Long-Term Economic Benefits for Local Communities
Job Creation and Employment Stability
- The construction phase of pumped storage hydro projects typically spans five to seven years and is labor-intensive, involving traditional civil engineering tasks like earth digging and concrete pouring, which cannot easily be outsourced. This creates significant long-term employment opportunities for local workers.
- The nature of the work and the long-term contracts help attract and retain the working-age population in communities that might otherwise face population decline.
Economic Activity and Investment
- Such projects stimulate economic activity by incentivizing local investment in plant, machinery, and workforce skills, which can have lasting effects on the local economy beyond the construction phase.
- Further, the ongoing operation and maintenance of PHES facilities provide durable, long-term jobs that add stability to local economies.
Support for Renewable Energy Transition
- Pumped storage is a proven and flexible technology that supports the integration of intermittent renewable energy sources like wind and solar into the grid, which has broader economic benefits by enabling cleaner, more reliable energy systems.
- This transition can position local communities as key players in the clean energy infrastructure, potentially attracting related industries and investment over time.
Low-Cost, Durable Energy Supply
- Hydropower, including pumped storage, provides low-cost electricity with relatively low ongoing maintenance costs compared to other energy sources, contributing to regional economic competitiveness and energy affordability.
Grid Stability and Ancillary Services
- Pumped storage facilities play a critical role in grid balancing and frequency regulation, essential services that underpin reliable electricity access for homes and businesses within local communities, thereby supporting local economic resilience.
In summary, pumped hydroelectric energy storage facilities contribute to local communities by generating stable employment during and after construction, boosting local economic activity and investment, supporting renewable energy integration, and providing durable, affordable, and reliable power. These factors combine to enhance long-term economic sustainability and regional development, especially in rural areas.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-long-term-economic-benefits-for-local-communities-from-pumped-hydroelectric-energy-storage-facilities/
