The estimated cost of the Snowy Hydro 2.0 pumped hydro scheme has risen to at least A$22.2 billion and possibly A$25 billion, about 12 times its original price, with full operation now not expected until 2029, The Guardian reports.
The project in Kosciuszko National Park was announced in 2017 at A$2 billion, and its estimate was revised to nearly A$13 billion in 2023. Snowy Hydro blamed technical complexity, a flawed original contract, contractor performance and rising global costs. Tunnelling is about 65 per cent finished.
Chief executive Dennis Barnes said the outcome could have been worse without the project's reset. The energy minister, Chris Bowen, and the finance minister, Katy Gallagher, blamed the former Coalition government and said the scheme remained vital for the grid. Further public funding is expected.
Source: The Guardian
