Energy storage is widely expected to play a larger role in future power systems, especially in the context of a growing share of generation from variable renewable energy and increasingly stringent decarbonization targets. This study compiled the latest cost and performance estimates for several emerging energy storage technologies and conducted an economic analysis using EPRI’s US-REGEN, a national capacity expansion and dispatch model. A range of scenarios were designed to evaluate the conditions under which energy storage technologies are economically deployed and to better understand the value of specific technologies for facilitating power sector decarbonization. Chemical, electrochemical, mechanical, and thermal energy storage technologies were evaluated across a range of decarbonization strategies and technology and cost sensitivities.