Snowy 2.0 pumped hydro project estimated at $22–25 billion

The final cost estimate for the Snowy 2.0 project has been released, projecting a total cost of $22 billion to $25 billion for the conversion of the original Snowy hydroelectric scheme into a large-scale pumped hydro energy storage system. The project is expected to be completed by late 2029.

Initial estimates provided in 2017 were significantly lower, with then-Prime Minister Malcolm Turnbull suggesting a cost of approximately $2 billion and a four-year timeline. The subsequent cost and schedule blowouts have been attributed to engineering challenges, stalled tunneling machinery, and rising construction costs.

The project is currently estimated to be approximately 80% complete. Once operational, the scheme is intended to act as a massive rechargeable battery to support solar and wind energy during periods of low generation, facilitating the retirement of aging coal plants. While the price tag is substantial, proponents note the facility is expected to have a lifespan of 150 years, whereas grid-scale batteries typically last around 20 years.