IEEFA – Terna: Financing Italy’s Grid Modernisation, Mar 2026

The report focuses on the financing of Italy’s electricity grid modernization, analyzing Terna’s capital expenditure, grid bottlenecks, and investment needs.

It discusses the regulatory framework supporting investments and efficiency gains. Highlights that necessary transmission investments have relatively small impacts on consumer bills. Notes that Terna’s capital structure remains intact but increased capital expenditure will drive debt increase. Recent issuances under the European Green Bond Standard have attracted strong investor demand. Public grants provide an additional source of funding. The report includes system mapping to illustrate how to deliver future-proof energy assets.