Thermal energy storage (TES) is nowadays presented as one of the most feasible solutions in achieving energy savings and environmentally correct behaviors. Its potential applications have led to R&D activities and to the development of various technology types. However, so far there is no available data on a national scale in Spain and on a continental level in Europe, to corroborate the associated energetic and environmental benefits derived from TES. This is why, based on a previous potential calculation initiative model performed in Germany, this work intends to provide a first overview of the Spanish TES potential as well as an European overview. Load reductions, energy savings, and CO2 emissions reductions are tackled for the buildings and industrial sector. Results depend on the amount of implementation and show that, in the case of Europe for instance, yearly CO2 emissions may get to be cut down up to around 6% in reference to 1990 emission levels.