Terna Group subsequent events

Terna the only Italian electricity company in the Gold Class of global sustainability

On 23 January 2013 Terna, Italy's only electricity company, appeared for the second consecutive year in the Gold Class of the RobecoSam – Sustainability Yearbook 2013, the yearbook of the international ratings agency that screens companies and evaluates their capacity for access, presence or exclusion from the prestigious Dow Jones Sustainability Indexes, based on ethical analysis that examines a review of the main controversies, and verification of compliance with strict criteria for economic, environmental and social performance.

AEEG resolutions on pilot projects for accumulation systems

On 11 February 2013 the Electricity and Gas Authority published resolution 43/2013/R/eel, concerning “Approval of pilot projects relating to accumulation systems to be constructed on the national transmission grid, as part of the upgrade programme for security and defence systems 2012-2015”.

The measure, integrating the definitions reported in resolution 288/2012/R/eel, divides the NTG pilot project into two types:

  • energy intensive:
    “project of limited size, but capable of performing a meaningful experiment involving the implementation of electrical energy accumulation systems with batteries connected to the electricity transmission grid, and which can be repositioned (hereinafter: removable), designed to allow, to the maximum possible degree – pending necessary grid strengthening – the input of electricity produced from non-programmable renewable resources into the grid; these systems must be complementary to a dynamic control system of the grids”;
  • power intensive:
    “the two projects, each of a maximum size of 8 MW, envisaged under the 2012-2015 Defence Plan approved by the Ministry of Economic Development (MED), referred to in the statement of 21 December 2012, providing for the installation of intensive-power electrochemical accumulation systems in Sicily and Sardinia”.

has allowed the two power intensive pilot projects to be admitted for incentive treatment, pursuant to paragraph 22.5, letter d) of the Integrated Transmission Text (TIT, Testo Integrato di Trasmissione). The measure envisages a two year trial period and sets the conditions for the remuneration of the above two projects, sanctioning, however, the need to ensure separate accounting evidence of income statement and balance sheet items relating to each power intensive project admitted to incentive treatment.

On 21 February 2013, the AEEG also published Resolution 66/2013 whereby it arranged for the approval and admission to incentives of six energy intensive pilot projects in relation to Storage Systems coming under the scope of two critical directives indicated in the 2011 Development Plan approved by the Ministry of Economic Development on 02 October 2012, in accordance with that established by Italian Legislative Decree no. 28 of 03 March 2011. 

Terna rewarded as the best European utility company in terms of total shareholder return

On 11 March 2013, Terna was awarded the "International Utility Award 2013" in London by the Edison Electric Institute (EEI) of Washington DC (US). The award named the company the best of European utility companies in terms of total shareholder return (TSR) in the last three years. In the three years 2010-2012, Terna's return has in fact stood at 24% as compared with average returns in the industry and the Italian index that were decidedly negative (DJ Stoxx -10%, Ftse Mib -21%).

Terna's rating

On 13 March 2013, Fitch Ratings reduced the Long-Term Issuer Default Rating (IDR) and the Senior Unsecured Rating of Terna S.p.A. to "A-" from "A". The outlook assigned to the IDR remains negative.