Management of opportunities and risks that affect Terna's ability to create value

(Opportunities and Risks)

Compliance with the obligations of the monopoly is a precondition of Terna’s operations. For this reason, operational risks in running the grid - risk of disruption - have always been handled with the utmost care and employing procedures and techniques which are continually updated. In transmission activities, operating as a monopoly reduces market-related risks: it is the regulatory framework which determines risk and opportunities. The other risks - e.g. financial risk - are identified and continuously monitored and managed.  Part of the company's strategy is the search for business opportunities in non-traditional areas, taking into account the major industry trends such as the growth of output from renewable sources.

More generally, contextual risks and opportunities emerge in Terna's relationship with its stakeholders. Capital Respect for the environment and relationships with the region impact Terna's ability to realize those investments envisaged in the Development Plan. Many sustainability initiatives relate to these areas, as well as to worker safety and the development of the technical skills required to maintain, over time, a high level of professional excellence.