Pumped hydro energy storage (PHES) offers several economic opportunities:
Benefits of Pumped Hydro Energy Storage
- Economic Growth and Job Creation:
- In the UK, additional pumped storage hydro by 2050 could generate £169 million in GVA (Gross Value Added) and create 3,710 jobs, with local areas benefiting significantly.
- In the United States, PHES projects can contribute to local economic development through job creation and enhanced infrastructure.
- Cost Efficiency and Savings:
- PHES can increase grid efficiency, reduce the need for additional transmission infrastructure, and lower the costs associated with other low-carbon energy technologies.
- It allows for energy storage during periods of low demand, reducing the risk of curtailment and improving the overall efficiency of renewable energy sources like wind and solar.
- Enhanced Grid Stability and Reliability:
- PHES acts as a buffer, absorbing excess energy when supply exceeds demand and releasing it when needed, thereby stabilizing the grid and ensuring a more reliable energy supply.
- This supports the integration of variable renewable energy sources (VERs), which can otherwise introduce instability due to their intermittent nature.
- Innovation and Technological Advancements:
- Recent studies have identified opportunities for technological innovation, including new concepts like submersible pump-turbines and hybrid systems, which could reduce development costs and risks.
- Environmental Benefits:
- When integrated with renewable energy sources for pumping, PHES can displace conventional power generation during peak periods, reducing greenhouse gas emissions.
Challenges and Future Opportunities
- Despite these advantages, PHES faces challenges related to high upfront costs, geographical requirements, and regulatory frameworks.
- However, with ongoing research and policy support, PHES can play a crucial role in achieving net-zero emissions targets by supporting a more flexible and resilient grid.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-economic-opportunities-for-pumped-hydro-energy-storage/
