Auditors unsure when Snowy 2.0 will be finished

The Australian National Audit Office has released its findings after examining the delivery of Snowy 2.0. (ABC South East NSW: Isla Evans)

An audit into the Snowy 2.0 project in the NSW Snowy Mountains has found there are still issues with the way the project has been managed, despite a reset in 2023.

The audit made five recommendations, including that the company strengthen its project management. Snowy Hydro has agreed to four and partly agreed to a fifth.

A cost-assessment of the project is currently underway, expected to be released in the coming months.

An audit of Australia's most ambitious renewable energy project has found that despite a reset in 2023, there are still "significant deficiencies" in how Snowy 2.0 is being managed.

The project involves building a hydro-electric power station underground in the NSW Kosciuszko National Park with tunnels linking the Tantangara and Talbingo reservoirs.

The latest audit, conducted by the Australian National Audit Office (ANAO), was tasked with looking at the effectiveness of management in ensuring Snowy 2.0 delivers value for money.

Snowy 2.0 has been scheduled to deliver power by the end of 2028. (ABC South East NSW: Isla Evans)

It found since the project's reset in 2023, Snowy Hydro's management of the project had been "partly effective".

However the auditors found significant shortcomings including Snowy Hydro still lacking a reliable system to track future costs of the project.

The baseline schedule for the project's completion had not been agreed upon, meaning the auditors were unable to determine how far off completion the project was.

Snowy Hydro had also been ineffective in holding contractors accountable, with an incentive framework designed to reward contractors for hitting milestones not working.

Meanwhile there is no access to "quality data" that would allow monitoring of the project.

The auditors found the "productivity gains" expected following the reset had not been achieved.

This latest report is the second audit into the mega project plagued by delays and setbacks.

In 2023, contracts between Snowy Hydro and lead contractor Future Generation Joint Venture were renegotiated, with Minister for Climate Change and Energy Chris Bowen, and Minister for Finance Katy Gallagher signing the relevant approvals for the reset.

This reset saw the cost go to $12 billion, six times the original estimate announced in 2017.

In October 2025, Snowy Hydro confirmed it would need more money to complete the project and it is currently undergoing a cost-reassessment.

The ANAO last conducted an