A method and system may be used for storing energy in a geothermal system and recovering both the stored energy as well as thermal energy on demand. The geothermal system may include injection and production wells that are hydraulically coupled in a geothermal energy reservoir that behaves as a confined reservoir system with thermal energy transferring to fluid injected into the injection well and removed via the production well. Injection flow rate, injection pressure, production flow rate, production backpressure, or fluid residence time may be managed to control energy consumption or energy generation profiles of the geothermal system. During an energy storage mode, the injection flow rate exceeds the production flow rate thereby storing energy in the geothermal reservoir. During an energy recovery mode, production backpressure is reduced thereby releasing the stored energy and electricity is generated by removing the thermal energy from the fluid in a heat engine.