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This is rather old hat, as it's a means of saving on investment in additional power stations, by storing power in fallow time for use when needed.
"The first use of pumped storage was in the 1890s in Italy and Switzerland. In the 1930s reversible hydroelectric turbines became available. These turbines could operate as both turbine-generators and in reverse as electric motor driven pumps. The latest in large-scale engineering technology are variable speed machines for greater efficiency. These machines generate in synchronisation with the network frequency, but operate asynchronously (independent of the network frequency) as motor-pumps."
http://en.academic.ru/dic.nsf/enwiki/168432
I first heard about its use in France, fifty? years ago.
http://www.erth.waikato.ac.nz/staff/bardsley/download/pumped_storage_note.pdf
Here's wiki's list:
http://en.wikipedia.org/wiki/List_of_pumped-storage_hydroelectric_power_stations