For comparison, you could build a replacement for Dinorwig with less than 1 quarter (12 weeks) of Tesla's single Megafactory annual output, and have it installed in less than a year, in any geography (assuming you're ready to run copper and pour slabs; storage enclosures can be installed in parallel, it's trucks, cranes, and human labor bolting them down).
Timelines go down as battery manufacturing scales up. TBMs and mountain cutting are not getting faster or cheaper.
Existing power stations that are paid off have an advantage considering cost of capital (nuclear and pumped hydro), but that advantage eventually theta decays when maintenance costs exceed new build costs. France is experiencing this now with its aging nuclear fleet [1]. Running the math on Tesla's calculator [2], a quarter worth of annual production (10GWh) runs $3,798,849,522 (~$3.8B). That includes installation (per Tesla). Can new pumped hydro be built cheaper than that? For sure, keep existing low carbon generation or storage in service as long as commercially reasonable.
For load balancing, these days, there’s really no need for giant monolithic storage projects. Every renewables project can — and should be made to — have storage built in to it. Companies leave it out as it would make there price per MWh higher, and, for some reason, governments let them bid without it.
(Add storage to offshore wind and it suddenly looks similar in cost to nuclear.)
So, no one’s suggesting replacing pump storage with giant battery banks, just spreading batteries and other storage across the grid.
We still have no technology capable of storing TWhs though, and that’s what we need to remove carbon from our power grid.
Dinorwig cost 0.5 billion GBP to produce in 1974 (roughly 1 billion pounds in today's money) and took 10 years to build.
Nobody is arguing Dinorwig should be torn down. However, it took 10 years to build dinorwig. It takes less than a year to build a battery version of Dinorwig with basically 0 geographic requirements. The cost would be roughly comparable for a battery backup (at $200USD/kWh, it'd be $1.8 billion to build a similarly sized plant. or 1.4 billion GBP)
> SSE’s £100m commitment to further developing Coire Glas comes as the leading low carbon energy infrastructure company awaits the UK Government’s decision on how it intends to financially support the deployment of long-duration electricity storage, as set out in last year’s British Energy Security Strategy.
> This could include the introduction by the UK Government of a ‘revenue stabilisation mechanism’ in the form of an adapted Cap and Floor scheme to support investment in long-duration storage. This would also be alongside broader consideration of how the electricity market, including the Capacity Mechanism and the Flexibility Markets, value the contribution of low carbon flexible assets such as pumped storage.
AKA... They're waiting for a government handout before they begin build. While they can 'buy low, sell high' and make a lot of money, they also want a government guarantee that they will make that much money. Payouts from that guarantee will effectively become an electricity tax.
Timelines go down as battery manufacturing scales up. TBMs and mountain cutting are not getting faster or cheaper.