The huge cost and risk involved with building the Snowy 2.0 pumped hydro storage venture means Snowy Hydro likely would have been taken over or gone out of business had it not been government owned, says chief executive Dennis Barnes.
Barnes said the Snowy 2.0 project – which the government said last month could cost as much as $25 billion, rather than the previous $12 billion estimate – would be crucial for Australia’s future electricity grid.
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