This is Coalition politics at its worst. Paralysed by climate troglodytes, a desperate Malcolm Turnbull pulled the Snowy card and now we’ll all pay:
Five years ago on Tuesday, then prime minister Malcolm Turnbull announced, with great fanfare, the Snowy 2.0 pumped hydro project: “The Turnbull Government will start work on an electricity game-changer … This plan will increase the generation of the Snowy Hydro scheme by 50 per cent, adding 2000 megawatts of renewable energy to the National Electricity Market (NEM).”
Senate Estimates papers confirm the announcement was cobbled together in less than two weeks after the concept was floated by Snowy Hydro.
The nation-building vision was for a big battery to be added to the Snowy Mountains Hydro-Electric Scheme. It was to be completed in four years (that is, by last year) at a cost of $2 billion without any taxpayer subsidy, bring down electricity prices, generate renewable energy and incur minimal environmental impact on Kosciuszko National Park.
Inspiring stuff. But not one of these grand claims has turned out to be true. Worse, Australian taxpayers and NSW electricity consumers will be up for billions of dollars in subsidies and increased electricity costs, all while Kosciuszko is trashed. Let’s have a quick recap.
Snowy Hydro now expects completion in 10 years, not four, by 2026. Some experts consider even this extended timeframe to be optimistic. Construction of the tunnels is running at least six months behind the latest schedule and the transmission connection is unlikely to be built by 2026 anyway. The all-up cost has increased at least five-fold, to $10 billion-plus, as energy experts warned the Prime Minister and the then NSW premier in 2020.
Of course we all knew it then:
