In tonight’s 2017 Federal budget speech, Treasurer Scott Morrison announced the government’s intention to expand on plans already revealed regarding the Snowy Hydro Scheme.
The Federal Government has announced a $2 billion expansion of the Snowy Mountains hydro scheme, increasing the 4,000 megawatt output by 50 per cent - a plan that will power up to 500,000 homes.</p> <p>The decision has been met with much impressed nodding from fellow politicians, and now here's what experts have to say about it.Read more
“The Snowy Mountains Scheme is the benchmark for nation building infrastructure,” Treasurer Scott Morrison said. “The Prime Minister has announced our intention to further develop the Snowy Hydro with Snowy 2.0. Tonight we announce our intention to go further.”
The Commonwealth is open to acquiring a larger share or outright ownership of Snowy Hydro from the NSW and Victorian State Governments, Morrison said, “subject to some sensible conditions”.
“First, all funds received by the States would need to be reinvested in priority infrastructure projects.
“Second, Snowy Hydro’s obligations under its water licence would be reaffirmed and we would commit to work together to expedite and streamline environmental and planning processes associated with Snowy 2.0, without compromising any standards or controls.
Third, Snowy Hydro would have to remain in public hands.”
Morrisson confirmed the government has already have already begun discussions with NSW, and invited similar discussions with Victoria.
Read the full speech here.