Snowy Hydro transfer creates investment bonanza in regional NSW
NSW will benefit from investment in rural and regional infrastructure projects, as well as increased capacity from the Snowy Hydro, following the government’s transfer of its 58 per cent share to the Commonwealth.
Deputy Premier and Minister for Regional NSW John Barilaro said the agreement would boost infrastructure and jobs in the bush. The $4.154 billion investment also has the potential to deliver transformational projects in regional and remote areas.
“These are precious funds, and every dollar we invest will be an important legacy for those men and women who contributed to the Snowy all those years ago. Now successive generations of people living and working in rural and regional NSW will benefit,” Mr Barilaro said.
The transaction is part of the government’s asset recycling strategy and exit from electricity generation overall.
The NSW Government is investing $24.4 billion in infrastructure in rural and regional NSW over the next four years.
Snowy Hydro 2.0
Snowy Hydro 2.0 has been declared critical for the energy security and reliability needs of NSW. It will have the potential to use excess renewable energy and dispatch electricity to meet demand in peak periods.
Minister for Planning and Housing Anthony Roberts said an expanded Snowy Hydroelectric scheme will add around 2000 megawatts of clean power to our grid.
"Snowy Hydro 2.0 and the related infrastructure upgrades are essential for the future security of our energy system, the economy and environment," Mr Roberts said.