Not stated in the article: There are very few places in the world with two large lakes, separated by a lot of height and not much distance. Wherever that happens, it is probably financially a good idea to build one of these. But that geography is really rather rare, so the rest of the world will probably have to use gas peaker plants (environment-killing) or battery storage (expensive).
Batteries can also provide grid support (frequency and voltage support when transmission or generators trip) and can be grid forming now; instead of having to follow the grid, they can drive grid health, including black start [4] when the grid is down. In South Australia, a new battery storage facility has recently come online and is in testing to enable AEMO, the grid operator, to turn down the requirement for ~70MW of constant fossil gas generation for grid services [5].
[1] https://reneweconomy.com.au/snowy-2-much-how-can-a-2-2gw-wat... ("This is the fourth time Snowy 2.0’s cost has been reset – from $2 billion in 2017, to $3.8-$4.5 billion later that year, to $5.1 billion in 2019, to $5.9 billion in 2020, to $12 billion now (2023).")
[2] https://www.energy-storage.news/global-bess-deployments-to-e... ("Global BESS deployments to exceed 400GWh annually by 2030, says Rystad Energy")
[3] https://www.teslarati.com/tesla-china-megafactory-constructi... ("Tesla’s estimated initial production capacity for the China-based Megapack factory is 10,000 units per year or about 40GWh.") [My note: This is equal to their existing capacity in Lathrop, California]
[4] https://www.nrel.gov/grid/black-start.html
[5] https://opennem.org.au/facilities/sa1/?selected=TIB&tech=bat... ("Torrens Island BESS")