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Snowy Hydro chairman denies report of A$2.2 bln cost blowout on project

Reuters
Updated ·1 min read

MELBOURNE, Aug 26 (Reuters) - The chairman of government-owned Snowy Hydro dismissed as "fiction" on Friday a media report that the massive Snowy 2.0 expansion project for Australia's biggest hydropower scheme was facing a cost blowout of A$2.2 billion ($1.5 billion).

"That's all a work of fiction," David Knox, the chairman, told Reuters, after the company said its chief executive, Paul Broad, had offered his resignation after nearly 10 years in the job.

Reports about cost blowouts and delays have figured in the Australian and Australian Financial Review newspapers over the last two months, but Knox said it was too early to talk about costs and timing, with the project one-third complete. ($1=1.4362 Australian dollars) (Reporting by Sonali Paul; Editing by Clarence Fernandez)