The price of energy storage is decreasing rapidly, making it increasingly useful as a tool to manage peak demand, defer capital investments, and provide reserves services to the bulk power system. To assist cooperatives with calculating the costs and benefits of applying energy storage to their systems, NRECA has produced three analytical models to determine the value of energy storage for peak demand management, deferring capital investments, and arbitraging different energy prices. This advisory explains the models and how they were developed and tested with the help of White River Valley EC and the support of the U.S. Department of Energy.