Growing installed capacity in renewable energy sources is driving demand for energy storage in the power systems. Compressed air energy storage (CAES) technology can provide a good alternative to pumped energy storage, with high reliability and good efficiency in terms of performance. The article presents three constant volume CAES systems: (i) without recuperation, (ii) with recuperation, and (iii) adiabatic. Dynamic mathematical models of these systems were built using Aspen HYSYS software. Adiabatic compressed air energy storage system with liquid thermal energy storage achieved round trip efficiency of 64.8%.