Rapidly rotating, large‐diameter rings have potential for use as low‐cost electrical‐energy storage devices. The efficiency of passive electromagnetic and electrodynamic methods to confine the rotating rings is investigated. Confinement methods examined include repulsive image force, repulsive null flux, attractive image force, and radially stable attractive. For each method the decay time is given in terms of the ring material properties and design parameters. The repulsive techniques are shown to have decay times of less than a day when optimized within a set of practical design constraints. The two attractive levitation methods result in the largest decay times, but are inherently unstable. When null‐flux stabilizers are used with attractive levitation, the decay time is shown to depend on magnetic field inhomogeneity. Finally, an inherently stable and very efficient attractive levitation method is proposed. The new method is based on an analogy with alternating‐gradient synchrotrons and should have application in high‐speed ground transportation.