Pumped hydro energy storage on Beyond Zero Radio
Energy Advisor at the Melbourne Energy Institute, Tim Forcey, appeared on Beyond Zero Radio to discuss pumped hydro energy storage. This technology exists in Australia at three locations built several decades ago, however other countries are leading a renaissance of pumped hydro energy storage. The deployment of pumped hydro exceeds that of any other energy storage in use today by a ratio of at least twenty to one. This is because pumped hydro remains the cheapest form of large scale energy storage.
Tim's discussion follows a research project jointly partnered by the The Melbourne Energy Institute and Arup. The research explains that pumped hydro can benefit electricity consumers by dampening price spikes during peak demand periods. However, the research demonstrates that this would not benefit profit-maximising electricity producers who currently profit from this market failure.