Dear Terna Shareholders and Stakeholders, by means of this Annual Report, for the first time the Group has presented results which include the functions of the grid operator, acquired as from November 2005. Terna looks out over 2006 with a new aspect: within a context of attention towards the financial markets and the creation of value, the Company has enhanced its connotation of concession holder of a public service, whilst at the same time confirming the commitments towards the search for business opportunities within non-regulated spheres...

• Over 330 billion KWh of energy managed a year
  
  
• 35,129 km of transmission lines
  
  
• 302 transforming and switching stations

By means of the acquisition in November 2005 of the TSO business segment, TERNA became the company responsible in Italy for the transmission and dispatch of electricity onto the high and very high voltage grid throughout the whole of Italy.
During the accounting period, the safety of the supplies was guaranteed, ensuring the adequacy of the resources covering the demand and the continual balance over time between energy requirements and available resources.