Optimal operation value of combined wind power and energy storage in multi-stage electricity markets

•We analyze the economic value of participating in multi-stage electricity markets.•The party submitting bids is a wind power producer with generic energy storage system.•The market analyzed as a case analysis has eight sub-markets. We condensate them into one.•We consider uncertainty in power production and prices. We propose a common modeling basis.•We analyze a number of scenarios comprising power and price differences.