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“Snowy Hydro’s management team is working towards resetting the delivery timeline and budget for the Snowy 2.0 project with its principal contractor, Future Generation Joint Venture (FGJV), as part of an ongoing project review,” the company said in a statement.
“While significant progress has been achieved by FGJV on Snowy 2.0, there are delays to Snowy 2.0’s contracted schedule and likely cost impacts beyond the contingency allowed, which remain under review by Snowy Hydro.
“Snowy Hydro anticipates that the timeline for full commercial operation is delayed by a further 12-24 months. Snowy Hydro expects more detail on the budget implications of the project reset around July 2023, and this will be clearly communicated with key project stakeholders.”
Snowy Hydro CEO Dennis Barnes said, “Since joining Snowy Hydro earlier this year I have focused on ensuring our major projects are placed on a realistic and sustainable footing, while maintaining construction progress.
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“This project is critically important to the transition of Australia’s electricity grid and it’s crucial that we are working to a safe, efficient and realistically achievable timeframe to enable orderly planning for all our stakeholders.
“I am committed to being transparent about our progress and how we are proactively managing the inevitable issues and challenges that arise in a complex project like this.”
