Snowy Hydro 2.0 Executives Get $751,925 in Bonuses Despite Cost 2026

Snowy Hydro 2.0 executives were awarded bonuses totaling $751,925 in the last financial year, even as the renewable energy project's cost blew out to 12 times its original estimate. The revelation, reported by Guardian Australia, has sparked fresh scrutiny over executive pay at the government-owned company.

According to Snowy Hydro's annual report for the 2025-2026 financial year, several senior executives received substantial short-term incentives. The project, now expected to cost taxpayers up to $25 billion, has faced repeated delays and cost overruns since it was first proposed in 2017.

Who Received Bonuses at Snowy Hydro 2.0?

The annual report details the bonuses paid to key executives. Chief Financial Officer Kim Josling, whose total pay package is worth $828,839, received a bonus of $215,440. Chief Operating Officer Maia Schweizer, with a base salary of $1,050,503, pocketed $255,570.

Chief Commercial Officer Gordon Wymer, who has a base salary of $1,142,268, took home a bonus of $280,915. Notably, Chief Executive Dennis Barnes, who has a base salary of $1,845,126, opted not to accept his bonus.

A Snowy Hydro spokesperson defended the incentives, stating that "short term incentives are based on" performance criteria. The company has not disclosed the specific metrics used to determine the bonuses.

The Snowy Hydro 2.0 Cost Blowout: From $2 Billion to $25 Billion

Snowy Hydro 2.0 was initially put forward by the Turnbull government in 2017 with a price tag of $2 billion. The project aimed to expand the Snowy Scheme by connecting two existing reservoirs with tunnels and a new underground pumped hydro facility.

By 2023, the estimated cost had risen to almost $13 billion, and construction was expected to be completed by the end of 2028. Now, the project will not be fully commissioned until 2029, and costs are expected to reach up to $25 billion.

The project is located in the Kosciuszko National Park and has faced geological challenges, supply chain issues, and construction delays. These factors have contributed to the massive cost escalation.

Why the Bonuses Matter to Taxpayers

Snowy Hydro is a government-owned entity, meaning taxpayers ultimately bear the cost of the project and the executive compensation. The bonuses were paid despite the project's delays and cost overruns, raising questions about accountability.

Critics argue that rewarding executives when a project is significantly over budget and behind schedule sends the wrong message. The Australian government has not yet commented on the bonuses.

The controversy comes as households and businesses face rising energy costs. The project was intended to provide reliable renewable energy and stabilize the grid, but its delays may impact energy security.

What This Means for the Snowy Hydro 2.0 Project

The bonus revelations add to the growing list of concerns surrounding Snowy Hydro 2.0. The project is a key component of Australia's transition to renewable energy, but its escalating costs and delays have eroded public confidence.

With the project now not expected to be completed until 2029, questions remain about whether it will deliver value for money. The government may face pressure to review executive remuneration policies at Snowy Hydro. The background to this story is set out in Australia: latest articles.

As the project continues, stakeholders will be watching closely to see if further cost increases occur and how the company justifies its executive pay practices. A related thread runs through Endangered Turtles at Risk from Gas Drilling: Australia Morning Mail.

Key Takeaways from the Snowy Hydro 2.0 Bonus Scandal

• Snowy Hydro 2.0 executives received a combined $751,925 in bonuses despite the project's cost blowing out to $25 billion.
• CEO Dennis Barnes declined his bonus, while other executives accepted payments ranging from $215,440 to $280,915.
• The project's cost has risen from an original $2 billion estimate to up to $25 billion, a 12-fold increase.
• Completion has been delayed to 2029, with the project now unlikely to be fully commissioned until the end of the decade.
• Taxpayers ultimately fund both the project and executive bonuses, raising accountability concerns.

Executive Bonuses at Snowy Hydro 2.0: A Breakdown

The table above shows the base salaries and bonuses for the four executives mentioned in the report. Note that Kim Josling's figure represents her total pay package, not just base salary. Earlier coverage in RBA Rate Hike 2026: Fifth Increase Puts Labor's Election Luck at Risk shows how the argument developed.

FAQ

The Snowy Hydro 2.0 bonus scandal is just the latest chapter in the project's troubled history. For a deeper look at how the cost blowout unfolded, see our analysis of the Snowy Hydro 2.0 cost blowout and its $25bn price tag. The project's financial trajectory has been closely watched by energy analysts and policymakers alike.

As the project edges closer to its 2029 completion date, the focus will remain on whether the final cost stays within the revised budget. The Snowy Hydro 2.0 cost blowout hitting $25bn and delays to 2029 have already prompted calls for greater transparency. Taxpayers deserve to know how their money is being spent.

The executive bonuses are likely to fuel further debate about accountability at government-owned corporations. For a comprehensive overview of the project's challenges, read our report on the Snowy Hydro 2.0 cost blowout, $25bn price tag, and 2029 delay. The coming months will reveal whether the company adjusts its executive pay policies in response to public pressure.