In February 2019, Snowy 2.0, the pumped-hydro energy storage expansion of the existing Snowy Scheme, received Shareholder approval. Snowy Hydro appointed Future Generation a joint venture between Clough, an Australian construction and engineering company, Salini Impregilo, a global hydropower and tunnelling specialist, and Lane as the principal contractor. Under the single wrapped EPC contract, Future Generation will lead the civil works and Voith Hydro will deliver the latest hydro-generation technology in the new underground power station.
In the Second Half of FY2019, exploratory works for the project commenced with road works to gain access to Lobs Hole and construction is underway to establish the worksite, accommodation and preparation for the main access portal.
Snowy 2.0 will underpin Australia’s transition to decarbonising the National Electricity Market. Snowy 2.0 is the least-cost solution to the energy storage problem created by the growing base of wind and solar developments, with the ability to deliver up to 350,000 MWh of energy storage. Exploratory Works pre-construction activities have begun, and the Company continues to prepare for Snowy 2.0 Main Works, which are due to start in 2020.