Terna refines its 2024 investment roadmap, shares tracked against European grid peers

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-24, 10:27.

Terna (IT0003242622) sits at the center of Italy’s power system with a regulated high-voltage grid and a multi-year investment plan that extends to 2028. The group’s capital spending roadmap and its position alongside European peers such as National Grid and Spain’s Red Eléctrica shape the current stock narrative.

What Terna plans to invest

Terna’s latest strategic plan foresees cumulative investments in the Italian transmission grid of roughly 16 to 18 billion euros over the 2024 to 2028 period, focused on network reinforcement, interconnections and digitalization of the high-voltage network. The plan follows an earlier 2021 to 2025 program in which Terna had already raised its capex target above 10 billion euros to accelerate the connection of renewables and improve grid resilience.

The company emphasizes projects such as offshore wind integration in the Adriatic and Tyrrhenian seas and new cross-border lines that link Italy more closely to neighboring European markets. These long-lead assets expand Terna’s regulated asset base, which is the key driver for future earnings growth under the national tariff framework.

Consensus and analyst view on the stock

On the analyst side, coverage from large European banks typically highlights Terna as a defensive infrastructure name with predictable cash flows under the Italian regulator ARERA’s rules for transmission returns. According to recent consensus snapshots on specialist platforms, most brokers rate the shares at Hold to Buy, with target prices that imply modest upside versus recent trading levels on Borsa Italiana.

Commentary from utilities analysts at houses such as UBS and Goldman Sachs often compares Terna with National Grid in the UK and REE in Spain, citing similar regulated return profiles and sensitivity to long-term bond yields. In that peer group, Terna’s valuation in terms of price-to-earnings and enterprise value to regulated asset base usually trades in the mid-range, reflecting solid but not spectacular growth expectations.

How Terna earns its money

Terna generates the vast majority of its revenue from operating Italy’s high-voltage electricity transmission grid as a regulated monopoly, with tariffs set by ARERA based on a allowed return on the regulated asset base. Additional income streams include specialized services such as dispatching, connections for renewable projects and grid engineering activities in selected foreign markets.

Where the Terna shares trade

The Terna shares (IT0003242622) trade on Borsa Italiana in Milan, with the last verified price on 2026-06-24, 10:15, at 7.20 euros per share.

This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any financial instrument, or a solicitation of any kind. Investors should conduct their own research and consider seeking independent financial advice.