**Snowy 2.0 (Snowy Hydro 2.0) Project Cost Blowout Summary** (under Malcolm Turnbull's announcement in 2017). by Graham Healy

**Snowy 2.0 (Snowy Hydro 2.0) Project Cost Blowout Summary** (under Malcolm Turnbull's announcement in 2017).

This pumped hydro storage project in Kosciuszko National Park has faced massive delays, geological issues (e.g., tunnel boring machine failures, sinkholes), contracting problems, and governance shortcomings. It was announced with optimistic figures before full feasibility studies.

### Key Cost Timeline Table

| Stage / Announcement | Estimated Cost | Completion Target | Notes / Blowout Context |

|----------------------|----------------|-------------------|-------------------------|

| **Initial Announcement (2017, Malcolm Turnbull)** | **$2 billion** | 2021 (first power) | Pre-feasibility; widely criticised as unrealistic political estimate. Excluded full transmission and other costs. |

| **Early Feasibility / Revision (2017–2019)** | ~$4–6 billion | 2025 | Feasibility study quickly doubled it; further rises to ~$5.9B by late 2010s. Taxpayer equity injected. |

| **2023 Project Reset** | **$12 billion** | 2028 | Official reset under Albanese Government; ~6x original. Project ~half to two-thirds complete by 2025–2026 but already exceeding this. |

| **Current / Independent Estimates (2026)** | **~$20–42 billion+** (total economic cost) | 2028–2029+ | Includes ~$20B direct construction, interest/financing (~$8B), and transmission infrastructure share (~$12B). Up to 20x original. Ongoing risks of further blowouts. |

**Taxpayer Impact**:

- Snowy Hydro is government-owned, so costs ultimately fall on Australian taxpayers via equity, debt, or higher energy prices.

- Billions already spent (e.g., over $4B by 2023). Daily blowout rate cited at ~$3M based on prior figures.

- Critics (including economists like Bruce Mountain, politicians like Pauline Hanson, and auditors) call for a Royal Commission over poor planning, management failures, and value-for-money issues.

The project provides valuable dispatchable storage capacity (2,200 MW) for renewables integration but has become a textbook example of infrastructure cost overruns in Australia. Figures can vary by source (official vs. full-system including financing/transmission), and the project continues with further risks noted by the ANAO auditor.

For the latest official updates, check Snowy Hydro or government reports.