The Federal Government has formally approved Snowy Hydro 2.0 plan, in a move it claims will drive energy reliability and affordability, and ensure an injection of renewable power into the nation’s energy production.
The announcement has seen the Federal Government officially give Snowy Hydro, the company responsible for the project, shareholder approval to proceed to the “early works stage” after concluding the business case was viable.
The project will increase generation capacity by an estimated 2,000 megawatts, while providing 175 hours of energy storage - enough to power the equivalent of 500,000 homes during peak demand
The government has pledged $1.38 billion for the project, while Snowy Hydro will shoulder the remaining cost of the project, with estimates saying that it could run as high as $4.5 billion.
Exploratory works are set to begin immediately, with Snowy Hydro estimating the project will generate up to 5,000 jobs over the life of the project.