This project served to analyze the effects that energy storage can have on energy production.  The study was aimed at Johannes CHP bio fuel. Johannes produces electricity for the SE3 region and heat for the district heating in Gävle. The electricity market is the main driving factor for energy production. It is ideal for Johannes to produce as much electricity as possible during high Elspot prices. Two accumulator tanks are already installed at Johannes so the surplus of heat can be stored from high electrical production. This study served to utilize the planning horizons for the future Elspot prices. The two forecasting methods presented are the 12 hour prices presented by Nord pool and the four day forecast predicted by ARIMA modeling. Several different energy storage technologies were theoretically discussed after which Gravity Potential Module, latent heat storage using phase change materials and open accumulator tanks were analyzed. The ideal system proved to be utilizing the four day ARIMA modeled forecast with a storage system consisting of Gravity Potential Module and latent heat storage. The system resulted in a gross profit of 1.4 million SEK and an increased average electrical production efficiency of .02% during 2011.