Abstract The inherently high storage efficiency, instantaneous dispatch capability, and multifunction uses of superconducting magnetic energy storage (SMES) are attributes that gives it the potential for widespread application in the electric utility industry. Opportunities appear to exist where SMES at a given location could provide multiple benefits either simultaneously or sequentially as system conditions dictate. These benefits, including diurnal storage and system stability and dynamics cotnrol enhancement, increase the application potential of SMES to a larger number of opportunities than might be justified by the value of its diurnal storage capability alone. However, the benefits an individual utility may realized from SMES applications are strongly influenced by the characteristics of the utility system, the location of the SMES unti, and the timing of its installation in the system. Such benefits are typically not evaluated adequately in generic studies. This paper summarizes results of case studies performed by Pacific Northwest Laboratory (PNL) with funding provided by the Bonnevillle Power Administration (BPA) and the Electric Power Research Institute (EPRI). The derivation of SMES benefits and costs are described and benefit/cost (B/C) ratios are compared in system-specific scenarios of intereste to BPA. Results of using the DYNASTORE production cost model show the sensitivity of B/C ratios to SMES capacity and power and to the forecast system load. Intermediate-size SMES applications, which primarily provide system stability and dynamic control enhancement are reveiwed. The potential for SMES to levelize the output of a wind energy complex is also assessed. Most of the cases show SMES to provide a positive net benefit with the additional, sometimes surprising indication, that B/C ratios and net present worth of intermediate-size units can exceed those of larger systems.