DOCSLIB.ORG

Energy Is Our Responsibility

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Energy Is Our Responsibility 2017 RapportoSustainability di Sostenibilità Report La direzione dell’energia responsibility Energy is our Sustainability Report and Consolidated Non Financial Statement PREPARED IN COMPLIANCE WITH LEGISLATIVE DECREE 254/2016 Our 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 9 Highlights 10 Reader’s guide 12 Introduction 12 Structure of the Report 12 Materiality 13 Scope and indicators 19 Comparative analysis of sustainability performance 20 Profile of Terna 22 About us 25 Terna and the SDGs 26 The structure of the Group 29 Corporate structure 29 Ownership structure 32 Corporate governance 33 Terna’s businesses 34 Regulated Activities - Electricity transmission 35 Regulated revenue 37 Other activities in Italy 38 International Activities 39 Revenue from other Italian and International Activities 41 Strategic Plan 2018-2022 42 Responsible business management 44 Terna’s sustainability themes 46 Sustainability governance 48 Results 50 Objectives 51 Sustainability indices 51 Risk management 54 4 TERNA GROUP | 2017 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT Risks and opportunities connected with climate change 56 Opportunities 56 Risks 57 Compliance, integrity and the prevention of corruption 58 Compliance with legislation 58 Prevention of corruption 58 Respect for human rights 62 Supply chain sustainability 64 Procurement and suppliers 64 Procurement portal 66 Qualification of suppliers 66 Supplier audits 67 Equal opportunities in accessing calls for tender 68 Guaranteeing safety, the environment and human rights at contractors’ construction sites 68 Stakeholder engagement 70 Terna and its stakeholders 72 Communication channels 73 Networking activities 76 Operating and business environment 82 People within the organisation 82 Electricity system operators 84 Financial environment 88 Shareholders 88 Public and social environment 90 Media and opinion makers 90 Local communities 92 The community 95 Value added 100 Taxes paid overseas 101 Investigations, litigation and sanctions 102 Investigations by ARERA 102 Litigation 102 2017 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT | TERNA GROUP 5 The electricity service and innovation 104 Key performance indicators 106 Continuity and quality of service 108 The energy sector 110 Investment and innovation for the SDGs 112 Grid development 115 2018 Development Plan 115 Reduction of CO2 emissions in the electricity system 116 Principal development activities in progress 118 Connecting new plants 120 Overseas interconnections 122 Security and resilience of the electricity system 126 Resilience Plan 126 Information and cyber security 127 Infrastructure maintenance 129 Dispatching of electricity 130 Innovation 132 The environment 138 Key performance indicators 140 Terna’s commitment to the environment 141 Management of environmental impacts in the development of the electricity grid 142 Power lines and local communities 142 Monitoring and supervision of electromagnetic fields 145 Safeguarding biodiversity 145 Electricity power lines and birdlife 146 Climate change and energy efficiency 149 Energy consumption 149 Direct and indirect CO2 emissions 150 SF6 leakages and containment measures 152 Energy efficiency initiatives 154 Other indirect CO2 emissions 156 Use of resources and waste management 158 Resources 158 Waste 158 Environmental costs 160 Accounting methodology 160 Capital expenditure and operating costs 161 6 TERNA GROUP | 2017 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT People 162 Key performance indicators 164 Terna’s commitment to our people 165 Overview of our workforce 165 Generational turnover 166 The HR process 168 Recruitment and selection 168 Training 168 Development 170 Company welfare 171 Care for children and other family members 172 Health, safety and correct working practices 173 Protecting employees’ safety 173 Occupational injuries 175 Diversity and equal opportunities 177 Additional GRI indicators 178 Focus on the Tamini Group 180 The Tamini Group 182 Key environmental data 183 Key social data 184 GRI Content Index 186 GRI-Standards Content Index 188 Links between the GRI indicators and the Global Compact principles 192 Links between the GRI indicators and the Sustainable Development Goals 196 Report 198 Independent Auditor’s Report on the Consolidated Non-Financial Statement 200 Annex 204 Key indicator tables 206 The reporting process 2017 228 2017 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT | TERNA GROUP 7 Lorem ipsum lorem ipsum 8 TERNA GROUP | 2017 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT Statement to The world of energy is changing extremely rapidly and against this backdrop, our goal is to enable the transition to a more efficient, secure and sustainable energy system. Recent developments stakeholders have brought a series of new challenges, such as how to manage the decarbonisation process and the need to guarantee security of supply and the cost-effectiveness of the service for businesses and households. Terna is playing a strategic role in this scenario. We are developing a more resilient and sustainable grid, increasing cross-border interconnections and resolving localised congestion. We are also improving our grid, reducing the risk of interruptions to supply and implementing innovative, digital solutions. Against this backdrop, in accordance with our new Strategic Plan for the period 2018- 2022, presented to the financial community on 22 March 2018, we intend to give priority to investment in our domestic market. Our aim is to focus on the needs of the system, with a view to strengthening the electricity grid and enabling the integration of renewable sources. In terms of our International Activities, the new Plan concentrates on the completion of projects already in progress, preserving the Company’s low risk profile. Our continued commitment, in relation to our Non-regulated Activities, is to develop value added services based on our distinctive competencies. Sustainability is a part of our business model, with our environmental and social indicators included in the cost-benefit analysis (CBA) applied to our projects. The green economy and innovation go hand in hand: the introduction of green transformers (insulated with vegetable oil rather than mineral oil) and the dispatching of renewable energy are good examples of this. Energy for change depends on our people, in whom we are continuing to invest in the knowledge that they are the key to Terna’s future success. We are investing in development and training, reducing the age of our workforce through voluntary retirement schemes and by creating the conditions for new initiatives designed to attract talented young people. The aim is to create an environment in which employees can develop both personally and professionally. At Terna, dialogue with our stakeholders forms the basis for everything we do. We take a proactive approach to engagement with interest parties, such as national and local authorities, municipalities, the general public, trade unions and environmental organisations, and we believe that the involvement of stakeholders is key to delivering our business objectives. This year, we are once again proud to present you with an improved set of results, further proof of the ongoing progress achieved by the Group in terms of operational and financial efficiency. This financial strength and earnings performance are the foundations on whichwe can together build the Terna of the future. Backed by a solid financial structure, Terna is capable of creating further lasting and sustainable value for its shareholders and stakeholders. This is why we like to say that energy is Terna’s responsibility and that responsibility is our energy. Catia Bastioli Luigi Ferraris Chairwoman CEO 2017 SUSTAINABILITY REPORT - CONSOLIDATED NON-FINANCIAL STATEMENT | TERNA GROUP 9 Highlights ASA Land use (Average Service Availability) 98.3 km 99.99% of lines demolished This figure, close to 100% as in previous Over 1,000 kilometres of lines years, is a mere tenth of a percentage point have been removed since 2010. below the maximum possible, confirming the high quality of Terna’s services. CO2 emissions 0.47% leakages of SF6 as a percentage of total installed gas capacity Leakages of the greenhouse gas SF6 represent the principal source of Terna’s direct CO2 emissions. 32% of Italy’s demand covered by renewable Carbon intensity sources of electricity tonnes of CO per €m 66.0 2 In line with the last three years. Waste reuse/recycling 87% Principal new lines Recovery of machinery and packaging entering service exceeds 95%. • Udine West-Redipuglia • Capri-Mainland ENVIRONMENTAL PERFORMANCE INDICATORS OPERATIONAL
Load more

Recommended publications
  • Energy in Tune With
    Annual Report 2005 ENERGY IN TUNE WITH YOU The history of Enel is a part of the history of Italy, just as Enel is an expression of the Italian flair for innovation, creativity and “getting the job done” that is so characteristic of the country's enterprise culture. Today, however, Enel is even more: an international company that is driven by its values and their application in contexts beyond Italy's frontiers. Enel is currently present in eleven countries. In each of these, Enel's concerns, such as the search for innovation, respect for the environment, ethical and social commitment, technological development and attention for our customers, are expressed differently in the local environment while maintaining their universal significance. This is how Enel forges and promotes a single corporate identity in its operations around the world while embracing the principles of local integration, knowledge transfer and best practices. These principles are put into action through our most important resource: human capital. It is to our people that we dedicate the images in this publication, which communicate Enel's values through true stories and real people. Our thanks go to them, who represent all of those working every day to make the company stand out. Annual Report 2005 Report on operations 6 The Enel structure 7 Corporate boards 8 Letter to shareholders and stakeholders 12 Summary of results 15 Significant events in 2005 20 Regulatory and rate developments 24 Enel and the financial markets 30 Overview of the Group’s performance and financial
    [Show full text]
  • Energynews 2009 VI 1 – Existing, Recent And
    Energy News in Southeast Europe two issues per month № 2009-VI/1 •17.06.2009 About: In this issue: Main focus of Balkan Energy NEWS is energy related news from coun- June (1) 2009 edition of Balkan Energy NEWS, tries of South East Europe. Countries involved are: Albania, Bulgaria, Bosnia and Herzegovina, Croatia, Greece, FYR Macedonia, Montene- with limited data. gro, Romania, and Serbia. Besides all regional energy related news, we are giving you in each issue one market analysis and review of the You can request free trial / latest issue on tenders announced and held in this area. You will be also able to see review of relevant power exchanges. [email protected] News are published to subscribers only as an .pdf edition, two times per month Actual data » Power sector operational and market data for the period of Balkan Energy NEWS consulting: 1.06.-15.6.2009 » Forecasted weather conditions for the following period BalkanEnergy NEWS Consulting § § § Consulting, intellectual and assistance services related to energy business in South Eastern Europe Analysis: Why Balkan Energy NEWS consulting? » Existing, recent and planned capacity increase of existing Hydro Power Plants - More then four years in consulting business for SEE Energy Sector § § § - More then three years leading info provider for energy business in SEE. News headlines For more information contact us on [email protected] Albania » EVN and Statkraft started with 3 HPP construction Disclaimer: » Construction works on oil terminal Vlora All rights reserved by Balkan Energy Solutions Team. No part of this pub- lication may be reproduced, redistributed, or in any other way copied as Bosnia and Herzegovina: a whole or partially without written permission of Balkan Energy Solu- » EP BiH: 2.5 billion euros of investments until 2020 tions Team.
    [Show full text]
  • Integrated Report Terna S.P.A
    Terna S.p.A. and Terna Group S.p.A. and Terna Terna ENERGY IS OUR RESPONSIBILITY 2019 Annual Report Report - Integrated 2019 2019 ANNUAL REPORT INTEGRATED REPORT WorldReginfo - c4516490-ee9b-48dc-874e-46a463ce0e93 All pictures are property of Terna. www.terna.it Mercurio GP Milan Strategic advisory Creative concept Graphic design Layout Editing www.mercuriogp.eu Password Language Services S.r.l. Rome Translation Varigrafi ca Alto Lazio S.r.l. Nepi (VT) Printing www.varigra ca.com WorldReginfo - c4516490-ee9b-48dc-874e-46a463ce0e93 OUR 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. WorldReginfo - c4516490-ee9b-48dc-874e-46a463ce0e93 The energy transition represents a major opportunity. Nothing less than an industrial transformation requiring a collective commitment from businesses, government and other stakeholders, called on to work together to devise strategies and implement projects designed to achieve the goals of decarbonisation, energy efficiency and security, and to deliver research, innovation and competitiveness.
    [Show full text]
  • Results As of 31 March 2020 Approved
    RESULTS AS OF 31 MARCH 2020 APPROVED • Revenues at € 567.5 million (€ 537.0 million in 1Q19, +5.7%) • EBITDA at € 434.2 million (€ 420.2 million in 1Q19, +3.3%) • Group net profit at € 186.6 million (€ 186.0 million in 1Q19, +0.3%) • Capex at € 217.5 million (€ 164.4 million in 1Q19, +32.3%) • Net debt at € 8,408.5 million (€ 8,258.6 million as of 31 December 2019) Rome, 13 May 2020 – The Chief Executive Officer and General Manager Luigi Ferraris has presented the results of the first quarter of 2020, which were examined and approved by the Board of Directors of Terna S.p.A. (“Terna”) at a meeting held on 13 May 2020 and chaired by Catia Bastioli. “The good results achieved in the first quarter of the year are the outcome of the Group’s constant capex acceleration process, evidence of Terna’s strategic role in the ongoing energy transition in our Country towards full integration of renewable sources. People, innovation, digitization and attention to local communities, with a view to dialogue and listening, continue to be the key pillars of a Strategic Plan that focuses all managerial actions on an increasingly safe, efficient and sustainable electricity grid, at the service of the Country and local communities” said Luigi Ferraris, Terna’s CEO and General Manager. SUMMARY OF 1Q2020 CONSOLIDATED RESULTS € million Q1 2020 Q1 2019 % change Revenues 567.5 537.0 +5.7% EBITDA (Gross Operating Profit) 434.2 420.2 +3.3% EBIT (Operating Profit) 282.0 279.8 +0.8% Group net profit for the period 186.6 186.0 +0.3% CAPEX 217.5 164.4 +32.3% Revenues of the first quarter of 2020 amounted to € 567.5 million and registered an increase of € 30.5 million (+5.7%) compared to the same period in 2019.
    [Show full text]
  • (Sdgs) Perspective Diletta Acuti
    Company disclosures concerning the resilience of cities from the Sustainable Development Goals (SDGs) perspective Diletta Acuti, University of Porstmouth Marco Bellucci, University of Florence Giacomo Manetti, University of Florence Abstract Although companies are decisive in contributing to urban resilience, unresolved questions remain about what practices they can implement. Considering that the concept of resilience is acknowledged both explicitly and implicitly in a range of Sustainable Development Goals (SDGs), this research aims to fill the existing gap between theoretical considerations about the role of companies in fostering urban resilience and the practices they implement and disclose. On the one hand, we build a theoretical framework based on strategic and instrumental components that can support the contribution of companies to urban resilience. On the other hand, we analyze 138 sustainability reports of organizations operating in Italy and Japan to identify how the SDGs, with particular reference to those targets concerning environmental and social resilience, are implemented in their activities and communicated in their nonfinancial reports. Since greater attention to disclosures on the impacts of companies on resilience is a starting point for action towards achieving the SDGs, this study provides new insights into the contribution of companies to the resilience of cities, advancing the literature on the link between business and urban resilience. Keywords Urban resilience, SDGs, sustainability reporting, cities, content analysis, GRI 1. Introduction The idea of urban resilience has evolved to span many academic debates, and it has begun to infiltrate a host of additional, more loosely connected social and economic policies related to security, risk and vulnerability across the developed and developing worlds (Coaffe, 2013).
    [Show full text]
  • Manovra, Il No Dell'europa
    SABATO 6 OTTOBRE 2018 www.corriere.it In Italia (con “Io Donna”) EURO 2,00 ANNO 143 - N. 237 Milano, Via Solferino 28 - Tel. 02 62821 Servizio Clienti - Tel. 02 63797510 Roma, Via Campania 59/C - Tel. 06 688281 FONDATO NEL 1876 mail: [email protected] Docufilm sul 1938 Domani in edicola Gli ebrei denunciati Umberto el’albo di Tex Irene elapaura di confidarsi dai vicini di casa italiani Continua il romanzo astaffetta di Aldo Cazzullo di Emanuele Trevi a pagina 25 nel supplemento Lavoro penalizzato Conti pubblici Lettera da Bruxelles: grave preoccupazione. Ma Tria: itimori sono infondati ● STORIE& VOLTI L’ILLUSIONE AMUKWEGE EMURAD DICRESCERE Manovra, il no dell’Europa Nobel per la pace PERDECRETO Misure fino a40miliardi. L’ipotesi di detrazioni più basse eacconti più alti achi combatte di Alberto Alesina gli abusi di guerra e Francesco Giavazzi PREVISIONI EREALTÀ GIANNELLI SETTEGIORNI Italia corre rischi ● ● come raramente La scommessa sui numeri di Francesco Verderami ne ha affrontati L’ nella storia degli di Federico Fubini Muro del governo ultimi settant’anni. Il fatto che il l nuovo Def scommette su deficit e più sul limite del 2,4% governo giallo-verde I crescita. Ma il rischio recessione aumenta di Michele Farina continui a godere di con lo spread che sale. Resta il nodo dei «Non scendiamo» un’ampia popolarità è una mercati sui piani di riduzione del debito e l Premio Nobel per la Pace magra consolazione: sugli obiettivi fissati. a pagina 5 lcartellino giallo èarri- I è stato assegnato al Domingo Perón, e più I vato: la Commissione eu- ginecologo Denis Mukwege e recentemente i presidenti ropea ha ufficializzatoil all’attivista Nadia Murad per Kirchner, erano acclamati IL SONDAGGIO «warning» sui numeri del il loro impegno contro l’uso da folle sterminate, ma ciò Def a mercati chiusi, ma il della violenza sessuale come non ha impedito che Calo M5S, Lega vicina al 34% governo era già stato infor- arma di guerra.
    [Show full text]
  • TERNA - Rete Elettrica Nazionale S.P.A
    BASE PROSPECTUS TERNA - Rete Elettrica Nazionale S.p.A. (incorporated with limited liability in the Republic of Italy) €8,000,000,000 Euro Medium Term Note Programme Under this €8,000,000,000 Euro Medium Term Note Programme (the Programme), TERNA - Rete Elettrica Nazionale S.p.A. (the Issuer or Terna) may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €8,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “General Description of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuer (each a Dealer, and together, the Dealers), which appointment may be for a specific issue or on an on-going basis. References in this Base Prospectus to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see “Risk Factors”. Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 on prospectuses for securities (the Prospectus Act 2005) to approve this document as a base prospectus.
    [Show full text]
  • Gek Terna Societe Anonyme Holdings Real Estate Constructions
    GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens, Greece General Commercial Registry No. 253001000 (former S.A. Reg. No. 6044/06/Β/86/142) SIX‐MONTH FINANCIAL REPORT For the period 1 January to June 30, 2019 According to article 5 of L. 3556/2007 and relevant executive decisions of Hellenic Market Commission Board of Directors WorldReginfo - 2a0acef4-ca32-4423-aba9-2a5dec2526ae [page intentionally blank] WorldReginfo - 2a0acef4-ca32-4423-aba9-2a5dec2526ae SIX‐MONTH FINANCIAL REPORT For the period 1 January to June 30, 2019 Under the provisions of Article 5, Law 3556/2007 The current Six‐month Report has been prepared in compliance with the provisions of Article 5 of L. 3556/2007 and relevant executive decisions of Hellenic Market Commission Board of Directors No. 7/448/11.10.2007 and includes as follows: I. Representations of the Board of Directors members II. Board of Directors Six Month Report III. Independent Auditors’ Review Report, and IV. Interim condensed financial statements for the first half of 2019. V. Report on use of funds raised 3 WorldReginfo - 2a0acef4-ca32-4423-aba9-2a5dec2526ae [page intentionally blank] WorldReginfo - 2a0acef4-ca32-4423-aba9-2a5dec2526ae CONTENTS I. REPRESENTATIONS OF THE BOARD OF DIRECTORS MEMBERS ...............................7 II. SIX MONTH BOARD OF DIRECTORS REPORT ...................................................................9 A. Financial Developments and Performance in the Reporting Period ............................................9 B. Significant
    [Show full text]
  • Consolidated Financial Statements Table of Contents
    Consolidated Financial Statements Table of Contents 202 FINANCIAL STATEMENTS 212 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 307 STATEMENT FROM MANAGEMENT 308 INDEPENDENT AUDITORS’ REPORT Financial statements STATEMENT OF FINANCIAL POSITION 31.12.2017 31.12.2018 of which of which (E million) Notes Total with related Total with related parties parties ASSETS Current assets Cash and cash equivalents (8) 719 1,872 Trade and other receivables (9) 1,658 475 1,347 420 Inventories (10) 86 109 Current income tax assets (11) 16 10 Other current tax assets (11) 21 7 Other current assets (12) 56 27 2,556 3,372 Non-current assets Property, plant and equipment (13) 16,033 16,153 Compulsory inventories (10) 363 363 Intangible assets (14) 850 907 Investments valued using the equity method (15) 1,547 1,710 Other investments (16) 44 40 Other receivables (9) 373 373 1 Other non-current assets (12) 50 2 36 1 19,260 19,210 TOTAL ASSETS 21,816 22,582 202 Annual report 2018 31.12.2017 31.12.2018 of which of which (E million) Notes Total with related Total with related parties parties LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term financial liabilities (17) 1,373 15 1,976 Short-term portion of long-term financial liabilities (17) 1,070 1,657 Trade and other payables (18) 1,673 202 1,768 274 Current income tax liabilities (11) 14 Other current tax liabilities (11) 11 9 Other current liabilities (19) 79 14 86 27 4,206 5,510 Non-current liabilities Long-term financial liabilities (17) 10,176 9,787 Provisions for risks and charges (20) 677
    [Show full text]
  • T.E.R.NA. – Trasmissione Elettricità Rete Nazionale S.P.A. (Incorporated with Limited Liability in the Republic of Italy) E800,000,000 4.90 Per Cent
    OFFERING CIRCULAR T.E.R.NA. – Trasmissione Elettricità Rete Nazionale S.p.A. (incorporated with limited liability in the Republic of Italy) E800,000,000 4.90 per cent. Notes due 2024 Issue Price: 99.624 per cent. and E600,000,000 4.25 per cent. Notes due 2014 Issue Price: 99.968 per cent. The A800,000,000 4.90 per cent. Notes due 2024 (the A Notes) and the A600,000,000 4.25 per cent. Notes due 2014 (the B Notes and, together with the A Notes, the Notes) are issued by T.E.R.NA. – Trasmissione Elettricità Rete Nazionale S.p.A. (the Issuer). Unless previously redeemed or purchased and cancelled, the Issuer will redeem the A Notes at their principal amount on 28th October, 2024 and will redeem the B Notes at their principal amount on 28th October, 2014, in each case as described under “Conditions of the A Notes - Redemption and Purchase” and “Conditions of the B Notes - Redemption and Purchase”, respectively. In particular, the Issuer may, at its option, redeem all, but not some only, of the Notes at any time at par plus accrued interest, in the event of certain tax changes as described under “Conditions of the A Notes - Redemption and Purchase” and “Conditions of the B Notes - Redemption and Purchase”. The A Notes bear interest from, and including, 28th October, 2004 (the Closing Date) at the rate of 4.90 per cent. per annum, payable annually on 28th October in each year. The B Notes bear interest from, and including the Closing Date at the rate of 4.25 per cent.
    [Show full text]
  • TERNA - Rete Elettrica Nazionale S.P.A
    http://www.oblible.com BASE PROSPECTUS TERNA - Rete Elettrica Nazionale S.p.A. (incorporated with limited liability in the Republic of Italy) €8,000,000,000 Euro Medium Term Note Programme Under this €8,000,000,000 Euro Medium Term Note Programme (the Programme), TERNA - Rete Elettrica Nazionale S.p.A. (the Issuer or Terna) may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €8,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “General Description of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuer (each a Dealer, and together, the Dealers), which appointment may be for a specific issue or on an on-going basis. References in this Base Prospectus to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see “Risk Factors”. This Base Prospectus has been approved as a base prospectus by the Commission de Surveillance du Secteur Financier (the CSSF), as competent authority under Regulation (EU) 2017/1129 (the Prospectus Regulation).
    [Show full text]
  • 2020 REPORT on the REMUNERATION POLICY and REMUNERATION PAID Rome, 10 March 2020
    ENERGY IS OUR RESPONSIBILITY 2020 REPORT ON THE REMUNERATION POLICY AND REMUNERATION PAID Rome, 10 March 2020 Terna S.p.A. and the Terna Group Report on the Remuneration Policy and Remuneration Paid Terna S.p.A. and the Terna Group Traditional management and control model This is a translation of the original Italian text. For any difference in the meaning between the original Italian text and its translation, the Italian text prevails. Issuer: «Terna - Rete Elettrica Nazionale Società per Azioni» (in abbreviated form Terna S.p.A.) Website: www.terna.it Date of approval of the Report: 10 March 2020 REPORT ON THE REMUNERATION POLICY AND REMUNERATION PAID | TERNA S.P.A. AND TERNA GROUP 1 Statement from the Chairman of the Remuneration Committee Dear Shareholders, As Chairman of the Remuneration Committee, it gives me great pleasure to present you with the Report on the remuneration policy for 2020 and on remuneration paid in 2019. The Report follows the basis of presentation required by art. 123-ter of the Consolidated Law on Finance (“CLF”) and was approved by the Board of Directors on 10 March 2020. I should like to take this opportunity to thank Committee members for their tremendous efforts over the three years we have been in office and for their constant commitment to improving the Company’s remuneration strategy. In particular, based on the feedback received from stakeholders over time, we have made changes to pay schemes to bring them into line with best market practices, seeking to create value for shareholders and make processes more efficient.
    [Show full text]