So if you had a cheap means of generating electricity or direct pumping
and the right site, then storing the water at high head and generating
through a pelton wheel may bear looking at the figures. I've not satisfied
myself of any circumstance where it would be competitive with grid power,
yet.
Not quite the same, but along similar lines-
Early settlers often relied on "thundermills" for sawing wood or doing
useful work. These mills were on small streams that only had
sufficient power when the stream was full from winter runoff or heavy
storms, hence (I guess) the name derived from mills that operated when
or after there was thunder in the area.
Later mills often employed multiple dams to store as much of the flash
runoff as possible and to accumulate stream flow into a useful burst
of power. One grist mill in the town where I grew up had three dams
on the same stream, yet only the lowest dam had a penstock and pelton
wheel. The upper dams added capacity, but not additional power. The
storage wasn't pumped, but served a similar purpose to pumped power.
Using otherwise wasted storm runoff to power a pump leading to a
storage pond could be an example of where pumped storage makes sense.
As an example, my stream has a relatively low head, but there is a
nearby area about 60 feet above the stream that could be easily and
fairly inexpensively turned into a pond. Would it be cost effective?
Probably not for just power, but if irrigation, fire protection, stock
and wildlife watering, augmenting a later low stream flow to help keep
(stocked) fish in a hole in the stream alive, and other possible uses
are figured in, it might make marginal sense.
I can think of other situations, like a microhydro setup below a power
dam with a regular peak use discharge schedule, where utilizing the
heavy flow might be the only practical method of getting sufficient
power. Would batteries be better for storing it? Possibly, but a
small side canyon or gully that could be dammed would be very tempting
for pumped storage. Such a setup would involve a lot of governmental
meddling though, so it might not be worth it from that aspect alone.
Perhaps the key is similar to co-generation, where instead of heat and
power, the symbiots are water and power. Like this:
<
http://gizmodo.com/gadgets/gadgets/waterpressure-powered-lightup-shower-155266.php>