This study estimates changes in grid-wide, energy consumption caused by load shifting via cooling thermal energy storage (CTES) in the building sector. It develops a general equation for relating generator fleet fuel consumption to building cooling demand as a function of ambient temperature, relative humidity, transmission and distribution current, and baseline power plant efficiency. The results present a graphical sensitivity analysis that can be used to estimate how shifting load from cooling demand to cooling storage could affect overall, grid-wide, energy consumption. In particular, because power plants, air conditioners and transmission systems all have higher efficiencies at cooler ambient temperatures, it is possible to identify operating conditions such that CTES increases system efficiency rather than decreasing it as is typical for conventional storage approaches. A case study of the Dallas–Fort Worth metro area in Texas, USA shows that using CTES to shift daytime cooling load to nighttime cooling storage can reduce annual, system-wide, primary fuel consumption by 17.6 MWh for each MWh of installed CTES capacity. The study concludes that, under the right circumstances, cooling thermal energy storage can reduce grid-wide energy consumption, challenging the perception of energy storage as a net energy consumer.