Snowy Hydro 2.0's Cost Surges to $25 Billion with Completion Delayed to 2029

New projections from Snowy Hydro indicate that the cost of the Snowy Hydro 2.0 project has escalated to as much as $25 billion, with a completion date now pushed back to 2029. Originally proposed by the Turnbull government in 2017 with an estimated cost of $2 billion, the project has faced significant delays and cost overruns over the years.

In 2023, the cost was revised to nearly $13 billion, with construction expected to be completed by the end of 2028. However, the latest projections reveal that the total cost will now be at least $22.2 billion, with a contingency that could raise it to $25 billion. Currently, tunnelling work is 65% complete, and major excavations are nearing their final stages.

Approximately 5,000 workers are engaged in constructing the new underground power station, but the project will not be fully commissioned until 2029.

The Albanese government is set to announce additional oversight and financing structures for Snowy 2.0 in the coming weeks. Another injection of taxpayer funds is anticipated, along with potential private financing components.