Amid ongoing operational and financial challenges of delivering Snowy 2.0, Snowy Hydro executives received more than $1 million in bonuses last year.

Snowy Hydro chief executive officer, Dennis Barnes, was handed a short-term variable payment (performance based payment) of $322,504 in September 2025, on top of his $1.6 million yearly salary.

In Snowy Hydro’s annual report for 2024-25, it states the company’s top five executives received a total of $1.2 million in bonuses.

The payments came just a month before Snowy Hydro announced it had directed Snowy 2.0 principal contractor, Future Generation Joint Venture, to undertake a comprehensive re-assessment of the costs of delivering the pumped hydro project.

Snowy Hydro fronted Senate Estimates on Tuesday where it was expected a revised and much higher figure to deliver Snowy 2.0 would be announced.

Those close to the project believe the new figure could be in excess of $20 billion and question the timing of the company handing out performance- based bonuses.

When asked by this masthead if Snowy Hydro believed the payment of bonuses was appropriate considering the cost pressures facing Snowy 2.0, a spokesperson said a range of factors are considered when determining variable remuneration.

“While the development of Snowy 2.0 is a major focus for Snowy Hydro’s CEO and executive, Snowy Hydro is a large integrated energy company operating in generation, wholesale and retail markets,” the spokesperson said.

“Snowy is Australia’s third largest generator, fourth largest retailer and has an important mandate to enable the renewable transition and competition in the wholesale and retail markets.

“Snowy’s approach to executive remuneration, including variable remuneration, is outlined each year in our annual report. Remuneration for Snowy Hydro’s CEO is determined by the independent Remuneration Tribunal.

“Late last year we announced that Snowy 2.0 was subject to material cost pressures and that as a result we have directed principal contractor Future Generation Joint Venture to undertake a line-by-line cost re-assessment.

“This process is underway and will be independently verified by construction cost experts.”