On 16 March 2017, Snowy Hydro announced its proposal to carry out a feasibility study into the expansion of the pumped hydro-electric storage in the Snowy Mountains Scheme, also known as the Snowy 2.0 project. Snowy 2.0 is a pumped hydro project that will increase our generation capacity by up to 2000 megawatts, and at full capacity, will provide approximately 350 000 megawatt hours of energy storage. As the economy decarbonises, more intermittent generation (such as wind and solar) will enter the market as baseload coal generation continues to retire. This creates the need for new sources of dispatchable energy generation such as pumped hydro as well as the need for large-scale storage.
The feasibility study is now complete. Following detailed and rigorous consideration, Snowy Hydro’s independent Board of Directors has approved to progress the Snowy 2.0 project from feasibility stage towards final investment decision and to undertake further work and Project refinements.
Snowy Hydro already plays a critical role in ensuring system stability and at times of peak demand, we keep the lights on. Snowy 2.0 will enhance our capability and ensure that we can continue to provide increased stability and security to the energy market well into the future.