Commercial Operations Full Power

Full bipolar commercial operations at the originally-planned 1,200 MW nameplate capacity require the second pole (MON.ITA. 2) of the Italy–Montenegro HVDC interconnection to be commissioned, joining the already-operational Pole 1 (600 MW, in service since 28 December 2019). Per Terna's March 2025 ARERA report, with activities on Pole 2 suspended for several years and the HVDC supply market currently saturated, the most optimistic completion estimate for Pole 2 is the 2030–2032 window — contingent on activities resuming in the very short term and procurement tenders launching by Q3 2025. Terna's NPV analysis spans entry-into-service dates from 2030 to 2035 and recommends bringing the project forward to 2030 rather than slipping later. The 2032-12-31 year-precision date here takes the end of the optimistic range, in line with the convention that projected dates anchor on the slip-prone end. Likelihood is LOW: the project depends on Trans-Balkan Corridor completion (now expected 2028), Balkan market integration progress, the Italian construction decree being re-extended beyond July 2026, the ARERA-mandated economic optimisation, and Terna actually launching the long-paused procurement. Pole 1 first_power on 28 December 2019 remains the only confirmed commissioning event on the project.</description> </invoke>