Snowy Hydro 2.0 flags another cost blowout with $12bn price tag now considered unachievable Pumped hydro project in Kosciuszko national park is 67% complete, but supply chain cost increases and issues with a borer have caused cost overrun Tom McIlroy Political editorFri 3 Oct 2025 12.24 AEST Snowy Hydro is preparing for another significant cost overrun on the massive Snowy 2.0 project in the Kosciuszko national park, with a line-by-line reassessment ordered from contractors on Friday. The giant pumped hydro project, first touted by the Turnbull government in 2017 as costing $2bn, was later revised to a cost of $5.9bn. He said the cost of adding a fourth boring machine could not be covered within the most recent project price tag. The snowy 2 project will be a disappointment, even if the project is completed and works as expected. If the 2017 energy efficiency estimates are as shaky as the 2017 cost estimates, the 49% increase in the cost of renewable energy pumped through the hydro scheme could be an underestimate.