Statement on some of the incorrect claims made about Snowy 2.0

15 October 2019

Snowy 2.0 is a project that is an investment for the next 100 years, that will keep Australia’s lights on, keep power prices down, and ensure Australia can make a secure transition to a clean energy future.

We note that the National Parks Association report is not an independent analysis, but just a set of random and unfounded assertions which ignore the true facts about this project.

Since construction began 70 years ago - which will be celebrated this Saturday - Snowy has provided the modern foundations of Australia’s economy, and the Snowy 2.0 project will be a bedrock for economic confidence in the future.

During that time we have been responsible environmental operators in Kosciuszko National Park and will continue to do so.

The facts are that only 0.01% of the national park will be permanently impacted by this project - or less than 1 square kilometre - of the park.

As our business and employees work and live in this area, we are committed to rehabilitating the areas affected by the Snowy 2.0 construction.

We also reject any claims that there have been cost over-runs on this project, or wild figures being promoted about the total cost of Snowy 2.0.

Our projected capital costs remain within the 2017 Feasibility Study cost of $3.8 billion to $4.5 billion and this was affirmed at the Final Investment Decision in December 2018 by Snowy Hydro’s Board, independent advisor Macquarie Capital, two government departments, Finance and Energy, and their independent advisor Lazard.

It is a falsehood to suggest transmission costs are an added cost to the Snowy 2.0 project as these are shared services used by the power industry, with the new upgraded capacity being essential in managing summer peak demand and transporting wind and solar to market.

We strongly reject any argument that Snowy 2.0 is not in the national interest. It has demonstrable economic and consumer benefits that have been independently valued at $4.4 to $6.8 billion.

See the full statement about the incorrect claims here.

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