A system and method are provided for storing and recovering electricity generated from conventional/renewable energy sources. A thermal energy storage vessel contains thermal storage fluid (“TSF”) comprising a eutectic ternary nitrate molten salt, induction heating elements, turbine pumps, a heat exchanger, and various data acquisition sensors like thermocouples and thermistors. The immersion heating elements receive the electricity generated from conventional and/or renewable energy source to heat the eutectic ternary nitrate molten salt to the desired temperature. Coiled tubing is deployed within the thermal containment vessel to be distribution systems for the power cycle working gas and heat exchange for the power cycle working gas. The power cycle working gas is delivered under pressure to a steam turbine. The turbine converts the energy into mechanical shaft work to drive an electricity generator to produce electricity. The steam exhaust is gathered by a compressor and returned to the thermal energy storage vessel.