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    Snowy Hydro bosses paid more than $1.2m in bonuses as renewables project costs spiral
    Australia

    Snowy Hydro bosses paid more than $1.2m in bonuses as renewables project costs spiral

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    16 Comments

    1. Dockers4flag2035orB4 on

      On time and under budget,

      Why wouldn’t they be entitled to bonuses.

      S/

    2. Ummagumma73 on

      It could likely be a safety bonus or a project overrun bonus, definitely not a bonus for being on time.

    3. ArthurCandleman on

      “Corruption is bad, unless I am corrupt.”

      This “bonus” was paid for with our taxes.

    4. letsburn00 on

      This project is such a disaster. The Liberal party blew money on people with MBAs instead of Engineering degrees and they fucked the early design checks.

    5. Cpt_Riker on

      Funny how the cheapest bids always seem to blowout.

      Perhaps “cheapest” isn’t the best metric for financial accounting.

    6. coder_doode on

      I was surprised by this little bit of the article.

      > While Snowy 2.0 struggles, the wider company, including its retail arm, delivered a profit of $399.7 million last financial year, most of which was paid out to Snowy Hydro’s sole shareholder, the federal government.

      So it’s not all red ink.

    8. nugstar on

      Could’ve put the 12b cost blow out into big batteries and tripled grid scale energy storage. Snowy 2.vegemite is a colossal failure.

    9. CsabaiTruffles on

      Paying people bonuses for failing to do a job.

      Who signed off on this? Because it’s corruption and the people responsible need to be removed from government.

      Also, no more contracts for these guys.

      Why is the obvious solution so difficult to grasp?

    10. 123chuckaway on

      Is “renewable” necessary for this headline? Or is it just an editorial decision made to upset the rabble?

    13. Different-Bag-8217 on

      I wonder where all the money went.? Good thing everyone is getting a bonus even though they didn’t do the job they were supposed to. Like keep it on budget !

    14. DuskHourStudio on

      The usual fat chuds who do almost nothing, stall out projects and still get paid the fat bucks. I dont know how you can even claim a bonus when you’re both behind AND over-cost.

    15. daveliot on

      >*…Australia’s largest renewables project was expected to cost $2 billion and be operational by 2021 when it was announced by former prime minister Malcolm Turnbull in 2017. Soon after Mr Barnes took the helm of Snowy Hydro in 2023, the company advised that the cost of Snowy 2.0 had blown out to $12 billion, and it would not generate power before December 2028….*

      >*…In October, the company advised that Snowy 2.0 would cost even more. The exact amount has not yet been disclosed and remains under review. Confirming further blowouts, Mr Barnes conceded the company had “a problem” and “didn’t get this cost forecast right”, and that missed productivity targets and supply chain costs had contributed to Snowy 2.0’s rising cost. A fourth $75 million tunnel-boring machine was also acquired to avoid further delays of “many, many months”. Snowy Hydro told ABC News its principal contractor, Future Generation Joint Venture, was undertaking a “line-by-line” cost reassessment that construction cost experts would independently verify.*