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The formula for calculating Potential energy is P.E. = m * g * h, where 'm' is the mass of an object, 'g' is the acceleration of gravity, 'h' is the height of the object. 1  Stored mechanical energy: The energy which is possessed by an object due to its stored energy of position. 2  E.g., rubber bands, springs.
Just to clarify as some of the answers above only refer to Gravitational Potential. Potential and Kinetic are the two main types. Kinetic energy is the moving energy of something. This could be movement in heat, sound, vibration, or generally movement. Potential Energy is the stored energy giving something the potential move, due to it being in the vicinity of a force field. This force field may not necessarily be gravitation, but also electromagnetic, strong or weak. Types of energy: 1. Mechanical (potential & kinetic) 2. Heat 3. Radiation (incl.