Snowy 2.0 is the largest committed renewable energy project in Australia in 2026. It is expected to support Australia’s energy transition. It is funded through government loans and equity, and funding raised by Snowy Hydro Limited (Snowy Hydro). In 2023, the project was reset with costs increasing from $6.1 billion to $12 billion. The project’s expenditure as of 31 March 2026 is $11.1 billion. This audit was conducted to provide assurance to Parliament whether Snowy Hydro is effectively managing the delivery of Snowy 2.0 in support of value for money.

There were five recommendations to Snowy Hydro.

Key findings

• The delivery of the Snowy 2.0 project is facing delays, cost increases and problems with delivery, despite the project reset in 2023, which responded to similar concerns.
• Snowy Hydro’s management of the project has been partly effective. There is increasing risk to the planned delivery and cost of the project in an environment where the cost risk is being held primarily by the Australian Government.
• Deficiencies in project governance arrangements have impacted value for money, including inadequate implementation of measures to mitigate cost and delivery risks.
• Snowy Hydro is undertaking a detailed cost reassessment of the project, which is expected to report by mid-2026.