You said time shifting doesnt require storage. Which is plainly incorrect unless the grid is so wildly over provisioned that energy is always in excess. The economics of 1:1 time shifting are a huge subsidy to those people using it, they get a utility (storage) for no cost.
I agree that 1:1 time shifting is
apparent storage to the user, but it can be and is (or was) accomplished without using any storage (meaning electricity to storage to electricity). If you call the fuel tank of a generator 'storage', well.... And, in fact, the grid here is overprovisioned in that manner, but even that isn't a huge issue if they can predict their needs accurately enough. As far as it being a subsidy to the user, yes it was and quite deliberately, as I stated, for the express purpose of subsidizing solar power. However, before things got saturated with solar, my system was actually helping the grid because it provided a bit of power right when the utilities were struggling the most to provide it and my neighbors were buying that electricity as I produced it and probably paying even more for it than I was getting. Now they have plenty.
To make matters even a bit more interesting, since I would typically generate during the day when rates were high and then use at night when they were low, I was getting better than 1:1 time shifting, almost 1:3. I could generate a surplus (exported) kWh in the day and use 3kWh at night and my net bill would be zero. That party is mostly over, they now have the weekdays as off-peak until 4PM.