AGL holds a 99-year head lease for the village, built to house workers for the Kiewa Hydro-electric Scheme in the 1940s.

The company first advised 26 cabin owners they would be buying back their underleases in 2018.

Saying their final goodbyes at the weekend, what would become of the village was still an anxiety for long-term underlease holders like Peter Krien.

"One of our big fears is they'll gate it," he said.

"When they first announced they were kicking us out, 40 years early, we were told 'We want to preserve it for all Victorians'.

"We said, 'Hang on, all the common ground has been always open'.

"The last few days, the place has been humming, with the picnic ground and the lake full of people.

"It brings tourism - people here come here and they shop in Mount Beauty."

AGL allowed a two-year licence period that extended the cabin holiday accommodation to January 31.

"We lost our leases; we were doomed to lose that fight," Mr Krien said.

"After that was done they they offered us the opportunity to keep running the business on a licence.

"And, of course, that was a pretty good deal, right? Except then COVID happened.

"Some people thought, 'Maybe we can get an extension', but they've said, 'No, it's the end of January'. So that's it."

One theory is that Victorian Education Department will seek to expand the Outdoor School, which already has a footprint of 40 per cent under a different lease.

Cabin 31 owner Brendan Layh, who is himself an outdoor education teacher, had no doubt the school will thrive.

"Our cabins will be mothballed," he said.

"They need to used. Some are done up, others aren't; how the education department or whoever does it ... will take a bit of imagination.

"But we still don't know if that's what's happening.

"I think AGL originally got the licence for the 12 months as they thought they'd have something done by then, but they haven't."

Mr Layh said there were so many lost opportunities in the village, part of the story of Australia's first mainland hydroelectric power scheme.

"I used to bring kids up here all the time as a school teacher, to go down the lift into the McKay power station and the kids were just amazed.

"There was an opportunity to develop an educational model - they haven't done it, and that's a real shame.

"There's a lot of heritage here ... but like all things these days, if it's not financial, it's not financial.

"And they're a big power company. They have to stick to what they know, best and looking after a little village like this isn't part of it."

Mr Krien said over recent years, access had been reduced.

"Around the lake there was a five kilometre walk, it was brilliant. Suddenly, there's gates on either access," he said.

"Oddly enough, I don't the village has a heritage overlay."

The village was bought from then-owner Southern Hydro in 1997 by a Melbourne investor, who persuaded the Kennett Government to offer it for sale by tender.

Around that time, Mr Layh and his wife Gerri came up from Melbourne and bought their cabin.

"I came from a long distance running background, and we used to have training camps every summer up on the High Plains," he said.

"And on hot days, we used to come down here, run around the lake, swim in the lake and annoy all the people by playing cricket.

"That was when it was still SEC [State Electricity Commission] ownership, in the 1970s.

"In 1998, we happened to get one of these radio auctions which gave us some nights at Mount Beauty.

"We came up and dropped by the village, and I think there were only three cabins left at that stage.

"We bought what was probably the worst one, but in the best position."

The Layhs, like most underlease holders, have invested significantly in upgrading their cabins and have many fond memories of the 22 years, including their daughter's wedding.

It was actually their cabin that Mr Krien wanted when he sought to get into the village soon after, securing a 30 year lease with an option to renew for another 30 years.

"I'm from Canada, and when I drove in here with my wife 22 years ago, it was a beautiful, sunny day," he said.

"All the leaves were orange. I went, 'This is a little bit of Canada. I've got to have a place here'."

Those exotic trees, which are feared to be on the chopping block, are part of the appeal of the village.

Mrs Layh said people would come from all over Victoria to stay in their cabin.

"They're astounded by the beauty and many come year after year," she said.

"What's aggravating about the whole thing with AGL is it's a corporate giant, which is acting with its left brain for the economy, and it's disregarding the other aspect of the enjoyment people get from visiting a place like this."

An AGL spokeswoman said in 2018, AGL determined that their continued interest in managing the Crown Lease associated with Bogong Village was not part of their core business.

"However, understanding the importance of the village to the community, we provided an extended licence period of two years," she said.

IN OTHER NEWS:

"AGL will continue to work with government on the options to transfer its lease interest in Bogong Village.

"AGL recognises the legacy and importance of Bogong Village.

"We understand the public recreation areas in the Village and at Lake Guy will continue to be accessible to the public, and will not be impacted by the closure of the accommodation.

"AGL has no plans to demolish Bogong Village.

"We remain committed to working closely with the community throughout this transition."