Email By political reporter Eliza Laschon Updated February 26, 2019 17:14:43 Photo: The initial approval comes after two years of engineering and financial modelling. (ABC News: Jade Macmillan) Related Story: Snowy Hydro 2.0 – will it ever be built? Related Story: PM announces $2b climate change policy to cut Australia’s emissions Related Story: High country towns already seeing impact of Snowy Hydro 2.0 Related Story: Snowy town crying out for more environmental water Map: NSW The Federal Government has committed funding and approved the Snowy 2.0 project as a measure in its renewable energy pitch — the former prime minister Malcolm Turnbull’s pet project. Key points:The project is estimated to cost between $3.8 billion and $4.5 billionIt would multiply generating capacity by 150 per cent and could power 500,000 homes during peak demandThe Government said it would create 2,400 jobs It represents a significant step forward and financial commitment towards the progress of the long-term engineering project that aims to put a new underground power station in a remote corner of the Snowy Mountains.The Government has given the company responsible, Snowy Hydro, shareholder approval to proceed to the “early works stage” after reviewing its business case, concluding it is “satisfied… Read full this story
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