A hydrostatically compensated compressed air energy storage system may include an accumulator disposed underground, a gas compressor/expander subsystem in fluid communication with the accumulator interior via an air flow path; a compensation liquid reservoir spaced apart from the accumulator and in fluid communication with the layer of compensation liquid within the accumulator via a compensation liquid flow path; and a first construction shaft extending from the surface of the ground to the accumulator and being sized and configured to i) accommodate the passage of a construction apparatus therethrough when the hydrostatically compensated compressed air energy storage system is being constructed, and ii) to provide at least a portion of one of the air flow path and the compensation liquid flow path when the hydrostatically compensated compressed air energy storage system is in use.