The Federal Government has committed funding and approved the Snowy 2.0 project as a measure in its renewable energy pitch.
The project is estimated to cost between $3.8 billion and $4.5 billion and would multiply generating capacity by 150 per cent, powering 500,000 homes during peak demand.
The Government said it would create 2,400 jobs.
The decision represents a significant step forward and financial commitment towards the progress of the long-term engineering project that aims to put a new underground power station in a remote corner of the Snowy Mountains.
The Government has given the company responsible, Snowy Hydro, shareholder approval to proceed to the “early works stage” after reviewing its business case, concluding it is “satisfied that it stacks up”.
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