Rye Development Advances $1.3 Billion Pumped Hydro Project in Kentucky
Rye Development's pumped hydro project at a former coal mine in Kentucky, backed by $81 million from the DOE, aims to create 2,300 jobs during construction and generate $1.65 million in annual local tax revenue. The project, with a total investment of $1.3 billion, has received preliminary approval from FERC and seeks to address projected electricity demand growth in the Northwestern US.
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Rye Development's $1.3 billion pumped hydro project at a former Kentucky coal mine aims to create 2,300 jobs during its four-year construction. Backed by $81 million from the US Department of Energy, the project is projected to generate approximately $1.65 million annually in local tax revenue upon completion.
A preliminary permit from FERC was obtained in 2022, and the project is currently pursuing its final license. Utilities LG&E and KU are assessing project viability, with potential construction starting in 2027 and operations by 2031. As Kentucky shifts to renewable energy, the project could provide essential energy storage to manage rising electricity demand in the Northwestern US, while pumped hydro remains a significant global energy storage solution.
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