Italy's state-owned rail company expects to reach an agreement to sell its power grid to the country's biggest electricity transmission company Terna SpA (TRN.MI) by the end of the year, said the head of Ferrovie dello Stato SpA Wednesday.

"The negotiations aren't only with Terna but are also involving the energy regulator," said Chief Executive Mauro Moretti in Milan.

In recent years, Terna has been buying power grids owned by other companies, including that of utility Enel SpA (ENEL.MI) and energy company Edison SpA (EDN.MI), as part of its efforts to improve the efficiency of the country's grid and boost energy security after an electricity blackout in September 2003.

Terna is controlled by the Italian government.

-By Antonio Di Mambro, MF-DJ, and Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

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