Major project · Snowy Hydro Limited
Snowy 2.0
A pumped-hydro power station joining two existing dams in the Snowy Mountains scheme. The estimates do not include upgrades to the shared transmission network, which Snowy Hydro does not own. Snowy Hydro says the $22.2bn target cost is not the amount taxpayers will have to fund.
- First published estimate
- $2.0bn Mar 2017
- Latest estimate
- $22.2bn–$25.0bn Oct 2026
- Latest as a multiple of first
- 11.1–12.5× not like for like
- Expected completion
- Late 2029 (fully commissioned) first stated as About 2021 (four years)
Every published estimate
Amounts are as published, in dollars of the day, not adjusted for inflation. Each estimate links to its source and quotes the words containing the figure. How these are compiled.
| Date | Estimate | Covers | Completion | Source |
|---|---|---|---|---|
| Mar 2017 | $2.0bn | No scope stated; said before the feasibility study | About 2021 (four years) | Interview with Ben Fordham, 2GB, Malcolm Turnbull, Prime Minister“It'll cost about $2 billion, it'll take about four years to build.” |
| Dec 2017 | $3.8bn–$4.5bn | Feasibility study estimate | First power by late 2024 | Snowy 2.0 feasibility study released, Australian Renewable Energy Agency (ARENA)“The study released today states the project is technically feasible, and estimated to cost between $3.8-4.5 billion.” |
| Dec 2018 | $6.1bn | Target total cost at the final investment decision in December 2018; first published in the May 2024 updated business case | Snowy 2.0 Updated Business Case (May 2024), Snowy Hydro Limited“Target Total Cost ($ billion): Business Case FID December 2018, 6.1; Updated Business Case August 2023, 12.0” | |
| Aug 2023 | $12.0bn | Revised total cost to complete, with capacity raised from 2,000 MW to 2,200 MW not like for like | December 2028 (all units) | Securing the future of critical energy transformation projects, Snowy Hydro Limited Video“Snowy 2.0 Revised total cost to complete is $12 billion.” |
| Oct 2026 | $22.2bn–$25.0bn | Target cost to complete ($22.2bn), with an allowance for a $25bn cost scenario | Late 2029 (fully commissioned) | Snowy 2.0 cost reassessment complete, Snowy Hydro Limited Video“Snowy Hydro today announced the updated target cost to complete Snowy 2.0 is $22.2 billion, with an allowance for a cost scenario of $25 billion” |
Government funding in the 2026-27 Budget
- Snowy Hydro Limited investment: $0 net paid out in 2026-27
- Snowy Hydro Limited loan: $2.9bn net paid out in 2026-27
The government’s loans and equity to Snowy Hydro also support the Hunter Power Project.
These are loans and equity, which are not counted as expenses. Loans and investments.
Related pages
- Department of Climate Change, Energy, the Environment and Water
- Department of Finance
- SNOWY HYDRO LIMITED (contracts as a supplier on AusTender)