Snowy Hydro 2.0, the large‑scale renewable energy scheme in Australia’s Kosciuszko National Park, is now projected to cost as much as $25 billion and finish only by the end of 2029, according to the company’s latest cost reassessment.
The project, which began as a $2 billion initiative under the Turnbull government in 2017, has seen its budget swell dramatically. In 2023 the estimate was raised to almost $13 billion, with construction originally slated for completion by the end of 2028. The new figures reflect a 65 % completion of the tunnelling work, but also a significant delay in the overall timeline.
“It could have been worse,” said the CEO of Snowy Hydro, who added that the company is working to manage the cost escalation and keep the project on track. The statement comes as the company reviews its financial and engineering plans to bring the scheme to fruition.
Snowy Hydro 2.0 is a major expansion of the existing Snowy Mountains Hydro Scheme, aimed at boosting Australia’s renewable energy capacity. The project’s location in the protected Kosciuszko National Park has added environmental and regulatory scrutiny, contributing to the cost and schedule pressures.
Stakeholders are monitoring the revised projections closely, as the increased budget and delayed completion will affect regional energy supply plans and government funding commitments over the next decade.
<small>Source: The Guardian — read the original story there.</small>
