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A great amount of the energy generated by renewable energy-based generation units, e.g. wind farms, is often rejected because of network restrictions. Moreover, most of renewable energy sources, such as wind and solar, are uncertain and uncontrollable. In order to overcome these drawbacks, the rejected energy can be applied to pumped storage power plants and reutilized via hydro-turbines when needed. Optimal sizing of such power plants is crucial in enhancing the recovery of the rejected energy. In this paper, optimal sizing of pumped storage power plants for increasing the penetration of renewable energies are studied. Both technical and economical aspects are considered. The analysed methods include evaluating the operation and optimal sizing of such systems through assessing the attainability of various objectives using single or multi-objective optimizations, parametric studies, and sensitivity tests. The results of this paper demonstrate the leading role of a well-optimized design for technical and economic viability of such systems.