A method to quantify the equivalent storage capacity inherent the operation of thermostatically controlled loads (TCLs) is developed. Equivalent storage capacity is defined as the amount of power and electricity consumption which can be deferred or anticipated in time with respect to the baseline consumption (i.e. when no demand side event occurs) without violating temperature limits. The analysis is carried out for 4 common domestic TCLs: an electric space heating system, freezer, fridge, and electric water heater. They are simulated by applying grey-box thermal models identified from measurements. They describe the heat transfer of the considered TCLs as a function of the electric power consumption and environment conditions. To represent typical TCLs operating conditions, Monte Carlo simulations are developed, where models inputs and parameters are sampled from relevant statistical distributions. The analysis provides a way to compare flexible demand against competitive storage technologies. It is intended as a tool for system planners to assess the TCLs potential to support electrical grid operation. In the paper, a comparison of the storage capacity per unit of capital investment cost is performed considering the selected TCLs and two grid-connected battery storage systems (a 720 kVA/500 kWh lithium-ion unit and 15 kVA/120 kWh Vanadium flow redox) is performed. (C) 2016 Elsevier Ltd. All rights reserved.