Italy's Terna to invest $21 billion in grid for energy transition

Italy's Terna said will invest 18.1 billion euros (US $21 billion), which is a 25 percent increase from the previous plan, in the country's power grid over the next 10 years to meet the demands of the energy transition and economic recovery.

The company said that they will be “favouring the development and integration of renewable sources.” 

“The new 2021 Development Plan includes, over the next ten years, a strong acceleration in investments, the highest ever, which reflects the important historical moment we are living through: to achieve the decarbonisation objectives that Italy and Europe have set, it is in fact necessary not only to have a clear vision of the future, but also and above all to know how to plan and carry out all the projects that are indispensable to the material implementation of the energy transition, of which Terna is the director,” said Stefano Donnarumma, CEO of Terna.

“Our goal is also to make an important contribution to the revival of the Italian economy which has been hit so hard, as has the rest of the world, by this terrible pandemic: in fact, every billion invested in infrastructure generates between two and three billion in terms of GDP and allows for the creation of many new jobs”, he added.

The company said that this new plan will lead to “gradual closure” of coal-fired power. They added that the projects planned over the period of the 10 years period  will help to reduce CO2 emissions into the atmosphere by 5.6 million tonnes per year (almost double compared to the previous plan) and will make it possible to demolish 4,600 km of obsolete infrastructures (about 800 km more than in the previous plan).