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To this end, we begin by characterizing the optimal operating strategy for a stylized storage system, assuming an arbitrary exogenous price process. We next determine the equilibrium price in market comprising storage systems (acting as price takers), renewable energy producers, and conventional producers with a defined supply function, facing an exogenous demand process. The price process is characterized as a solution to a fully coupled system of forward-backward stochastic differential equations, for which we establish existence and uniqueness under appropriate assumptions. We finally illustrate the impact of storage on intraday electricity prices through numerical examples and show how the revenues of storage agents may evolve in prospective energy transition scenarios from RTE, the French electricity network operator, taking into account both the increasing penetration of renewable energies and the self-cannibalization effect of growing storage capacity. We find that both the average revenues and the interquantile ranges increase as a function of time in all scenarios, highlighting higher expected profits and higher risk for storage assets.<\/jats:p>","DOI":"10.1137\/25m1752638","type":"journal-article","created":{"date-parts":[[2026,4,1]],"date-time":"2026-04-01T07:47:34Z","timestamp":1775029654000},"page":"281-322","source":"Crossref","is-referenced-by-count":0,"title":["Price Impact and Long-Term Profitability of Energy Storage"],"prefix":"10.1137","volume":"17","author":[{"given":"Roxana","family":"Dumitrescu","sequence":"first","affiliation":[{"name":"CREST, ENSAE, Institut Polytechnique de Paris, 91120 Palaiseau, France."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Redouane","family":"Silvente","sequence":"additional","affiliation":[{"name":"CREST, ENSAE, Institut Polytechnique de Paris, 91120 Palaiseau, France."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4882-9806","authenticated-orcid":true,"given":"Peter","family":"Tankov","sequence":"additional","affiliation":[{"name":"CREST, ENSAE, Institut Polytechnique de Paris, 91120 Palaiseau, France."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"351","published-online":{"date-parts":[[2026,4,1]]},"reference":[{"key":"ref1","doi-asserted-by":"publisher","DOI":"10.1007\/s00780-022-00481-y"},{"key":"ref2","doi-asserted-by":"crossref","unstructured":"K.H. 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