Terna, Italy's grid operator, will invest 23 billion Euros over 10 years
Terna, the state-owned power grid operator in Italy, announced on Friday that it will invest over 25 billion euros (23 billion euros) in network upgrades within the next 10 year to support the energy transition of the country.
The group announced that it would increase by 10% its funds for the development of the country's power network between 2025-2034. Last year, the group had pledged to invest 16.5 billion euro through 2028.
In a press release, Chief Executive Giuseppina di Foggia stated that "investing in planning and modernising the electricity grids is essential in order to meet the increasing demand for energy as well as the integration of renewable resources."
She said that the goal of the group was to "ensure the country has an efficient, reliable and sustainable system".
Terna's pledges were welcomed by Energy Minister Gilberto Pichetto-Frasin.
"23 billion euros of investment is important, as this is clearly the backbone of (the national energy) system." "We can't meet the needs of businesses and citizens if we don't have a backbone for the network," he said to reporters.
Terna predicted that, thanks to its plan of investment, the energy exchange capacity between markets will reach around 39 GW from 16 GW currently. Interventions would also resolve local congestion as well as guarantee grid stability and security.
The EU said that major infrastructure projects, such as the Tyrrhenian Link connecting Sicily with Sardinia, the Adriatic Link off the eastern coast of Italy, and the EU funded Italy-Tunisia electricity line, would be completed by 2030.
Terna stated that its investments will help support the Italian Government's goal to increase installed solar and wind power by 65 GW in 2030 and by 94 GW in 2035.
The plan also stated that the interventions it envisaged would result in a reduction of up to 2,100 kilotons/year in carbon dioxide emissions by 2040, and a total of 2,000 kilotons/year by 2030. $1 = 0.9198 Euros (Reporting and editing by David Evans, Alvise Armellini)
(source: Reuters)
