Snowy Hydro has released its 2023 Sustainability Report, underscoring the company’s commitment to environmental responsibility, community support, and the ongoing pursuit of clean, sustainable energy solutions.
The report outlines Snowy Hydro’s Sustainability Program, which aligns with the company’s integral role in Australia’s renewable energy future. It highlights three prioritised sustainability opportunities for 2023-24:
- Understanding and mitigating risks associated with climate change
- Emissions reduction and facilitating the decarbonisation of the National Electricity Market (NEM)
- Strengthening relationships with Traditional Owners and communities where we operate
Snowy Hydro is a major contributor to the reshaping of the NEM to support the transition to a cleaner, low-carbon economy. The company aims to be a driver and enabler of least-cost NEM decarbonisation.
Snowy Hydro CEO Dennis Barnes said reliability, security of supply, and supporting a sustainable transition would remain the central considerations behind how the company operates, develops and maintains its nationally critical infrastructure.
“As Australia undergoes significant changes in its energy markets, Snowy Hydro remains steadfast in its commitment to delivering clean, sustainable, and affordable energy, contributing to a brighter and more sustainable future for all,” Mr Barnes said.
“We are already reducing our low emissions intensity profile by investing in new generation technology and materially increased renewable capacity.
“Investments in the Snowy 2.0 and Hunter Power Projects, the Renewable Energy Procurement Program, and the development of green hydrogen capability directly support that purpose.”
Mr Barnes said energy purchased through Snowy’s wind and solar offtakes continued to grow. The offtakes will deliver approximately 5,200 GWh annually and exceed Snowy Hydro’s expected long-term hydroelectric generation.
The new wind and solar generation Snowy Hydro is enabling will displace more than 33 million tonnes of CO2 per annum. This equates to a 28% reduction in NEM emissions from 2022 levels and approximately 13% of Australia’s total emissions reduction target for 2030.
Mr Barnes today also announced the signing of a further 100 megawatts of renewable capacity from Squadron Energy’s Uungula Wind Farm over 10 years.
“This adds to the 200 megawatts over 15 years that Snowy signed with the project in 2022.
“We are proud to continue supporting important projects like Uungula Wind Farm which will produce enough renewable electricity to power more than 220,000 homes, and will prevent more than 560,000 tonnes of carbon emissions.”
Snowy Hydro has developed and sold products within a new environmentally-focused product class for its commercial and industrial customers, which includes some of Australia’s largest shopping centres, universities, banks and property managers.
The 2023 Sustainability Report outlines our commitment to supporting local communities through employment, education and environmental responsibility.
Snowy Hydro actively fosters diversity and inclusion, aiming to increase female representation in the workforce (currently at 42.5%), particularly at senior levels.
Snowy Hydro has a long history supporting the local communities in which it operates. This includes partnerships and sponsorships with not-for-profit organisations, community grants programs, contributing to local infrastructure, and economic investment in communities. The Snowy Hydro 2023 Sustainability Report is available to download on the Snowy Hydro website.
Snowy Hydro releases 2,300 gigalitres of water each year, which generates an average of approximately 4,250 gigawatt hours (or 4.25 terawatt hours) of renewable energy.
Approximately 94% of Snowy Hydro generation comes from renewable sources.
With a generation capacity of 5,500 MW, Snowy Hydro is the third-largest generator by capacity and one of the largest renewable generators in the National Electricity Market.
Snowy Hydro’s hydro operations have the lowest carbon intensity of Australia’s largest generators.
Snowy Hydro is investing in clean, on-demand electricity generation and storage through the expansion of the Snowy Scheme. Snowy 2.0 will add 2,200 MW of generation capacity and 350,000 MWh of storage capacity.
The Hunter Power project will provide 660 MW of dispatchable, on-demand electricity, enabling variable renewable energy sources (wind/solar) to operate in the NEM.
In FY2024, Snowy Hydro anticipates approximately 2.5 terawatt hours of wind and solar energy will be provided through power purchase agreements.
Snowy Hydro employs 1,956 people in Victoria, New South Wales and South Australia, with a further 2,700+ for Snowy 2.0, and 460 on the Hunter Power project.
42.5% of Snowy Hydro employees are female, 57.4% are male and 0.1% are nonbinary or unspecified.
