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Responsibility Is Our Energy RESPONSIBILITY IS OUR ENERGY 2018 Sustainability Report 2018 SUSTAINABILITY REPORT CONSOLIDATED NON-FINANCIAL STATEMENT prepared in compliance with Legislative Decree 254/2016 as amended TERNA’S MISSION Energy is our responsibility. Responsibility is our energy. To play a leading role in the coming sustainable energy transition, by leveraging our distinctive innovation capabilities, competencies and technologies for the benefit of all stakeholders. We are a major operator of grids used to transport energy. We manage the high-voltage transmission of electricity in Italy, ensuring security, quality and cost-effectiveness over time. We are working hard on development of the electricity grid, the achievement of ongoing improvements in operational efficiency and integration with the European grid. We guarantee equal access to all grid users. We are developing Non-regulated Activities and new business opportunities, building on the experience and technical expertise gained in managing complex systems and on our technological excellence. Table of contents Statement to stakeholders from the Chairwoman and the Chief Executive Officer 4 Highlights 2018 6 Methodological note 9 Profile 21 About us 23 Terna and the SDGs 24 Structure of the Group 27 Business model and activities 34 Strategic Plan 2019-2023 50 Main economic impacts 52 Responsible business management 57 Terna’s sustainability topics 58 Risk management 66 Opportunities and risks connected with climate change 68 Compliance, integrity and the prevention of corruption 70 Respect for human rights 74 Supply chain sustainability 76 Stakeholder engagement 83 Local stakeholders 84 National and international stakeholders 92 Investigations, litigation and sanctions 104 Electricity service and innovation 109 Energy sector 110 Continuity and quality of service 114 Investment and innovation for the SDGs 116 Grid development 118 Asset management 132 Innovation 138 2 GRUPPO TERNA | RAPPORTO DI SOSTENIBILITÀ 2018 - DICHIARAZIONE DI CARATTERE NON FINANZIARIO People 143 Terna and its people 144 HR process 152 Company welfare 158 Health, safety and correct working practices 160 Diversity and equal opportunities 164 Environment 167 Terna and the environment 168 Management of environmental impacts of the electricity grid 169 Atmospheric emissions and energy efficiency 180 Environmental costs 190 Focus on the Tamini Group 193 GRI Content Index 201 GRI content index 202 Links between the GRI indicators and the Global Compact principles 206 Independent auditor’s report 209 Independent limited assurance report on the Consolidated Non-Financial Statement for 2018 210 Annexes 215 Green Bond Report 2018 216 Key indicator tables 226 Reporting process 2018 248 RAPPORTO DI SOSTENIBILITÀ 2018 - DICHIARAZIONE DI CARATTERE NON FINANZIARIO | GRUPPO TERNA 3 The ongoing energy transition towards an increasingly sustainable electricity system poses new challenges and opportunities. Terna is at the centre of this process of achieving decarbonisation goals, guaranteeing the security of the system and minimising the total cost for Italian households and businesses. This commitment will gain momentum with the objectives set out in the Strategic Plan 2019-2023, which provides for investment in expanding the national electricity grid in order to respond to the new needs of the system. In this process, innovation, digital transformation and people underpin our strategy. The quest for innovative solutions and technologies to be used in managing and developing the national transmission grid is one of the enabling factors for dealing with the growing complexity of the system. To this end, Terna has implemented a centralised and coordinated innovation plan to manage electricity flows through the grid in a safe, efficient and reliable way. Our people are the drivers of change and, for this reason, we are continuing to invest in the development of personal and professional skills. Our passion enables us to approach our work proactively and with dedication. Statement to We are convinced that investing in continuous training stakeholders from and bringing young people into the world of work are the Chairwoman vital elements in the process of generating value. and the Chief Executive Officer Given the role the Company plays in the electricity system, Terna has a responsibility towards the entire community, both in its daily operations and over the medium to long term. Management and development of the grid is based on listening to stakeholders with a view to fostering mutual trust and transparency. Close interaction with local communities is one of our priorities, via a development model that is geared towards dialogue and pays ever greater attention to local needs. The operating performance in 2018 demonstrates Terna’s ability to deliver on pre-set objectives and to remain faithful to the commitments made when signing up to the UN Global Compact, showing how the need for a safe, efficient and sustainable electricity grid for Italy can be combined with positive returns for our shareholders. The results presented in the financial statements also bear witness to the Group’s economic and financial strength, allowing us to look towards the future with optimism and enthusiasm. Catia Bastioli Luigi Ferraris Chairwoman Chief Executive Officer Highlights Sustainability is a strategic driver for Terna, expressed through our willingness to play a guiding role in enabling the energy transition, with a mission in keeping with Sustainable Development Goals (SDGs) 7 (“Affordable and clean energy”), 9 (“Industry, Innovation and Infrastructure”) and 13 (“Climate action”). Terna’s role as Italy’s Transmission System Operator means that we are responsible for a service of general interest, made more complex by the growth in production from non-programmable renewable sources, and is at the root of efforts to create value for society. 99.99% €1,091million Average System invested in the security, Availability 5,617hours quality and resilience of (64% of the annual total) the transmission service when the share of demand met by renewable sources exceeds the 30% Over FTEs 284 threshold 2,500 newly recruited employed by contractors staff under working on Terna’s the age of 30 projects Sustainability also means that the way we manage our business is based on the concepts of integrity and professional excellence, applied each and every day, including through a close attention to environmental impacts. 55001 Terna 86% ISO Plastic We are the first Italian of waste company to receive ISO Free recycled 55001 certification of our project asset management Helping to create a decarbonised economy also means achieving consistency in our approach to cutting greenhouse gas emissions from our activities. leakage rate for the greenhouse gas SF6 (as a % of 0.38% the total amount installed): our best ever performance 6 TERNA GROUP | 2018 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT Highlights | Methodological note | Profile | Responsible business management | Electricity service and innovation | People | Environment | Focus on the Tamini Group | GRI Content Index | Independent auditor’s report | Annexes | To deliver on the objectives in its Strategic Plan, Terna invests in innovation, digitalisation and the development of distinctive competencies, focusing on both technical and managerial skills and workplace safety. 55 hours “Zero Infortuni” Open training innovation: of training Next Energy 3 per capita programme The introduction of new infrastructure around the country often arouses local opposition. Terna has developed an approach that pays close attention to local communities, based on dialogue and the search for shared solutions designed to minimise the visual impact and the effects on the landscape and on biodiversity. 87 kilometres 53 kilometres 207 17 of obsolete lines of new meetings with meetings with removed underground lines local authorities the public Terna’s environmental, social and governance performances, built up over time, boost the Group’s reputational capital and the interest of socially responsible investors. Terna ranks as the Industry Leader - Sustainable Terna launches our investors: first Green Bond: Electric Utilities sector - in the Dow Jones Sustainability Index € million 9.52% 750 and is the only Italian in July 2018 electricity company to be of the free float included in the Bloomberg (8.32% in 2017) Gender Equality Index 2018 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT | TERNA GROUP 7 The introduction to this Sustainability Report, which coincides with the Company’s Non-Financial Statement, provides essential information on the principles and methodology applied during preparation in accordance with the GRI- Standards and on the scope of the Report. Particular importance is given to the description of the materiality analysis, the results of which are shown in the matrix used as the basis for selecting and prioritising the topics covered in the document as a whole. This section also includes two synoptic tables: the first cross-references topics that are significant for Terna and its stakeholders with the potential impacts; the second links the Non-Financial Statement requirements with material topics, the risks generated and incurred and the policies adopted in order to minimise such risks. 1 1Methodological note Methodological note Introduction The 2018 Sustainability Report is Terna’s fourteenth annual publication focusing on the Group’s environmental, social and governance performance. As in
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