This paper presents a power plant concept based on an oxy-fired circulating fluidized bed combustor (oxy-CFBC) combined with thermal energy storage on a large scale. The concept exploits to full advantage the large circulation flows of high temperature solids that are characteristic of these systems. Two solid storage silos (one for high temperature and the other for low temperature solids) connected to the oxy-fired CFBC allow variability in power output without the need to modify the fuel firing rate and/or the mass flow of O-2 to the combustor. During the periods of high power demand the system can deliver additional thermal power by extracting heat from a series of fluidized bed heat exchangers fed with solids from the high temperature silo. Likewise, during period of low power demand, the thermal power output can be reduced by using the energy released in the combustor to heat up the low temperature solids on their way from the low temperature silo to the oxy-CFBC and storing them in the high temperature silo located below the cyclone. A preliminary economic analysis of two designs indicates that this highly flexible system could make this type of power plant more competitive in the electricity markets where fossil fuels with CCS will be required to respond to a large variability in power output. (C) 2014 Elsevier Ltd. All rights reserved.