Environmental approval for Snowy Hydro 2.0
Australia’s largest ever renewable energy project, Snowy 2.0, has been given the green light to create thousands of new jobs and put downward pressure on electricity prices.
Prime Minister Scott Morrison has announced that Commonwealth environmental approval for the project has been granted after a rigorous environmental process.
Over the life of the project, Snowy 2.0 will create 4,000 direct jobs as well as many more indirect jobs as flow-on benefits are realised by local businesses and the broader region.
As part of the approval, Snowy Hydro will invest almost $100 million in biodiversity and environmental enhancements, including establishing an offset fund of up to $73.8 million through the NSW National Parks and Wildlife Service to protect threatened species and deliver long-term conservation outcomes.
Minister for Energy and Emissions Reduction Angus Taylor said Snowy Hydro 2.0 is a vital project for the National Electricity Market.
“Snowy 2.0 will provide an additional 2,000 megawatts of fast-start, dispatchable energy and provide 350,000 megawatt hours of large-scale storage, enough to power the equivalent of 500,000 homes for over a week during peak demand,” Minister Taylor said.
“It will reduce volatility in the market, support reliability and bring down power prices for Australian families and businesses.
“Snowy 2.0 is a key part of the Government’s agenda to deliver affordable, reliable power and ensure Australians get a fair deal on energy.”
More information about Snowy 2.0 is online at snowyhydro.com.au/our-scheme/snowy20