Two　generic　models,　one　of　a　PTES　(pumped　thermal　electricity　storage)　system　and　another　of　a　PCES　(pumped　cryogenic　electricity　storage)　system,　are　established　in　which　the　finite-rate　heat　transfer　and　external　heat　leakage　losses　are　considered　and　several　important　parameters　connecting　the　charging　and　discharging　phases　are　introduced.　Analytic　expressions　for　the　round　trip　efficiency　and　power　output　of　PTES　and　PCES　systems　are　derived.　The　influences　of　some　important　parameters　on　the　performance　characteristics　of　the　PTES　and　PCES　systems　are　presented,　and　the　optimally　operating　region　of　each　system　is　determined.　The　performances　of　PTES　and　PCES　systems　are　compared.　The　advantages　of　the　PTES　system　are　highlighted.　The　effects　of　external　heat　leakage　losses　are　discussed　in　detail.　Notably,　the　results　reveal　that　external　heat　leakage　losses　must　be　considered　in　the　performance　investigation　of　the　PTES　system.　©　2016　Elsevier　Ltd.