Climate Change and Energy Minister Chris Bowen says a major report on the huge pumped hydropower project will be released imminently.
that an internal review of the project had revised its cost to close to $12 billion because of factors including higher wages and other costs, pandemic-linked delays and a failure to adequately account for geological conditions at the site. Nine Entertainment owns the two mastheads andMr Bowen said the report was only received on Tuesday by him and Finance Minister Katy Gallagher – the joint shareholders representing the government – and would take some time to work through.
But the project encountered geological problems and supply chain delays and the budget and completion date has steadily blown out amid a faltering clean energy transition. Last month,Snowy 2.0 aimed to add 2000 megawatts of long-term firm capacity to the existing 4100 MW of Snowy Hydro to help back up the rapidly expanding fleet of variable wind and solar energy that had begun to force coal power stations into retirement.
Snowy Hydro said the process for the “budget reset” for Snowy 2.0 is “advanced, but ongoing”, and also declined to confirm that the cost had soared to $12 billion. “We understand that there is a high level of interest in the project given its critical role in energy storage and the future of the national electricity grid.
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