The growing share of electricity production from renewable energy sources such as wind power increases the balancing needs in the electricity market. Currently, the major part of these power reserves is provided by conventional units. However, new developments in wind power technologies allow wind power producers to play an important role to provide cost-effective ancillary services in the balancing market as well as energy in the day-ahead and intra-day markets. Therefore, it is essential to develop effective tools to support the power system operator and wind producers in the decision-making process of wind power participation in joint energy and reserve markets. These tools incorporate wind speed probabilistic forecasts under the form of time-dependent trajectories, i.e. scenarios, that can be fed into a stochastic optimization framework to quantify and optimize the risk associated with the participation of wind power in joint energy and reserve markets.