Snowy Hydro 2.0 is now projected to cost at least A$22.2bn, with a contingency allowance that could take the total to A$25bn. Snowy Hydro’s latest projections also push full completion and commissioning of the renewable energy project to 2029.
The project in Australia’s Kosciuszko National Park was initially put forward by the Turnbull government in 2017 at a cost of A$2bn. By 2023, its estimated cost had risen to almost A$13bn, with construction then due to finish by the end of 2028.
Snowy Hydro says machine tunnelling is 65% complete and major excavations are nearing completion. Work on the underground power station is under way, with about 5,000 people working on the project.
The Albanese government plans to set out further oversight and financing arrangements in the coming weeks. Another injection of taxpayer funding is expected, while private financing remains a possibility.
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