Snowy Hydro's Profits Hit by Line Upgrades and Battery Constraints
Snowy Hydro has reported a fall in profits due to constraints caused by network upgrades for Australia's most powerful battery, hindering its bidding strategy.
The company's underlying net profit fell to $399.7 million in the 2024/25 financial year, down from $522.8 million the previous year.
“Hard to defend:”
Snowy Hydro's annual report reveals the impact of line upgrades and constraints on its portfolio, leading to lower profits.
The report comes after the company announced another major cost blowout for the Snowy 2.0 pumped hydro project, with the full extent of the added costs to be determined in nine months.
- Underlying net profit: $399.7 million in FY 2025
- Previous year's profit: $522.8 million