Snowy Hydro CEO and managing director Paul Broad has resigned amid reported cost blowouts and delays on the Snowy 2.0 project, ABC News reports.
His resignation comes amid claims by contractor Future Generation Joint Venture that Snowy 2.0 has blown out by $2.2 billion.
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The $5.1 billion Snowy Hydro 2.0 is reportedly 19 months behind schedule. It has pushed expected electricity production beyond the planned start of 2025.
Broad told ABC News the Snowy 2.0 project had been impacted by the pandemic and supply chain issues, but rejected the contractor’s claims of a cost blowout.
“Snowy Hydro has paid all amounts that Future Generation Joint Venture is contractually entitled to,” he said.
Climate Change and Energy Shadow Minister Ted O’Brien expressed concerned about reports that Broad had been sacked from Snowy Hydro.
“Reports that Chris Bowen has directed Snowy Hydro’s executive board to sack Snowy Hydro chief executive Paul Broad today for providing advice that he disagrees with is deeply concerning,” O’Brien said.
“Bowen is on an energy rampage as he seeks to shut down the voices of industry experts that have a different point of view.”
Climate Change Minister Chris Bowen did not respond to O’Brien’s claims.
In a statement, a spokesperson said the government valued Snowy Hydro and the “critical role” it played in supporting a changing grid.
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“The Albanese Government notes the resignation today of Snowy Hydro CEO Paul Broad after almost 10 years of service,” a spokesperson said.
“[It] thanks him for his work in the energy market over that period.”
In a statement, Snowy Hydro said the board would start recruitment to fill Broad’s position.
