I really don't know of any pumped hydro in my part of the world, so it didn't seem logical that this concept was used that much. I went to Wikipedia and it is practiced a lot more than I had thought. Canada is not in the table of pumped hydro operators.

However, there is one Wiki paragraph that says it all:

Although the losses of the pumping process make the plant a net consumer of energy overall, the system increases revenue by selling more electricity during periods of peak demand, when electricity prices are highest.

This system does not produce new energy. It is more of a business deal than an efficient energy source.