Snowy 2.0 principal contractor, Future Generation Joint Venture, has submitted its cost re-assessment for delivering the project to Snowy Hydro, with industry experts saying the new figure could be around the $20 million mark.

Snowy Hydro said it is reviewing the re-assessment before approaching the Federal Government for further funds to complete the project.

“Snowy Hydro is conducting a detailed review of the contractor’s cost re-assessment, informed by independent construction cost experts,” the spokesperson said.

“We are considering the commercial and practical implications which will then inform our advice to government.

“Snowy Hydro has had independent construction cost experts supporting the re-assessment process since late last year.”

In October 2025, Snowy Hydro directed Future Generation Joint Venture to undertake a line-by-line review of the costs of completing Snowy 2.0.

At the time, Snowy Hydro CEO, Dennis Barnes, said the project had been making good progress since the first project reset in 2023, which put a $12 billion price tag on finishing Snowy 2.0.

“Since the reset, the project has generally been progressing well and is now 67 per cent complete,” Mr Barnes said.

“Despite disruption, including work stoppages due to safety concerns and continuing challenges with geology, we’ve been able to recover that time and get us to where we need to be in terms of schedule.

“The reset was about getting Snowy 2.0 moving again by creating a more collaborative relationship with the principal contractor and achieving safe progress. We’ve done both, but the productivity uplift hasn’t been to the degree we needed.”

The revised costs are eagerly awaited, with the Victorian Energy Policy Centre saying the new mark could exceed $20 billion.

In May, Mr Barnes appeared before Senate Estimates where he was pressed for a figure on the costs of Snowy 2.0’s new enterprise bargaining agreement (EBA).

Liberal senator, Sarah Henderson, asked multiple questions of Mr Barnes, calling on the Snowy boss to provide the Environment and Communications Legislation Committee with an update on the Snowy 2.0 cost re-assessment and cost of the amended EBA.

“We are waiting for the line-by-line cost assessment from the contractor, and to speculate on an expectation would commercially prejudice this,” Mr Barnes said.

“In October last year, we said that we had directed the contractor to do a re-assessment which would take up to nine months.”

Snowy 2.0 is the nation’s largest committed renewable energy project and according to Snowy Hydro, is about 70 per cent complete.