Italy's Terna to invest 23 billion euros in network over 10 years
ROME, March 14 (Reuters) - Italian state-controlled power grid operator Terna (TRN.MI), opens new tab said on Friday it would invest more than 23 billion euros ($25 billion) on network upgrades over the next 10 years.
The group, which pledged overall investments for 16.5 billion euros through 2028 in its strategy, announced it would raise by 10% year-on-year the funds aimed at the development of the national electric network for the 2025-2034 period.
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"Investing in planning, modernising and digitising electricity grids will be essential to cope with the growing demand for energy and the integration of renewable sources," Chief Executive Giuseppina Di Foggia said in a statement.
She added that the group's goal was to "ensure that the country has a reliable, resilient and sustainable system".
At the end of the year, Terna forecast that the capacity for energy exchange between markets would reach about 39 GW from the current 16 GW and that interventions would resolve local congestion and guarantee stability and security of the grid.
The submarine high-voltage direct-current (HVDC) Tyrrhenian Link, connecting the island of Sicily to Sardinia and the southern region of Campania is expected to be completed by 2028, the group said.
The Adriatic Link, the 250-kilomtre link between the regions of Abruzzo and Marche, is forecast to be operative in 2029.
Terna said its investments would help support the Italian government's goals to increase national installed solar and wind capacity by 65 GW by 2030 and 94 GW by 2035.
It added that interventions envisaged in its plan would lead to a total reduction of up to 2,000 kiloton/year of carbon dioxide emissions by 2030, rising to 12,100 kiloton/year by 2040.
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