Earlier quoted context omitted.
What is different in this case is it is not really an energy storage system (at least that is not the main intended purpose), but only to provide stability to the grid frequency. A huge flywheel in a vacuum to provide a reference to millions of distributed PLLs. I don't think the idea is to always have it spin at a fixed rate with minimal losses. In the case where a flywheel is used as a UPS, the rate at which it is…
You can get constant spin rate but variable energy storage / release by adjusting the moment of inertia, e.g. if you have movable weights within the rotor you can move these inboard or outboard, moving it inboard uses energy while increasing the spin rate, and moving it outboard releases energy while slowing the rate. Using this in combination with "conventional" direct axle energy input / release means you can store…
But isn't the point that it provides inertia towards stabilizing the frequency? I don't think it matters whether you can vary the energy stored if it's just acting as a, well, wheel... if the goal is to give you a bit more time to bring more generation online or take it offline then it seems like a simple system would be fine. It's not storing power, so it can only ever slow the drift to give more flexibility.