The Federal Government has officially given the Snowy Hydro Scheme expansion Snowy 2.0 the green light, announcing $1.38 billion in funding for the project.
Scott Morrison is on site at Snowy Hydro this morning and held a press conference to announce the funding.
“This is a project, when it first was undertaken, that changed our nation,” Mr Morrison said.
“This project, we began two years ago when Malcolm Turnbull covered the old designs, the drawings, that our Energy Minister’s grandfather, Angus Taylor’s grandfather had a key hand in and we set about the task of setting that into a reality once again because what we’re talking about here is reliable, renewable energy.
“We’re talking about a 2000MW capacity, which can be provided into the energy market, which not only reduces electricity prices and takes the pressure off electricity prices, but it creates the reliability of electricity supply, as we transition our energy composition into the future. This project is central to that.”
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Mr Morrison added that Snowy 2.0 will create up to 2400 jobs in construction and support up to 5000 jobs across the Snowy Mountains region.
Former prime minister Malcolm Turnbull welcomed the announcement.
Very pleased to see Snowy 2.0 being given the green light by @ScottMorrisonMP The project makes renewables reliable and is the key to a lower emission, more affordable and reliable energy future. It will reduce price peaks in the energy market and thus reduce energy costs.
— Malcolm Turnbull (@TurnbullMalcolm) February 25, 2019
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