I am sure there are better alternatives than lake Onslow. However - while your calculation looks at face value sensible, I think that you did fall victim of reports written by reporters not understanding the difference between storage capacity (measured in kWh, MWh, GWh or TWh) and generating power (measured in kW - or MW).
Just to clarify the units: 1TWh (i.e. 1 Tera Watt hour) = 1000 GWh, 1 GWh = 1000 MWh, 1 MWh = 1000 kWh; 1 MW = 1000 kW;
100 MW might be the generating capacity of the turbines - i.e. they could produce 100 MWh - every hour.
The storage capacity is a different thing. This is how long you could supply the 100 MW capacity before the lake is empty. For Lake Onslow this would be something like 5 Tera watt hours - i.e. 50,000 hrs of 100 MW generation. This is a lot of energy if you want to put it into batteries.
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