streamlining its domestic network and strengthening cross-border connections to make Italy an energy hub for the Mediterranean.
Luigi Ferraris, Terna’s Chief Executive, says their financial commitment is a new investment record in line with the Green New Deal and the Italian decarbonisation strategy.
Italy is planning to phase out its coal-fired power plants by 2025 while increasing the share of electricity generated by clean energy to 55% in 2030 from 35% in 2018.
This will require grid extensions to reach new renewable energy sites and storage facilities as well as laying new high-tension lines to better connect parts of the country such as the islands.
Source: AF Reuters