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2MW is a measure of power, not energy.
Time for something to free fall 1.4km is about 17s, so the minimum capacity is 34MJ or 9.4kWh in order to make their statements true. $1.50 in electricity.
The weight doesn't have to "free fall" for this to work. It could be a huge boulder that's lifted a few centimeters per hour. And then it can be dropped a few centimeters per hour when needed.
Run the numbers.
How heavy a boulder? 10,000kg?
Potential energy is mass x height, so 10,000kg x 1,400m which is 14MJ of energy. Sounds like a lot, right?
One Joule is a watt flowing for a second and 1,000 watts flowing for 3,600 seconds is 1kWh. 3,600,000 Joules or 3.6MJ. So our 10 ton rock up a 1.4km shaft only stores 4kWhs? 60¢ of electricity?
Everything is linear here, so even having a 100 ton rock will only get us to half a EV battery.
Edit: if you're wondering where the other 90 cents went, this example won't produce two megawatts. It would only produce about 700 kilowatts.
You missed a factor of ten from the gravitational field strength, but still not great. Their heat batteries work better when it comes to heating, but that is mostly limited to just that.
Oh yes, mgh not mh. You're right