One of the main challenges for a further integration of renewable energy sources in the electricity grid is the development of large-scale energy storage systems to overcome their intermittency. This paper presents the concept named CHEST (Compressed Heat Energy STorage), in which the excess electricity is employed to increase the temperature of a heat source by means of a high-temperature heat pump. This heat is stored in a combination of latent and sensible heat storage systems. Later, the stored heat is used to drive an organic Rankine cycle, and hereby to produce electricity when needed. A novel application of this storage system is presented by exploring its potential integration in the Spanish technical constraints electricity market. A detailed dynamic model of the proposed CHEST system was developed and applied to a case study of a 26-MW wind power plant in Spain. Different capacities of the storage system were assessed for the case under study. The results show that roundtrip efficiencies above 90% can be achieved in all the simulated scenarios and that the CHEST system can provide from 1% to 20% of the total energy contribution of the power plant, depending on its size. The CHEST concept could be economically feasible if its capital expenditure (CAPEX) ranges between 200 and 650 k€/MW.