Technology
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This is one of those ideas that in hindsight seem so simple and obvious that it makes one wonder how nobody thought of it prior. Absolutely brilliant.
Because it's super inefficient
Not if the energy would go to waste. This is a mechanical battery to store surplus power generation from things like wind and solar.
That’s the whole point of grid energy storage. Even if there are losses, it’s acceptable considering that otherwise you would need to burn fossil fuels in a peaker plant to keep the grid balanced. You aren’t supposed to recharge a battery like this with fossil fuels.