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Terna Reports Stronger H1 Performance, Accelerates Grid Investments

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Terna reported H1 2026 earnings Wednesday, showing improved revenue, operating profit and earnings from a year earlier as it continued to accelerate investments supporting Italy's energy transition.

The company increased H1 capital expenditure to 1.581 billion euros ($1.80 billion) for the half ended June 30, compared with 1.32 billion euros a year earlier.

Second quarter investment rose to more than 1 billion euros from 757.2 million euros in the same quarter last year, Terna said.

Terna continued work on the Tyrrhenian Link, completing the East Link's pole 2 marine cable between Campania and Sicily while advancing converter stations in Eboli and Termini Imerese.

The company launched public consultation for the Adriatic Backbone, a roughly 600-kilometer direct current connection with about 540 kilometers of submarine cable linking Puglia and Emilia-Romagna.

Terna advanced the Elmed interconnection by awarding a contract worth about 770 million euros for converter stations linking Italy and Tunisia, while beginning engineering work and onshore surveys.

Terna started marine surveys for the Milan-Montalto direct current connection, a key step in designing the roughly 500-kilometer power link, including 280 kilometers of submarine cable, with a transmission capacity of 2,100 megawatts, the company said.

Terna continued work on the Sa.Co.I.3, Chiaramonte Gulfi-Ciminna, Cassano-Chiari and Colunga-Calenzano projects, with the latter two power lines expected to enter service before year-end, the company said.

Authorities also approved 16 National Transmission Grid development projects worth about 273 million euros during the first half, the company said.

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