Pumped storage power plants are playing a significant role in the contribution to the stabilization of an electrical grid, above all by stable operation and fast reaction to sudden load respectively frequency changes. Optimized efficiency and smooth running characteristics both in pump and turbine operation, improved stability for synchronization in turbine mode, load control in pump mode operation and also short reaction times may be achieved using adjustable speed power units. Such variable speed power plants are applicable for high variations of head (e.g. important for low head pump-turbine projects). Due to the rapid development of power semiconductors and frequency converter technology, feasible solutions can be provided even for large hydro power units. Suitable control strategies as well as clear design criteria contribute significantly to the optimal usage of the pump turbine and motor-generators. The SIMSEN tool for dynamic simulations has been used for comparative investigations of different configurations regarding the power converter topology, types of semiconductors and types of motor-generators including the coupling to the hydraulic system. A brief overview of the advantages & disadvantages of the different solutions can also be found in this paper. Using this approach, a customized solution minimizing cost and exploiting the maximum usage of the pump-turbine unit can be developed in the planning stage of new and modernization pump storage projects.