Snowy 2.0 pumped storage cost could reach A$25bn, completion slips to 2029

· Energy · Australia

Snowy Hydro has reported that the Snowy 2.0 pumped storage project could now cost as much as A$25 billion, with completion pushed to late 2029. The project is one of the largest pumped hydro schemes under construction globally and a central plank of Australia's plan to firm up large volumes of variable renewable generation. The revised figures add to a pattern of cost and schedule overruns on the project, which had already been subject to upward revisions. For the industry, the update matters because pumped storage is increasingly cast as the long-duration storage answer to grid balancing needs, and every overrun raises questions about whether such mega-projects can be delivered on time and on budget compared with battery alternatives that are being built far faster.

Why it matters：Pumped hydro is being counted on for long-duration storage worldwide, so a flagship project reaching A$25bn and slipping to 2029 strengthens the case for battery storage and raises financing questions for similar schemes.

Key points

  • The cost estimate has risen to as much as A$25 billion.
  • Completion is now targeted for late 2029.
  • Snowy Hydro disclosed the revised figures.

Sources (original reporting)

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