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Pumped-Water Storage Battery for Renewable Energy Systems?

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I visited my mom for 4 days, and on my way home stopped to see the Marmora quarry site.
This site of an old iron mine left a very deep hole in the ground which has filled up with rainwater over the years.
The slag heap of processed rock tailings forms a big hill or plateau above the big hole, and is basically a huge pile of rubble.
About a decade ago, there was a proposal by the Ontario government to use this site as a huge battery for renewable energy.
The idea is that when the wind turbines and solar power stations were generating peak electricity well in excess of demand the extra energy produced could power pumps to pump up the water from the very deep hole in the ground to a reservoir created at the top of the slag heap.
When there was peak demand for electricity far in excess of the supply (maybe at times with no wind and no sun) then the water would run from the reservoir at the top of the slag heap down into the bottom of the deep hole, powering turbines and electrical generators.
Electrical efficiency of such systems can be extremely high, as well as capacity to generate large amounts of electrical power.
The time was not right a decade or so ago for this project to go forward, but perhaps soon?
Unquestionably, the highlight of my visit to the Marmora Iron Mine site was chatting with a gentleman, his daughter, and his daughters boyfriend. It turned out that he was a local who had worked in the mine in summers back in the day to pay for his university. He also knew all about history of the project ideas to use this site for pumped water energy storage!!! Hopefully, he watches this video!!!
Links:
Marmora Ontario
Marmora Iron Mine
Peer-reviewed paper: A review of pumped hydro energy storage
Pumped Storage Hydropower
Pumped Storage Hydroelectricity
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