Converting fixed speed pumped hydro plants into variable speed plants contributes to keep power system frequency while storing extra variable renewable energy (VRE). This paper quantitatively evaluates impacts of such conversion on the decrease of curtailed VRE energy and CO
2 emission. The simulation model minimizes annual power system costs in 2030, considering accurate constraints of adjusting power and tie-line capacities across 9 areas in Japan. The results show that the variable speed conversion is effective in decreasing VRE curtailment particularly in an area where the capacity of storage battery is insufficient. The CO
2 emission decrease is offset, to some extent, by the increase of capacity factor of coal-fired plants that is brought by the power demand leveling effects of the variable speed conversion. When a carbon pricing of \10,000/CO
2-ton is introduced, the CO
2 emission significantly decreases though annual total cost rises. However, the variable speed conversion with carbon pricing reduces both CO
2 emission and the annual fuel cost.
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