Snowy Hydro: NSW and Victoria to sell their stakes to federal government

Deal worth $6bn allows Malcolm Turnbull to proceed with plan to expand hydro to boost east coast grid

The Turnbull government has agreed to buy stakes held by New South Wales and Victoria in the Snowy Hydro project for more than $6bn. The agreement, clinched late on Thursday by Malcolm Turnbull, makes the commonwealth the sole owner of the project.

It allows the federal government to proceed with its $4.5bn plan to expand Snowy Hydro's generation capacity by 50%, to benefit the east coast electricity grid.