TVA (similar in size to ERCOT, mostly within Tennessee) is about to begin its second such facility, after Raccoon Mountain [0]. Run-of-the-river facilities exist (including two in TVA's jurisdiction), which are capable of pumping water "up" the dam (for later use during peak loads) — perhaps LCRA might explore the feasibility of this?
Regardless of how the energy is stored, it might also (eventually) make sense to join Eastern/Western interconnects (and thereby "store" the energy outside of Texas). But I know ego/"Texus"/pride mentality exists (having grown up in Austin), so I won't hold my breath on accepting Federal regulations...
[0] wikipedia.org/wiki/Raccoon_Mountain_Pumped-Storage_Plant