Peak load levelling through peak shaving and valley filling is need of the hour in the electricity grid network. A reserve plant or a large scale electric energy storage plant could be the way out to handle the variable load situations. Though the re- serve plants have its limitations and often increase the load on the transmission and grid system, rather than reducing the load during off peak hours. A novel technique of site-independent energy storage is studied in this thesis work, which do have more positives about balancing the electrical grid. While, profitability of the energy stor- age is lie on very thin margins of peak and off peak hour spot electricity market price. The considered thermal storage operates in a heat-pump mode during the charg- ing period and in a thermal-engine mode during discharging period. The idea is to utilise the design concept to integrate with the district energy services, while com- peting with the conventional district services. The design modifications has been evaluated based on the efficiency performance and the a profitability studyis performed.