(Finance) – “The plan does not provide for the emissions of new hybrid capital tools. If you need, we will be ready to use all the capacity of hybrid tools and we have 2.2 billion euros to use. But the positive results achieved and additional visibility allow us to not need to issue new hybrid bonds and to keep our rating. ” Francesco Beccali, Chief Financial Officer group Triadduring the presentation of the update of the plan to 2028.
“We consider the Non -regulated activities As not -core – he said, answering another question – and, as well as the hybrid tools, are flexibility tools that allow us to keep our rating. We think it will be possible to monetize the assets, opening the capital, but with multiples that are accrescative. We will look at any possibility that will present itself, but only if it will be accrescative for us “.
At the beginning of March 2025, Terna announced the New corporate structure of Terna Energy Solutionsthe group company that manages market activities and which proposes itself as a reference pole in the strategic skills for the energy and digital transition of companies through its network of controlled companies: Tamini, Italian leading company in the transformers sector, Brugg, a reference company in the land cables sector, and Altenia, a company in which System Integrator’s activities have flowed with specialized and different skills for the design, Construction, maintenance and efficiency of medium and high voltage electrical systems, renewables and battery accumulation systems (Battery Energy Storage System, Bess), previously supplied separately by LT, Terna Energy Solutions and happened.
Terna provides that unregulated activities will bring a Contribution to the ABITDA of the group of approximately 730 million euros cumulated within the plan (+22% compared to the previous floor), in the face of a limited commitment in terms of investments and a low risk profile.
“This plan is very solid and totally sustainable from a financial point of view – said CFO – We think we will be able to maintain current rating levels without emitting hybrid tools. In general, we have 4+1 flexibility tools on which we can count to keep the rating under control if we needed it, and I emphasize that we don’t need it at the moment “.
“The first tool are the non -core activities, which allow great flexibility – said Beccali – The second are the hybrid tools. The third are funds of the European Union, which are currently estimated at over 1 billion euros. The fourth is represented by qualitative tools, or the fact that we can give priority to some parts of the Capex planas we did in the past with what we really needed from the point of view of the network. If we look at the increase in the capex, this 1 billion euros is the result of three factors: the increase in costs, the additional projects on the renewable and digitization front, partially compensated by the fact that we can spread over time the capex that does not represent a priority “.
“THE’additional element This is what derives from work on the numerator instead of the denominator – he explained – We are excellent that the future Ross model will be positive for us. In general, we welcome the transition from an input based framework to Output Based Framework. We have always had skills and information that were not able to generate financial value for how the framework was set. The new one will allow us to unlock value “.