Following our article on Red Eléctrica (RDEIY), the sole Spanish transmission agent and operator, we decided to analyze the Italian player called Terna (TERRF). Similar to other regulated electrical utilities, Terna are in charge of operating the electrical grid under a concession arrangement with the Italian government. The concession is significant, giving Terna the mandate of providing electrical continuity over one of the largest of these networks in Europe. The logic of the Terna investment is similar to that of the other companies in utilities we've analyzed, which is that their