Australia’s Snowy 2.0 project exceeds $12B budget due to delays and costs, but remains key to renewable energy goals.

Australia’s Snowy 2.0 pumped hydro project is facing another cost increase beyond its revised $12 billion budget, prompting a line-by-line reassessment by the main contractor. The project, 67% complete and on track for December 2028 completion, has encountered rising costs due to supply chain pressures, tunnel boring machine delays, and difficult geology. Despite challenges, officials affirm its critical role in Australia’s renewable energy transition, with the facility expected to provide over half the nation’s long-duration energy storage by 2050.