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consider the implications for a post scarcity future
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This could also be made more "local" with https://en.wikipedia.org/wiki/Compressed-air_energy_storage or https://en.wikipedia.org/wiki/Thermal_energy_storage and not reliant on the difference of elevations.
Hydrogen fuel cells also. Use the excess to make hydrogen which is simple to store and then use it as a fuel to burn when you have demand. These have started to be put at the bottom of wind turbines so they don’t need to be stopped when the wind is blowing but there is no grid demand.
All these systems help balance the grid too meaning these renewables can be used as base loads instead of dirtier base load generators like coal or gas fire stations.
Hydrogen is famously not simple to store. This is part of the reason that SpaceX rockets use kerosene instead of hydrogen despite the better performance.
Be careful that other rockets run on liquid hydrogen, which should be kept extremely cold. That is the main problem for them. That being said, hydrogen is indeed not easy to store and transport.
True. Liquid hydrogen takes something that's already difficult to work with and adds even more complexity to the system.