Load shaping is one of important and challenging issues in power grid. In this paper, we propose a novel load shaping strategy based on energy storage and dynamic pricing in smart grid. In the proposed strategy, a consumer is encouraged to draw a certain amount of energy (i.e., quota) from the grid. When the actual energy demand is deviated from the quota, the consumer is faced with a higher electricity price. With the help of energy storage, the consumer can draw less electricity from the grid at a lower price by discharging energy when the demand is higher than the quota and draw more electricity from the grid at a lower price by charging energy when the demand is lower than the quota. As a result, the utility can implement load shaping and consumers can save energy cost simultaneously. Moreover, the proposed strategy can be implemented with low complexity and in a distributed fashion, which offers scalability to large number of consumers. Simulations results show the effectiveness of the proposed load shaping strategy.