Energy storage and demand response (DR) are options for coping with the rising share of intermittent renewable generation in countries attempting to reduce environmental damage from electricity. So far little is known about the potential and the impact of DR on the system and on the markets. In this research, it is shown how electricity demand can be derived rationally from reasonable preferences for consumption timing in an environment of load- and price uncertainty. This demand is then aggregated to the market level and a timing market equilibrium is defined. It is then discussed if DR can be considered as a “storage” technology.