The Victorian Government has reached terms for the Commonwealth to purchase Victoria’s share of Snowy Hydro Limited.
As part of the historic agreement, Victoria will receive more than $2 billion from the Commonwealth that will benefit all Victorians.
The agreement – subject to final approval by the Victorian Parliament – paves the way for the Prime Minister’s proposed Snowy Hydro 2.0 initiative.
Snowy Hydro 2.0 is expected to provide increased levels of renewable energy into the national energy market – and is consistent with our energy policy commitments.
In an important win for farmers, Victoria has ensured the agreement with the Commonwealth will not result in any changes to the current water arrangements for the State.
The Commonwealth has also provided assurances that conditions for those employed by Snowy Hydro Limited will not materially change, with no forced redundancies for two years for Victorian-based operations.
Retail and head office locations will also remain unchanged.
Quote attributable to Premier Daniel Andrews
“This is a historic deal that’s good for Victorian households, and good for our economy, as we continue to build the infrastructure and create the jobs our state needs for the future.”
Quote attributable to Treasurer Tim Pallas
“This demonstrates that when we have a partner in the Commonwealth we can deliver benefits that are in the interests of Victoria and the nation.”
Quote attributable to Minister for Energy, Environment and Climate Change Lily D’Ambrosio
“This deal is in line with our energy policy commitments and is expected to see more renewable energy put into the national energy market.”
Quote attributable to Minister for Water Lisa Neville
“We’ve made sure that this agreement protects our farmers and the environment and won’t result in any changes to the current water arrangements in our state.”
Reviewed 19 August 2020