Snowy 2.0 costs climb past $5 billion

The much touted Snowy 2.0 pumped hydro scheme appears to have suffered another blowout in costs, just weeks after the Coalition government shovelled $1.4 billion into its wholly owned energy utility Snowy Hydro to support the project.

Renew Economy is reporting details of the contract announced by Italian group Salini Impreglio reveal the main construction “mega contract” now comes to $5.1 billion for the civil works and the electro-mechanical component, essentially the drilling of the tunnels and the construction of the power station.

This covers most, but not all, of the total project costs.

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