Posted By Global Banking and Finance Review
Posted on May 15, 2025
MILAN (Reuters) -Italy's power network operator Terna stuck to its guidance for this year after reporting a 4% rise in its first-quarter core profit.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 652 million euros ($730.70 million), in line with an average estimate by LSEG.
The state-controlled group said it increased investments to bolster the high-voltage grid by 16% year-on-year in the first three months of 2025, at a time when Spain is investigating the causes of an unprecedented power outage that hit the country.
"The recent events affecting the electricity grid in Iberia clearly demonstrate how crucial it is to continue and step up investments in infrastructure for the energy transition and, more specifically, for a secure, resilient and interconnected electricity system," Terna's CEO Giuseppina Di Foggia said.
The group is targeting around 3.4 billion euros in capital spending this year as part of its business plan.
The main projects carried out in the first quarter include works on the Tyrrhenian Link, the submarine power link connecting the southern region of Campania to Sicily and Sardinia islands.
Terna and Greek grid operator IPTO last week signed an agreement worth nearly 2 billion euros for the development of a new power connection between their home countries.
($1 = 0.8925 euros)
(Reporting by Francesca Landini, editing by Giulia Segreti and Jan Harvey)