The Terna Group


The structure of Terna’s equity interests as of December 31, 2011 was as follows:


Terna Group

As of December 31, 2011 the Terna Group included:

  • the directly controlled, 100%-owned Italian subsidiaries, SunTergrid S.p.A., Terna Rete Italia S.r.l. (former TELAT) and Terna Plus S.r.l.;
  • the directly controlled, 100%-owned Montenegro company, Terna Crna Gora d.o.o.;
  • the affiliated companies CESI S.p.A. (42.406% equity stake), CORESO S.A. (a Belgian company, 22.485% equity stake); CrnoGorski Elektroprenosni Sistem AD - “CGES” (a Montenegro company, 22.0889% equity stake) and the Tunisian jointly controlled company ELMED ÉTUDES Sarl (50% equity stake).


SunTergrid, an Italian company entirely owned by Terna, in 2009 began building photovoltaic solar plants on territories free from plants, near the transforming stations rented by the Parent Company. It entirely owns Rete Solare S.r.l..

Terna Rete Italia (former TELAT), Terna’s entirely owned company, was created for planning and designing, implementing, managing, developing, operating and maintaining electricity lines, grid structures and related infrastructures as well as plants and equipment functional for their operation.

Terna Plus, Terna’s entirely controlled Italian company, was created for planning and designing, implementing, managing, developing and maintaining energy storage systems (including batteries), pumping and/or stocking systems. In the future, in Italy and abroad and in partnership with other parties, it will manage, among others, grid equipment and infrastructures and related research, consulting and assistance activities.

TERNA CRNA GORA d.o.o., a Montenegro limited company established on June 22, 2011 and entirely owned by Terna, carries out activities regarding authorization, implementation and management of the electricity interconnection in Montenegro. The company will also promote development opportunities in the transmission sector for the Balkan area in support of generation investors in order to contribute to enhancing and using the Italy-Montenegro interconnection infrastructure. As of December 31, 2011, Terna Crna Gora had two employees working with a local contract and one seconded employee from Terna S.p.A.


Affiliated companies

CESI is the leading company in the market of testing and certifying electro-mechanical equipment and consultancy on electricity systems. It covers all the stages of the life cycle of the electricity system and offers companies therein (generation, transmission, and distribution), manufacturers of electrical and electronic equipment, large consumers of electricity, and local and national governments a complete range of services aimed at the solution of problems connected with the productive processes of the entire electricity industry.

CORESO is a service company operating under Belgian law, with its headoffice in Brussels, in which Terna acquired an equity interest of 22.485% in November 2010. Shareholders of the company include the TSOs of France (RTE), Belgium (Elia), and Great Britain (National Grid), each with the same percentage of the share capital as Terna, as well as Germany’s TSO, 50Hertz Transmission, with 10%. CORESO develops daily forecasts and real-time analyses of power flows in Central and Western Europe, identifying potential problems and promptly informing the TSOs concerned. Terna’s stake in CORESO constitutes an equity investment in an affiliated company for the Group.

CrnoGorski Elektroprenosni Sistem AD (“CGES”) is Montenegro’s TSO in which Terna acquired an equity interest of 22.09% in January 2011, following the approval, on the part of CGES’ Member Meeting, of a capital increase reserved for Terna. The agreement represents the point of arrival of an industrial cooperation project and for the country; it is part of the inter-governmental agreements between Italy and Montenegro that began on December 19, 2007 with the signing of a strategic partnership agreement in November 2010 for building the new submarine electricity interconnection and implementing the partnership between national transmission operators. As of December 31, 2011 CGES had two seconded employees from Terna S.p.A.


Jointly controlled companiesEU4

ELMED ÉTUDES is a special purpose entity, jointly owned by Terna and the Tunisian electricity company STEG; the STEG is developing the Elmed Project, which provides for the production of electricity in Tunisia from both conventional and renewable sources and its transfer to Italy through a submarine connection. Production rights will be awarded through an international bid procedure.

For information on the recent development of the regulatory and legislative framework affecting the Company, please refer to the 2011 Annual Financial Report,.

Number of employees 3,493
Turnover in million euro 1,636
Total capitalization in million euro 5,199

Km of three-phase conductors (1)

Km of lines (1) 57,651
of which underground 1,328
of which submarine cable 1,348
(1) For the km of lines and three-phase conductors broken down by voltage