Snowy Hydro Ltd is:
- an unlisted public company limited by shares incorporated under the Corporations Act
- a Commonwealth Company for the purposes of the PGPA Act.
Snowy Hydro Ltd is wholly owned by the Australian Government represented by two Shareholder Ministers, the Minister for Finance and the Minister for Climate Change and Energy.
Snowy Hydro Ltd does not have any specific Enabling Legislation. The company was corporatised under the Snowy Hydro Corporatisation Act 1997 (Cth).
Shareholder Ministers resolved the adoption of a new constitution on 15 October 2018 and a new statement of expectations on 26 February 2019.
The statement of expectations includes the Government’s expectations that Snowy Hydro Ltd should:
- continue to operate as a leading participant in the National Electricity Market;
- promote competition in wholesale and retail energy markets;
- ensure that its retail businesses operate as exemplars in the market;
- deliver financial returns consistent with its commercial operations; and
- progress the expansion of pumped hydro in the Snowy Mountains Hydro-electric Scheme, through 'Snowy 2.0'.
Snowy Hydro Ltd have fully paid ordinary and preference shares on issue, all of which are owned by the Commonwealth.
Unique Industry Regulatory Features
Snowy Hydro Ltd operates under the Snowy Water Licence, which allows it to collect, divert, store, and release water by and from the works of the Snowy Scheme. It also defines the rules for releases into the Murray and Murrumbidgee Rivers and imposes environmental flow release obligations for the benefit of the Snowy River and other montane rivers.