AbstractPumped storage plants (PSPs) play an important role in renewable energy consumption in power systems. Variable‐speed technology is a new and critical direction for the development of PSPs. In pump mode, variable‐speed pumped storage units (VSPSUs) have wider power regulation ranges and more flexible power responses than fixed‐speed pumped storage units (FSPSUs); however, the corresponding quantification study of VSPSUs is rare. Therefore, this study aims to quantify the static and dynamic power regulation characteristics of VSPSU in pump mode. First, the modeling of the fast speed control strategy of VSPSU in pump mode is improved. Then, the power regulation range of the VSPSU is explored. The factors (i.e., power command, governor, and converter) affecting the power response rapidity are quantified through the engineering case of a variable‐speed PSP adopting the doubly fed induction machine. Accordingly, suggestions on the settings of the parameters are provided. Quantification results show that parameter tuning based on this study effectively solves the problem of low regulation rate caused by great power fluctuations under typical power regulation cases in pump mode. This VSPSU has the fastest regulation rate of 13.75%/s when adjusting 40% power. This study could provide technical support to the practical operation of VSPSU.