A promising energy storage system is presented based on the combination of a heat pump, a heat engine, a hot and a cold storage. It can be operated as a pure bulk electricity storage (alternative to Pumped Heat Electrical Storage (PHES)/Compressed Air Energy Storage (CAES)) or as combined storage of heat, cold and electricity. Both variations have been evaluated using a steady state, thermodynamic model and two promising concepts are proposed: A transcritical CO(2) cycle for the pure electricity storage and a subcritical NH(3) cycle for combined storage of electricity, heat and cold. Parametric studies are used to evaluate the influence of different parameters on the roundtrip efficiency of the storage system.