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This paper presents a methodology to evaluate the impact of energy storage specific costs on net present value (NPV) of energy storage installations in distribution substations. This work is based on multiple objective optimization. Specific cost effects on economic performance of energy storage technologies are evaluated for an HV/MV substation. For each studied technology, sets of optimal economic operation strategies and capacities of the storage device are determined. Finally, this approach using nondominated sorting genetic algorithms (NSGAs) optimization technique achieves a practical method for load management, including storage in power distribution systems and produces diagrams defining relationship between specific costs and storage project payback.