{"product_id":"terna-five-forces-analysis","title":"Terna Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFrom Overview to Strategy Blueprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eTerna operates in a capital-intensive, regulation-heavy utilities market where supplier leverage, high entry barriers, and moderate buyer power shape strategic choices and margins.\u003c\/p\u003e\n\u003cp\u003eThis brief snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore Terna’s competitive dynamics, market pressures, and strategic advantages in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpecialized High-Voltage Equipment Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe supplier side is concentrated: Prysmian and Nexans together held about 40% of the global HV cable market in 2024, and a few OEMs dominate HV transformers, giving Terna limited supplier alternatives for Italy’s 2025 grid expansion (capex ~€3.4bn in 2024). Specialized tech and long lead times raise switching costs and grant suppliers strong negotiation leverage on price, delivery and warranties for large projects.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRaw Material Price Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRaw material price swings for copper, aluminum, and steel materially affect Terna SpA’s capex and opex; copper rose ~28% in 2023 and steel rebar averaged €760\/ton in 2024, pushing substitution and budget pressure on transmission projects.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpecialized Engineering and Construction Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDeveloping Terna’s 2024–2028 Industrial Plan needs a highly skilled workforce and a few specialized construction firms able to work on complex terrain, and Italy had only about 25 domestic contractors certified for high‑voltage grid work in 2024 per Ministry of Infrastructure data.\u003c\/p\u003e\n\u003cp\u003eThe finite pool—estimated 40–60 firms including qualified foreign contractors in Europe—gives suppliers pricing power; Terna paid average EPC (engineering, procurement, construction) premiums of ~12% in 2023 during peak rollout.\u003c\/p\u003e\n\u003cp\u003eScarcity lets providers sustain firm pricing, especially in 2024–2025 when planned CAPEX is €7.5bn for grid expansion, raising short‑term supplier leverage and contract negotiation risk for Terna.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnological Dependence on Digital Systems\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpas terna shifts to a digitalized grid reliance on software and cybersecurity vendors rises creating supplier power via proprietary ai monitoring tech that risks vendor lock-in reported capex in with toward digitalization increasing recurring contracts. updates long-term maintenance drive dependency patches ml model can be mission-critical expensive.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDigital capex ~€468m (18% of 2024 capex)\u003c\/li\u003e\n\u003cli\u003eVendor lock-in risk from proprietary AI\/OT stacks\u003c\/li\u003e\n\u003cli\u003eMaintenance\/contracts = recurring cost and bargaining leverage\u003c\/li\u003e\n\u003cli\u003eCybersecurity critical: regulatory fines raise stakes\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pas\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnergy for Grid Losses\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eTerna must buy electricity to cover grid losses, making it a major wholesale market buyer; in 2024 Italy's net grid losses were ~1.7% of transmitted energy, forcing Terna to procure roughly 6–7 TWh annually at market prices.\u003c\/p\u003e\n\u003cp\u003eDespite Terna's central role, large generators and market volatility set prices—so loss-replacement cost exposure (≈€300–€450 million\/year in 2024 at average wholesale €50–€75\/MWh) is driven by external forces beyond Terna's control.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTerna buys loss energy ~6–7 TWh\/year\u003c\/li\u003e\n\u003cli\u003eItaly grid losses ~1.7% (2024)\u003c\/li\u003e\n\u003cli\u003eCost exposure ≈€300–€450M\/year (2024 prices)\u003c\/li\u003e\n\u003cli\u003ePrices set by large generators and market volatility\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSupplier concentration, raw‑material swings \u0026amp; contractor scarcity raise Terna’s rollout costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers are concentrated—Prysmian\/Nexans ~40% HV cables (2024) and few OEMs for transformers—raising Terna’s switching costs and price leverage during Italy’s €7.5bn 2024–25 rollout; raw material swings (copper +28% in 2023) and scarce certified contractors (~25 domestic in 2024) add premiums (~12% EPC in 2023) and vendor‑lock risks from digital\/OT providers.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrysmian+Nexans share\u003c\/td\u003e\n\u003ctd\u003e~40% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCopper change\u003c\/td\u003e\n\u003ctd\u003e+28% (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic HV contractors\u003c\/td\u003e\n\u003ctd\u003e~25 (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvg EPC premium\u003c\/td\u003e\n\u003ctd\u003e~12% (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored exclusively for Terna, this Porter’s Five Forces overview uncovers key drivers of competition, supplier and buyer influence, entry barriers, substitutes, and disruptive threats that shape its pricing power and long-term profitability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA tailored Porter's Five Forces one-sheet for Terna—distills competitive pressures into a single view so executives can act fast and align strategy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory Authority Influence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eIn Terna’s regulated-monopoly context, customer power is exercised mainly by ARERA (Autorità di Regolazione per Energia Reti e Ambiente), which set the 2025 revenue cap for electricity transmission at about €2.6 billion, effectively acting as proxy for end-users.\u003c\/p\u003e\n\u003cp\u003eARERA defines allowed tariffs and WACC (weighted average cost of capital), which in the 2024–25 review set real WACC near 4.5%, constraining Terna’s pricing and return.\u003c\/p\u003e\n\u003cp\u003eThe regulator enforces service-quality standards—SAIDI\/SAIFI targets and investment programs—so Terna must balance network reliability with cost control and public affordability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnergy Producers and Power Plants\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEnergy producers depend on Terna for national grid access; in 2024 Terna transmitted ~295 TWh in Italy, so connection efficiency directly affects generators’ revenues and dispatch (Terna annual report 2024). Producers demand high reliability—Terna’s 2024 SAIDI equivalent metrics showed sub-1% interruption targets—and transparent access to scheduling and congestion data to optimize markets. They can’t switch operators, but collective lobbying and legal action have influenced tariff and technical rules, as seen in 2023 regulatory revisions that raised access transparency requirements.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDistribution System Operators\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRegional distribution system operators like Enel e-distribuzione are major technical customers, drawing from Terna’s 380 kV and 220 kV network to serve ~31 million Italian end-users; their demand for seamless integration and ±10% voltage quality drives service-level SLAs. \u003c\/p\u003e\n\u003cp\u003eTheir operational feedback shapes Terna’s CAPEX: Terna invested €1.3bn in grid maintenance in 2024 and rerouted projects when distributors required redundancy on 18 key nodes. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLarge Industrial Consumers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cplarge industrial sites connected to terna high-voltage grid demand near-zero interruptions in italy reported electricity interruption costs averaging per hour for large manufacturers so faces high exposure outage risk.\u003e\n\u003cptheir need for bespoke connections and sla guarantees increases negotiation power pressuring tariffs capex reliability upgrades in terna invested grid strengthening to meet such demands.\u003e\n\u003cp class=\"lst_crct\"\u003e\n\u003c\/p\u003e\u003cli\u003eHigh sensitivity: €12,000\/hr loss (2024 estimate)\u003c\/li\u003e\n\u003cli\u003eCustom connections raise switching costs\u003c\/li\u003e\n\u003cli\u003eSLA pressure drives €1.5bn 2023 capex\u003c\/li\u003e\n\u003cli\u003eConcentrated demand amplifies bargaining leverage\u003c\/li\u003e\n\n\u003c\/ptheir\u003e\u003c\/plarge\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePublic and Political Sentiment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eAs Italy’s national grid operator, Terna faces indirect customer bargaining via public and political scrutiny: 2024 saw Italian household power bills rise ~12% year-on-year, triggering ministerial calls for tariff relief and faster grid investments.\u003c\/p\u003e\n\u003cp\u003eThis social contract pressures Terna to balance returns—2024 regulated revenues €2.5bn—with reliability targets and public-service obligations, limiting tariff-setting freedom.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 household bills +12%\u003c\/li\u003e\n\u003cli\u003eRegulated revenues €2.5bn (2024)\u003c\/li\u003e\n\u003cli\u003ePolitical risk: tariff relief demands\u003c\/li\u003e\n\u003cli\u003eMust balance profitability vs public service\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTerna: €2.6bn 2025 cap, 295TWh, €12k\/hr outage risk, €1.3–1.5bn capex\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCustomers wield limited direct market power but strong regulatory, operational, and political influence: ARERA set Terna’s 2025 revenue cap ~€2.6bn and real WACC ~4.5%; Terna transmitted ~295 TWh (2024) and earned ~€2.5bn regulated revenue (2024). Large industrials face ~€12,000\/hr interruption cost (2024) and distributors serve ~31M end-users, driving SLAs and €1.3–1.5bn annual capex pressures.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 revenue cap\u003c\/td\u003e\n\u003ctd\u003e€2.6bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulated revenue 2024\u003c\/td\u003e\n\u003ctd\u003e€2.5bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWACC (real)\u003c\/td\u003e\n\u003ctd\u003e~4.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEnergy transmitted 2024\u003c\/td\u003e\n\u003ctd\u003e~295 TWh\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIndustrial outage cost 2024\u003c\/td\u003e\n\u003ctd\u003e€12,000\/hr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDistributors’ end-users\u003c\/td\u003e\n\u003ctd\u003e~31M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapex pressure 2023–24\u003c\/td\u003e\n\u003ctd\u003e€1.3–1.5bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eTerna Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Terna Porter's Five Forces analysis you'll receive immediately after purchase—no placeholders or samples, fully formatted and ready to use.\u003c\/p\u003e\n\u003cp\u003eYou're viewing the final deliverable: a comprehensive, professionally written document covering competitive rivalry, supplier and buyer power, threat of substitutes, and barriers to entry, available for instant download upon payment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747468226937,"sku":"terna-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/terna-five-forces-analysis.png?v=1772198883","url":"https:\/\/matrixbcg.com\/products\/terna-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}