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Overall structure of electrical power system is in the process of changing. For incremental growth, it is moving away from fossil fuel based operations to renewable energy resources that are more environmentally friendly and sustainable. At the same time it has to grow to meet the ever increasing need for more energy. These changes bring very unique opportunities and obstacles. Over the past few decades many new and innovative ideas have been explored in the broad area of energy storage. They range in size, capacity and complexity in design. Some of the systems are designed for applications in large scale power and others are performing short term energy storage ride through capabilities for critical manufacturing and technology systems. Energy storage technology has become an enabling technology for renewable energy applications and enhancing power quality in the transmission and distribution power systems. This paper summarizes all the advancements made and provide a composite picture of costs and trends in storage technologies.