The Liberal National Party government has revealed the cost blowout outlined in the report after scrapping Labor's Pioneer Burdekin pumped hydro scheme in central Queensland within days of taking office.
However, the LNP government has refused to consider the report's alternative options deemed significantly beneficial to the state.
A detailed treasury analysis completed by state-owned Queensland Hydro revealed the Pioneer Burdekin project - a key to the former Labor government's renewable energy plan - was not financially viable.
The report looked at three different options in the same location near Mackay, with the first being the Labor government's preferred choice.
The preferred project was originally slated to cost $12 billion, but the report said it would balloon to $36.77 billion.
The report said the Labor option was "not viable", would not recover the costs through revenue and should be modified to a smaller capacity.
Today we can reveal Labor's Pioneer Burdekin Hydro Scheme would have cost Queenslanders $37 billion.— David Crisafulli (@DavidCrisafulli) It won't go ahead because our Government will respect your money.November 4, 2024
It echoes the pre-election words of now Deputy Premier Jarrod Bleijie who promised to cut the scheme, claiming it was the source of a budget black hole.
Now in power, the LNP has scrapped Pioneer Burdekin and accused the former government of covering up the cost blowout.
"Everything in Labor's energy and jobs plan rested on the Pioneer Burdekin pumped hydro scheme, and it shows that it has been the biggest con job in Queensland history," he told reporters on Monday.
An opposition spokesperson said Queensland Treasury had never received a copy of the report during the previous term of government, preventing it from providing a finalised cost.
The report also looked at two smaller options, finding both were viable and would deliver a strong financial return, costing $28 billion and $24 billion respectively to deliver.
Jarrod Bleijie says the Pioneer Burdekin hydro project won't proceed in any form. (Russell Freeman/AAP PHOTOS)
Mr Bleijie refused to consider the two options, claiming the impact on affected landowners and the local community was too much.
Almost 60 affected landowners have already sold their properties near the now-scrapped project.
"We are not proceeding with the Pioneer Burdekin pumped hydro scheme ... that doesn't change whether it was option one, two or three," Mr Bleijie said.
The LNP government will work with the affected landholders to help them buy back their land if they wish and those who cannot access a loan or afford it will be given special consideration.
The newly elected Queensland government has promised to build multiple, smaller pumped hydro plants instead of the major Pioneer Burdekin scheme.
It will continue with the $14 billion Borumba pumped hydro project near the Sunshine Coast.
The projects are expected to cost less than $36 billion, but Treasurer David Janetzki could not provide a price tag.
The government has also not yet decided on locations for the multiple smaller projects, saying more consultation with stakeholders is required.
Landholders in other communities may be forced to sell their land when the LNP's plan is revealed before next year's budget.
Labor said the new government was the one not being transparent, failing to provide a cost for the smaller projects.
"The only con here is (Premier) David Crisafulli not revealing how he will replace the 5GW of storage provided by the Pioneer Burdekin pumped hydro project," Labor's spokesperson said.
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