PM gives $5 billion Snowy Hydro 2.0 environmental green light

Scott Morrison has given the Snowy Hydro 2.0 project the green light after environmental approval for the project was granted.

The Federal Government’s multi-billion dollar Snowy Hydro project has been given the green light to proceed after a rigorous environmental approval process.

Speaking to reporters on Tuesday from the site in Lobs Hole in the Snowy Mountains, Prime Minister Scott Morrison said the latest approval marked the end of the planning phase and would allow work to begin on the project he anticipated would be a saving grace for the country.

”Just as the original Snowy Hydro project brought jobs and prosperity to Australia after the Second World War, Snowy 2.0 will help Australia grow its way out of the economic challenges from the coronavirus,” he said.

“Already Snowy 2.0 is creating a jobs boom with over 100 local businesses benefiting from the Government’s investment to date, with much more local investment to come.”

Mr Morrison, who was joined by Liberal candidate for Eden Monaro, Fiona Kotvojs, believes the project will create 4000 jobs, not including jobs spawned in local businesses as a result of increased activity in the area.

His announcement comes just four days before the hotly contested Eden-Monaro by-election, though Minister the Environment Sussan Ley told 2GB the two were “totally unrelated”.

“I put the project team to fast-track this together in February before Mike Kelly announced his resignation,” she said.

Eden Monaro Liberal candidate Fiona Kotvojs and Prime Minister Scott Morison during a visit to Lobs Hole in the Snowy Mountains. Picture Gary Ramage

Minister Energy and Emissions Reduction Angus Taylor said Snowy Hydro 2.0 would provide enough megawatt hours of large-scale storage to power the equivalent of 500,000 homes for a week, support reliability and bring down power prices.

“Snowy 2.0 is a key part of the Government’s agenda to deliver affordable, reliable power and ensure Australians get a fair deal on energy,” he said.

The initial Snowy Hydro took 25 years to build and cost $820 million.

The new project, proposed under the leadership of Malcolm Turnbull in 2017, was initially tipped to cost about $2 billion.

In April, a contract for just part of the project was signed for $5.1 billion, and experts believe the final cost will tally about double that.