Finger pointed by Terna against the Robin tax: it kills investments and puts the company's dividends at risk for next year. Terna's managing director, Flavio Cattaneo, did not mince words in the Senate's Industry Committee and announced that he had written to the government, but was still awaiting a response.
Terna has approved a plan for the development of the grid equal to 7,5 billion for the period 2011-2012, but "The Robin tax kills investments", said Cattaneo heard in the context of the survey on the national energy strategy, and if there will be no change in the next industrial plan "we will have to review investments". Cattaneo took the opportunity to point out how the government maneuver provided for a 10,5% increase in IRES (Robin tax) and for this very reason he announced that he had written to the government "explaining that a mechanism for incentive. We are waiting for an answer but no one will be able to point a gun at us because with an incidence of 10,5 net points, equal to double the gross, we can't stay inside. We will destroy value for our shareholders. It would be like destroying everything we've done so far. It would not make sense".
Investment plan in the balance, due to the Robin tax, but doubts also for Terna's dividend for 2012. Due to the increase in the Ires surcharge, the company could cut the dividend, which however remains confirmed this year. The managing director himself, Flavio Cattaneo, explained it on the sidelines of the hearing. “For this year, with great effort and thanks to extraordinary income – he said – we are able to meet expectations. But for next year we have to check and wait for the evolution of the data. Of course – added Cattaneo – the incidence is heavy. Before there was a long-term vision, now it's more difficult”. And therefore the company does not confirm the dividend for 2012? "At the moment I am not able to guarantee it, then it will depend on the scenarios", replied Cattaneo.
The managing director also spoke on renewable sources, and did not fail to express critical remarks towards the executive: "The government's objectives put the grid to the test, in terms of sustainability and cost".
