•A new index, Savings per energy unit, is defined to assess the effectiveness of CTES.•CTES systems were used to perform demand management strategies, removing partial load operations and shaving peak loads.•CTES was used to perform price arbitrage, exploiting the difference between peak and off peak electricity rates in Singapore.•Results showed that it is possible to enhance the efficiency of the whole system, achieving both energy and economic savings.•Depending on the sizing scenario, the pay back periods ranged from a minimum of 8.9 years to a maximum of 16 years.
Applied Thermal Engineering – Elsevier
Published: Jun 25, 2016
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