An apparatus performs a power cycle involving expansion of compressed air utilizing high pressure (HP) and low pressure (LP) air turbines located upstream of a gas turbine. The power cycle involves heating of the compressed air prior to its expansion in the HP and LP air turbines. Taking into consideration fuel consumption to heat the compressed air, particular embodiments may result in a net production of electrical energy of ˜2.2-2.5× an amount of energy consumed by substantially isothermal air compression to produce the compressed air supply. Although pressure of the compressed air supply may vary over a range (e.g. as a compressed air storage unit is depleted), the gas turbine may run under almost constant conditions, facilitating its integration with the apparatus. The air turbines may operate at lower temperatures than the gas turbine, and they may include features of turbines employed to turbocharge large reciprocating engines.