- Borumba Pumped Hydro Project cost blows out by $4 billion to over $18 billion
- Project to take almost three additional years to complete
- Queensland Hydro report finds less than 1% chance project would be finished on time for first power in 2030
Queensland Labor's Energy and Jobs plan is lying in tatters, after revelations that the Borumba Pumped Hydro project is billions over budget and years behind schedule.
A new report from Queensland Hydro commissioned by the former Labor Government shows the cost of the Borumba Pumped Hydro project has blown out by $4 billion, taking the total cost to over $18 billion.
The report found there was less than a 1% chance of the project being completed in time for its planned first power 2030. The report finds the risk-adjusted final completion date of the project has blown out by almost three years from November 2032 to July 2035.
The analysis shows the former Labor Government built in unrealistic assumptions when scoping the time and cost of the Pumped Hydro project. Borumba is one of a number of the former Labor Government's projects that have seen costs balloon from inefficiency and mismanagement.
Queensland Treasurer and Energy Minister David Janetzki will meet with Queensland Hydro to work out a way forward to save the project on Thursday, covering off environmental, stakeholder, and cost issues.
Mr Janetzki said the LNP State Government would always be open about the real cost of delivering infrastructure.
"Labor's energy policy was a house of cards waiting to collapse", Treasurer Janetzki said.
"Queensland Hydro's report showed there was less than a 1% chance of the Borumba Pumped Hydro project being completed on time.
"The report shows the former Labor Government's timing and costings were pie in the sky. They might as well have been made up entirely.
"The Government will deliver an energy policy guided by engineering and economics, not ideology.
"Our energy policy will always be grounded in reality, on cost, timeframes, and delivery."
