[Objectives] The energy storage thermal management technology is iterating rapidly

and the cooling method used by mainstream companies has recently transitioned from air cooling to indirect liquid cooling

while submerged liquid cooling technology is moving from demonstration to application. However

the advantages of immersion liquid cooling in economy and other aspects have not been discussed in depth. Therefore

this paper compares three common thermal management systems and compares the differences of different thermal management systems by selecting indicators such as weight/volume group efficiency

temperature rise/temperature difference and operation and maintenance process. [Methods] Based on the investigation of the energy storage system

an economic model was established to consider the characteristics of the energy storage thermal management system

including the impact of battery capacity attenuation

and compared the cost

net present value

dynamic investment payback period

and internal rate of return. The parameter sensitivity of the index was analyzed. [Results] Under long-term operation

the internal rate of return of the system applying immersion liquid cooling in the same scale energy storage power station increased by 3.2% compared with the indirect liquid cooling system and 9.1% compared with the immersion liquid cooling system

and it can maintain a stable rate of return in the case of market fluctuations. [Conclusions] The yield of energy storage systems is sensitive to the difference between peak and valley electricity prices

and the yield of submerged liquid cooling is more stable in the event of market fluctuations. The results can provide reference for the construction and operation of energy storage power stations.