Snowy Hydro pumps up the case of 2.0 before more delays, cost blowouts
Snowy Hydro is defending its Snowy 2.0 pumped hydro project amid criticisms and anticipated cost increases. The project's costs have escalated from an initial estimate of $2 billion to over $12 billion, with further increases expected. An independent study suggests that Snowy 2.0 is essential for stabilizing electricity prices as coal plants close and renewable energy sources become more prevalent.
- ▪Snowy Hydro's chief executive acknowledged that cost blowouts above the current $12 billion price tag are inevitable.
- ▪An independent study indicates that Snowy 2.0 will be necessary to maintain affordable electricity prices as coal plants are phased out.
- ▪The project is projected to save significant amounts on wholesale electricity prices compared to relying solely on large-scale batteries.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.