Power losses would be significant, but probably not all that worse than doing local electricity-to-hydrogen-to-electricity.
To quote wikipedia on HVDC lines:
> Depending on voltage level and construction details, HVDC transmission losses are quoted at 3.5% per 1,000 km
https://en.wikipedia.org/wiki/High-voltage_direct_current
An infrastructure project like that would probably be hugely expensive, but so is manufacturing lots of batteries or doing large scale hydrogen production and storage.