But amid concerns it was falling behind schedule, an internal review was ordered by Snowy’s chief executive Dennis Barnes. Three sources familiar with the details of the review – who asked not to be named so they could speak freely – said the revised cost had now reached close to $12 billion.
“In May, Snowy Hydro indicated it was working towards a reset of the delivery timeline and budget for the Snowy 2.0 national energy storage project, with its principal contractor, Future Generation Joint Venture,” the spokesperson said.Construction was delayed for months earlier this year when Florence, Snowy’s massive tunnel-boring machine, got stuck in soft rock beneath Kosciuszko National Park.
Snowy 2.0 will bring the scheme’s total generation capacity to 375,000 megawatts, which can be pumped out for 175 hours, or an entire week. By comparison, Tesla’s big battery in South Australia can only supply 150 megawatts into the grid for 194 hours, or about 8 days. “There has always been a sound case for serious long-term energy storage like pumped hydro, and Snowy 2.0 has got a much better combination of megawatts and megawatt-hours than alternatives,” Wood said.
Victoria has committed taxpayers’ dollars to cover the potential costs of keeping two of its largest coal plants operating until their expected closure dates, and NSW is considering subsidising Eraring, its biggest coal power plant.
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