Dear Vasuki, we are studying the same challenge in combined hear and power systems: https://www.researchgate.net/profile/Gerro_Prinsloo/publications

it appears as if "liquid metal batteries" seems to provide good solutions, references on the internet readily available.

Just to add, graphene super capacitors also provide interesting solutions if you want to consider a green economy and climate change environmnent. 

Energy Management Strategies (EMS) for microgrids is a field of great debate nowadays. Your EMS will finally rely on the storage technologies and critical loads that compose your system. Typically,  EMS were designed to “simply” shifting the excess power during the periods of excess power (I’m assuming you incorporate intermittent sources since you have storage) to later supply the loads in scarce periods. This can be done by heuristic algorithms and “if” rules or fuzzy logic. However, storage technologies performance and lifespan is critically dependent on the load profile they are subjected. Further, the changing character of these systems and unstable power supply, advice  to incorporate to this context “Smart” EMSs that includes optimization criterions. In this context, model-based control and MIQP can be a more effective solution, depending on the situation. 

Thank you everyone for your informative and useful response. 

I agree with the answer provided by Luis Valderde-Isorna about the importance of the management strategies, especially when intermittent renewable energies are considered. In addition to his comments on the use of optimization algorithms (many studies consider the problem of optimal mix of energies and, the optimal dimensioning of storage system and facilities, etc.)  I would point out the importance of including in these management procedures the renewable energy forecast, as well as the consumption forecast, that lead to more complex problems of stochastic optimization and the consideration of risk of energy supply interruption.

we should also consider storing energy in the form of chillness like libr solutions which is practiced in many industries to limit their energy consumption during peak time and for getting the benefit of ambient conditions for efficient operation of utilities like Air cooled chiller or water cooled chiller during early morning or night time and use the stored chillness for HVAC during noon where there is a peak requirement.