AUD4.6bn pumped hydro storage project approved in Australia
The New South Wales (NSW) government has granted planning approval to Australia’s biggest pumped hydro energy storage project, 2 GW Snowy 2.0. The project will add 2000 new jobs and invest AUD 4.6 billion (USD 3 billion) in NSW.
The project involves the construction of a pumped-hydro power station that sits about 800 meters underground and is about 240 meters long – the equivalent of two football fields. It also includes the construction of 27 kilometers of tunnels between the Talbingo and Tantangara Reservoirs, lined with 130,500 concrete segments manufactured locally in Polo Flat.
Once complete, the project will add 350 gigawatt-hours of energy storage and 2000 megawatts of generation capacity to the state’s grid – enough to power 500,000 homes during peak demand – and play a major role in the National Electricity Market (NEM) by facilitating the development of renewable energy and putting downward pressure on electricity prices.
Planning and Public Spaces Minister Rob Stokes said that the project’s approval includes strict conditions to minimize and offset environmental impacts.
“The project's approval also requires Snowy Hydro Ltd to invest almost AUD100 million (US$65.7 million) for biodiversity and environmental offsets to protect threatened species and deliver long-term conservation and recreational benefits for the Kosciuszko National Park,” the Minister commented.
Snowy Hydro’s CEO, Paul Broad, said that the announcement is another major milestone for Snowy 2.0 which is progressing full steam ahead, creating more jobs and significant investment in regional communities.
As part of the approval, the proponent will be required to invest AUD5 million (US$3.3 million) to develop a captive breeding program for the threatened Stocky Galaxias and Macquarie Perch, install fish-screens to minimize the risk of transfer of pest species downstream, develop an app to share information gathered for the project with visitors of the national park, and restore native vegetation and threatened species habitat once construction infrastructure is decommissioned.
While Exploratory Works continue to progress on site, the project will now be referred to the Australian Government for final approval before Main Works construction commences in the coming months.
