The chief executive of the government-owned Snowy Hydro energy utility has suddenly resigned.
Paul Broad’s departure after nine years at the helm was announced in a statement posted on Snowy Hydro’s web site on Friday.
Broad’s departure follows controversy over the the company’s two big signature projects – Snowy 2.0 and Kurri Kurri gas, and comes as the company prepares to release its annual results, which may include some big surprises.
The Kurri Kurri gas project – enthusiastically supported by Taylor and funded by the government – has been widely criticised as not needed and not economic. Labor has agreed to support it, but only if it is converted to green hydrogen, which would add significant costs.
There are also expectations that the Snowy 2.0 pumped hydro project is also running well over time, and well over its already blown out budget of $5.1 billion.
It has attracted criticism over its scale, utility and environmental impact. Many believe it cannot deliver the storage that the company has promised.
