Why hydro projects are strugglingLarge-scale pumped hydro has always faced formidable barriers, but today those barriers are magnified by the speed of change in the energy market. These services have become increasingly valuable in the National Electricity Market, giving batteries an economic edge that hydro projects struggle to match. What hydro still offers that batteries don’tDespite the setbacks, hydro retains qualities that batteries have not yet been able to replicate. Hydro projects can move vast amounts of energy across the grid and deliver a level of stability comparable to baseload generation. Market rules and incentive structures are not yet designed to value that resilience, leaving hydro projects stranded despite their strategic importance.