Energy Minister Chris Bowen has confirmed today that a future budget blowout of the mega renewable energy project will “absolutely” occur, with the bombshell cost blowout report still being kept secret.

It is yet further evidence that he should apologise to the Australian taxpayer and resign.

Speaking on News 24, Minister Bowen said that the $25 billion budget blowout was only a “best estimate” that was not “locked in stone”:

Trudy McIntosh: Can you guarantee now, Minister, that $25 billion is now the firm limit? That we will not see further blowouts in this program and that it will be completed by 2029?

Chris Bowen: Well, that’s the best advice to the government from the Snowy Board … That’s the best estimate.

…

Trudy McIntosh: But you’re acknowledging it could change, like it has changed in the last few years? It’s not locked in.

Chris Bowen: Absolutely. Absolutely. Well, it’s the best estimate at this point. I am not here to say to you that anything is locked in stone when it comes to a project like this.

The full cost reassessment for Snowy 2.0 is yet to be released, despite Minister Bowen saying in a radio interview on 26 May 2026, “When I’ve got it, I’ll release it.”

Instead of the full cost reassessment report being released like Minister Bowen promised, Snowy Hydro Ltd released today a glossy Project Benefits Analysis brochure.

The brochure, masquerading as a report, is full of assumptions and caveats and on page three it is stated, “The findings in this report should not be read as a formal economic appraisal, cost-benefit analysis or investment evaluation of Snowy 2.0.”

Shadow Minister for Energy and Emissions Reduction Dan Tehan said Labor was failing to be
transparent with Australian taxpayers.

“Chris Bowen must release the Snowy 2.0 cost report, in full, immediately,” Mr Tehan said.

“Chris Bowen has overseen a massive budget blowout. He should be up front with
Australians about exactly where he’s gone wrong, apologise to Australian taxpayers for his
latest mess and resign.”

In 2022, the Auditor-General found that, under the Coalition, early implementation of
Snowy 2.0 was “effective”, with the project’s budget “tracking in line with planned
expenditure.”

By contrast, after just four years of Chris Bowen’s maladministration, the Auditor-General
found earlier this year that the project was suffering “significant deficiencies” with
management only “partly effective.”

“Heaven only knows what the Auditor General would make of this latest mess.

ENDS

Media contact: Phil Connole – 0417 063 605