NOVELTY - The system (200) has a container containing phase change material (PCM) (115) e.g. aluminum, and a heat generation element (130) i.e. inductor element, connected to an external energy source (170) e.g. wind turbine. The heat generation element charges the PCM with thermal energy provided by the external energy source. A heat extraction element (140) e.g. steam-liquid loop, connected to an external heat engine (180) extracts the thermal energy from the PCM, where the external heat engine converts the extracted thermal energy into electric energy.    USE - Energy storage and transfer system for absorbing, storing and releasing thermal energy produced by a wind turbine, solar power plant and a wave energy plant to an external heat engine of a power production system i.e. steam turbine, utilized to generate electric power.    ADVANTAGE - The heat generation element contains a heating portion in physical contact with the PCM so as to avoid extra intermediate heat distribution media that has to be warmed up before the thermal energy is introduced into the PCM, so that energy losses into the extra intermediate heat distribution media can be avoided in an effective manner and the heat generated by the heating portion is transferred to the PCM. The container comprises mechanical properties so as to make the container suitable for securely containing the PCM with a comparatively low melting point temperature. The system utilizes induction heating for introducing the thermal energy into the PCM, thus enhancing process for storing the energy in an efficient manner with a high degree of utility.    DETAILED DESCRIPTION - An INDEPENDENT CLAIM is also included for a method for absorbing, storing and releasing energy.    DESCRIPTION OF DRAWING(S) - The drawing shows a sectional view of main components of an energy storage and energy transfer system.    PCM (115)    Heat generation element (130)    Heat extraction element (140)    External energy source (170)    External heat engine (180)    Energy storage and transfer system (200)