Claims that federal government-owned Snowy Hydro has in any way contributed to the energy crunch gripping the eastern states and has been profiteering from it are “absurd”, said chief executive Paul Broad in his first public statement since the escalation of the crisis in June.

Mr Broad said commentary that Snowy is to blame for the recent extreme high prices in the National Electricity Market “misunderstand the cause of the energy crisis, as well as Snowy Hydro and the nature of its generation assets”.