An energy storage system for use in a magnetic pulse welding and forming apparatus includes a bank of capacitors and a very-low inductance conductive bus system interconnecting the capacitors. The energy storage system further includes an energy source connected to the capacitors, a discharge device, a charging control device, and a discharge control device for selectively initiating discharge of energy stored in the capacitors. The discharge device includes a central electrode placed coaxially inside a ring electrode with an adjustable concentric gap, and an ignition electrode designed as a coaxial ring surrounding the central electrode. The central electrode can be movable, i.e. either rotatable or slidable relative to the bus system. To control the direction of movement of the plasma jet, the central electrode is provided with a central air path and tangential jets opening adjacent to the ignition electrode for organizing air flow through the discharge gap.