I looked at NEM watch the other day when SE Australia had another hot spell - Victorian hydro was cranking a solid 2 GW for a few hours. It's an awesome power source and I really see value in using it more with RE energy pumping it uphill. But for as long as the big generators are able to game the system they will - Hazelwood was shut and Liddell is on it's way out - two big coal fired generators reaching the end of their useful lives. To repair/upgrade/maintain these stations would be far more than most are willing to pay. But the AGLs of the world profit from volatility in the grid, so they don't mind that things are getting hectic now.
Privatisation of the generation and supply of electricity was a bad idea.