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Superconducting Magnetic Energy Storage (SMES) has been under study for electric utility energy storage application since the early 1970's. Major challenges have included structural design to accommodate large biaxial loads over a long lifetime, design of a conductor to carry high current, design of a reliable and passive coil protection system, design for conventional fabrication and construction methods, and system cost reduction. A SMES design concept, developed by the authors of this paper, includes technically feasible solutions to all the items listed above. Plans for full development and commercialization of this technology are being prepared.