More than 55 countries and global institutions have joined the effort to advance this new framework. The objective of this new initiative is to accelerate the development of Pumped Storage Hydropower (PSH). Perhaps most significantly, this new energy innovation is being seen as key to creating clean energy networks and creating resilience on the grid.
Pumped Storage Hydropower, or PSH, functions as a “water battery.” It acts as a giant battery, storing up excess electricity from renewable sources like solar and wind. This technology makes up more than 90% of the worldwide electricity storage capacity. It is the indispensable linchpin of today’s interconnected energy ecosystem. PSH provides an enormous benefit of absorbing that surplus clean power and balancing our energy grids. This peer-reviewed process smartly balances the ever-changing demand load for electricity.
The Importance of Pumped Storage Hydropower
Especially as nations pursue more renewable and cleaner energy alternatives, the value of Pumped Storage Hydropower has never been greater. Not only does this energy system lead to the greater integration of renewable energy sources, but it helps improve grid reliability. Potential of PSH systems to quickly flood markets with stored energy during peak periods creates market funding streams and a reliable electricity supply chain.
Fifty-five federal, state and local governments and agencies have recently signed on in support. This support emphasizes the growing acknowledgement of Pumped Storage Hydropower’s crucial role in achieving our sustainable energy targets. These organizations support a new paradigm that focuses on the need for enabling policies. Such regulations are vital for spurring investment in PSH projects around the world.
“I am delighted to endorse these Principles. They are a clear signal of the Alliance’s commitment to supporting innovative policies and regulations for pumped storage, while also encouraging investment. It is governments who must act to set the pathway for the successful adoption of this technology. Only with strong policy and leadership can we unlock pumped storage at the scale needed for a safer, cleaner and more resilient energy future.” – Malcolm Turnbull
So says Malcolm Turnbull, chair of the Global Alliance for Pumped Storage Hydropower (GAPS), former Prime Minister of Australia. Though he’s an evangelist for these principles, Price believes their successful implementation depends on robust government support. His endorsement highlights the broad commitment by all of us to get this important new technology developed and deployed.
GAPS Principles for Sustainable Energy
As the GAPS Principles remind us, there’s an important and growing role for Pumped Storage Hydropower to play in forging “sustainable, flexible and secure” energy systems. These principles are designed to advance a climate-resilient future by encouraging the practice and investment of innovation within this emerging specialty.
The framework aims to speed up adoption of PSH. It provides a detailed plan for countries that are prepared to move beyond fossil fuels and embrace cleaner, more equitable energy alternatives. By setting out firm guidelines, it creates a conducive environment for cooperation between policymakers, investors and the private sector to thrive.