Snowy Hydro’s Oct. 22 reassessment set an A$22.2 billion target for Snowy 2.0 as The Guardian reported executives received A$751,925 in 2025-26 incentives, with full commissioning targeted for late 2029.
The Guardian reported that Chief Financial Officer Kim Josling received A$215,440, Chief Operating Officer Maia Schweizer received A$255,570 and Chief Commercial Officer Gordon Wymer received A$280,915. It also said Managing Director and CEO Dennis Barnes recommended that the board give him no short-term incentive for the year. A Snowy Hydro spokesperson told The Guardian the payments reflected “a range of performance outcomes” across the business.
Snowy Hydro, the Australian government-owned energy company, is developing Snowy 2.0 as a pumped-hydropower project. Its reassessment includes an A$25 billion cost scenario. The 2023 reset set December 2028 as the target for commercial operation of all units; the October update sets late 2029 for full commissioning, a distinct milestone. The reassessment followed a review by principal contractor Future Generation Joint Venture. EconoTimes previously covered the revised Snowy 2.0 cost target.
Snowy Hydro said the project’s cost target does not establish the eventual public funding requirement. For the earlier A$12 billion estimate, about A$4 billion came from Commonwealth investment that did not require repayment. Government and bank loans carrying interest, together with company cash flows, accounted for most of the remainder, the company said.
The Australian National Audit Office (ANAO) said in its June 2026 audit that the Australian Government held most of the project’s cost risk at that time. The audit recorded a 2018 final investment estimate of A$5.9 billion excluding exploratory works, or A$6.1 billion including early works, followed by a 2023 reset to A$12 billion.
Snowy Hydro attributed the latest increase to design work that was not mature enough, construction complexity and contractor productivity below targets. It also cited an earlier underestimation of the remaining work and worldwide cost increases.
Snowy Hydro said work was underway on the Commonwealth’s preferred capital strategy for the revised project cost. Its Oct. 22 update gave no release date for that strategy.
