Treasurer points to major Borumba hydro cost blowout

A report from Queensland Hydro shows the cost of the Borumba pumped hydro project has blown out by $4 billion, taking it to more than $18 billion, the new State Government says. And the report found there was less than a 1 per cent chance of the project being completed in time for its planned first power in 2030, according to Queensland Treasurer and Energy Minister David Janetzki. “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," Mr Janetzki said. “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.” The report found the risk-adjusted final completion date of the 2000MW project had blown out by almost three years from November 2032 to July 2035. Related: Major work packages awarded for pumped hydro Mr Janetzki plans to meet with Queensland Hydro on Thursday to work out a way forward to save the project, west of the Sunshine Coast. Former Treasurer Cameron Dick told a media conference today that he was not aware of the forecast cost rise and delay for the Borumba project before the election. "And the fact of the matter is (now Premier) David Crisafulli said before the election he would deliver Borumba at a lower cost. That's what David Crisafulli said ... so he has to deliver that entire project for less than $14 billion. That was the election commitment he took to the people." Mr Dick said it was time the newly minted LNP Government took responsibility for the fresh start promised to Queensland and ended 'the blame game'. It comes after news last week that projected costs for the CopperString transmission project had jumped from $5 billion to $9 billion, and reports of a $1.3 billion health cost blowout. The State Government also said today that the budget for the Cairns Common User Facility project (CUF) had blown out by hundreds of millions of dollars under the former Labor Government, which was accused of hiding it from Queenslanders prior to the election. The CUF was signed off on for $360 million in 2021 by then Labor Minister for State Development Steven Miles, with an agreement that half would be funded by the Federal Government. Transport and Main Roads Minister Brent Mickelberg said Labor has shown complete disregard for taxpayers’ money, with a $466 million blowout to $826 million. “We know how important the marine industry is to the region’s employment and economic growth, which is why Ports North are in discussion with stakeholders to pave a way forward," he said.

Treasurer points to major Borumba hydro cost blowout

Industry Queensland

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