That equivalent inertia can only be done for short periods but that's exactly what grids need in stability - there's generally no lack of total generation, just a need to jump in and smooth out spikes.
You can't build a dam for that price, nor could you do it in under 100 days from contract signing as that battery was built. Batteries are definitely the answer here. The 'more spinning mass' answers don't make sense since Australia literally solved the above problem in a much cheaper way already.
Is it that common that dams are already existing in nearby-ish pairs with the sufficient height difference? And that we haven't done this already?
Doing this is good where we can. But it has geographical limitations. Batteries don't so much.
You can always use a ton more concrete and force new locations, but the best locations have already been utilized and scaling law of batteries has brought them to the point where they're more competitive than new hydro for this kind of use.
