The rapid increase in the share of electricity generation from renewable energy sources is having a profound impact on the power sector; one of the most relevant effects of this trend is the increased importance of energy storage systems, which can be used to smooth out peaks and troughs of production from renewable energy sources. Besides their role in balancing the electric grid, energy storage systems may provide also several other useful services, such as price arbitrage, stabilizing conventional generation, etc.; therefore, it is not surprising that many research projects are under way in order to explore the potentials of new technologies for electric energy storage. This paper presents a thermodynamic analysis of a cryogenic energy storage system, based on air liquefaction and storage in an insulated vessel. This technology is attractive thanks to its independence from geographical constraints and because it can be scaled up easily to grid-scale ratings, but it is affected by a low round-trip efficiency due to the energy intensive process of air liquefaction. The present work aims to assess the efficiency of such a system and to identify if and how it can achieve an acceptable round-trip efficiency (in the order of 50-60%). (C) 2015 Elsevier Ltd. All rights reserved.