The Coalition Government has announced that it has given final approval to Snowy Hydro 2.0, locking in the key renewable energy project developed under former prime minister, the Hon Malcolm Turnbull.
The expansion is expected to be funded with $1.38 billion from the Commonwealth and the rest of the project to be financed by Snowy Hydro Limited, at an expected total cost of $3.8 to $4.5 billion. The expansion is expected to take at least 5 years to complete.
Minister for Environment, the Hon Melissa Price MP, stated that ‘investments in pumped hydro technology from Snowy River 2.0 and Tasmania’s Battery of the Nation, and our support for energy efficiency measures will also make a significant contribution to Australia meeting its Paris commitments’.
The Labor Party has responded, likening Snowy 2.0 to a ‘battery with no plug’ and reiterated the need for further investment into renewable power generation in order to best utilise Snowy 2.0.
Shadow Minister for Climate Change and Energy, the Hon Mark Butler MP, stated that only with Labor’s commitment to 50% renewable energy by 2030 did the Climate Solutions Package make sense.
‘Only Labor has a clear, consistent and modernising vision for Australia’s energy future; with cleaner renewable energy, more storage and a modern transmission network’.
Mr Turnbull has tweeted out his pleasure in seeing what has been described has his ‘pet project’ become a reality.