The storage ring COSY is planned to provide higher intensity and resolution for nuclear structure experiments using the light heavy ion beams (p, d, τ, α) of the JULIC cyclotron and the magnet spectrograph BIG KARL. The ring contains the measuring target of BIG KARL as an internal target, two rf cavities for compensating the mean energy loss in the target and providing additional acceleration of the stored beam and an e --cooling section. In the recirculator mode, i.e., without e --cooling, a luminosity of L = 3.64 × 10 30 particles/(cm 2 s) is obtained for an experiment with 41 MeV protons and a 50 μg/cm 212C target at a spectrograph resolution p/d p = 10 4 and 100% duty factor. This corresponds to a gain in L of 546.5 in comparison with the same experiment without a storage ring. In the recirculator mode with acceleration L = 1.17 × 10 32 p/(cm 2 s) and 98.8% duty factor results for 1500 MeV protons on the same target at the same resolution. Using e --cooling L and the feasible p/d p can be enhanced, however, at a reduced duty factor.