Key facts
- Project cost now estimated between $22.2bn and $25bn.
- Completion date pushed to the end of 2029.
- Machine tunnelling is 65% complete.
- The project aims to link two existing Snowy reservoirs with tunnels.
- Snowy Hydro CEO Dennis Barnes stated the situation 'could have been worse'.
The cost of Australia's Snowy Hydro 2.0 renewable energy project has escalated to as much as $25 billion, with completion now expected by the end of 2029. This represents a twelvefold increase from the initial $2 billion estimate when the project was first proposed in 2017. A reassessment revealed the project's cost would be at least $22.2 billion, with contingency for further increases. Machine tunnelling is 65% complete, and major excavations are nearing their final stages. The government plans to introduce new oversight and financing structures, including taxpayer funds and potential private investment. Snowy Hydro CEO Dennis Barnes acknowledged the project's complexity and stated the situation could have been worse, highlighting a collaborative relationship with the contractor and progress in construction.