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Snowy Hydro's Snowy 2.0 renewable energy project, with an initial budget of $2 billion, has experienced cost overruns totaling $10 billion, bringing the estimated cost to $12 billion. The project is currently 70% complete and aims to deliver power by the end of 2028.

An independent cost reassessment is expected to be completed in the first half of 2026, but details on additional funding needs remain undisclosed. The project involves the construction of an underground hydropower station at Kosciuszko National Park, featuring 27 kilometers of tunnels to connect Tantangara Dam and Talbingo Reservoir, and is designed to provide up to 2,200 megawatts of electricity to the national grid. The acquisition of a fourth tunnel-boring machine, Monica, was announced to address excavation delays caused by issues with the previous machine.