Energy storage technology is one of the key supporting technologies in future power systems with high penetration of renewable energy. Scientific evaluation method is an important basis for measuring the value of energy storage. Firstly

a system value evaluation method is proposed and the value composition of energy storage is analyzed comprehensively

which includes direct value and indirect value. Meanwhile

the synergistic matrix of energy storage applications is given

the characteristics of system value of energy storage are studied

and multiple values of energy storage in power system are evaluated. After that

a multiple value model of energy storage applied in power peak load shifting

smoothing renewable energy and improving the reliability of power supply are established. The usage rate of devices

the static payback period and the profitability index are used as the system value evaluation indices of energy storage. Finally

Garver 6-bus test system is taken as an example to calculate the system value of the energy storage under different capacity configurations

which verifies the validity and effectiveness of the system value evaluation method.