This paper presents a simple methodology for analysing and optimizing combined wind generation and storage schemes, using both technical and economic performance criteria. The paper provides a detailed analysis of the performance of two storage options for such a scheme: Pumped Storage Hydro (PSH) and Battery Energy Storage Systems (BESS). The analysis is carried out using recorded data from an actual UK wind farm, information on the UK electricity market and currently available PSH and BESS storage technologies to estimate and compare performance of the considered wind generation-storage schemes over the entire lifetime. The results show that an optimized generation-storage scheme can significantly reduce the variability of power outputs and increase the profitability of the wind farm. It is further shown that optimized PSH-based schemes have better economic performance than BESS schemes, as the latter are limited by the short discharge times. The approach developed in this paper could be used during the initial design and planning stages, in order to select and optimize the type and size of energy storage for a combined wind generation-storage scheme.