The oil-dependent electricity generation situation met in the Aegean Archipelago Islands is in great deal determined by increased rates of fuel consumption and analogous electricity production costs, this being also the case for other island autonomous electrical networks worldwide. Meanwhile, the contribution of renewable energy sources (RES) to the constant increase recorded in both the Aegean islands’ annual electricity generation and the corresponding peak load demand is very limited. To compensate the unfavorable situation encountered, the implementation of energy storage systems (ESS) that can both utilize the excess/rejected energy produced from RES plants and improve the operation of existing thermal power units is recommended. In the present study, a techno-economic comparison of various RES-ESS configurations supported by the supplementary or back-up use of existing thermal units is undertaken. From the results obtained, the shift of direction from the existing oil-dependent status to a RES-based alternative in collaboration with certain storage technologies entails – apart from the clear environmental benefits – financial advantages as well.