Energy security and environmental challenges are some of the drivers for increasing the electricity generation from non-programmable Renewable Energy Sources (RES), adding pressure to the grid, especially if located in weakly connected (or isolated) islands, like Sardinia. Variable-speed Pumped Storage Hydro Power (PSHP) can offer a high degree of flexibility in providing ancillary services (namely primary and secondary regulations), but due to the hydro-mechanical nature of the equipment, sudden variations in the power output cause wear and tear. Other energy storage devices cannot compete with PSHP in terms of energy and power availability. The aim of this research is to assess the benefits derived from the hybridization of a PSHP with Battery Energy Storage System (BESS) and Flywheel Energy Storage System (FESS), to be installed in the Sardinia island (Italy). A dynamic model of the hybrid plant was made in MATLAB–Simulink® environment. A detailed model of the variable-speed pump-turbine was obtained from experimental data, and a simplified model of a fixed-speed turbine was produced. A detailed FESS model was provided by CIEMAT (Madrid, Spain) and a simplified BESS model was included. A dedicated control strategy to manage the power flows and accounting for State Of Charge (SOC) control, was implemented. A total of 100 combinations of BESS and FESS powers were taken into account, and the control strategy was calibrated for each one of them. The plant was simulated open-loop over a 3600s time period, feeding historical frequency and Automatic Generation Control (AGC) data. The simulations covered three PSHP operation modes: variable/fixed-speed turbine and variable-speed pump, and with/without hybridization. The performances of the hybridization were evaluated with wear and tear indicators for the PSHP (distance travelled by and number of movements of the wicket gate for turbine, fluctuations of the shaft torque for the pump) and capacity loss (life consumption) for the BESS. The results show that all the combinations of BESS and FESS powers result in the reduction of both the travelled distance and number of movements of the guide vanes. The best hybrid combination for the PSHP does not affect the BESS life consumption, which still is always in an acceptable range. A comparison between the non-hybrid variable-speed turbine and the hybrid fixed-speed counterpart shows that the electric powers do not differ substantially, but the hybridization smooths the movement of the guide vanes. The pump torque fluctuations sharply decrease with the hybridization, but more research is needed to validate that the change in the fluctuation index corresponds to a physical phenomenon. Overall, the hybridization improves the plant performances in terms of wear and tear reduction, and the presence of an additional FESS benefits both the BESS and the PSHP. The results also highlight the necessity for more research in variable-speed pumps providing ancillary services, and their impact.