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• A framework solution for multi-timescale coordinated operation of CHP and wind power. • Day-ahead and real-time uncertainties are handled by stochastic optimization. • The solution is applied to a real-life case in Denmark. • Comparative analysis between coordinated operation and independent operation. • Comparative analysis between stochastic and deterministic methods. This paper proposes a multi-timescale coordinated operation approach which coordinates the combined heat and power (CHP) plant and wind farm operation in a deregulated day-ahead heat market and a real-time balancing electricity market. This approach aims to optimize profits of the CHP-wind farm portfolio by considering energy sale in the day-ahead heat market and penalty in the real-time two-price balancing market. Multiple uncertainties of heat load, wind power generation, day-ahead electricity price, up- and down-regulation prices are taken into account for the optimal operation. A stochastic optimization method is applied to solve the proposed coordinated operation problem. The proposed multi-timescale coordinated operation approach is simulated on a real-life system in Copenhagen Denmark where an energy company owns both a CHP plant and a wind farm. The simulation results verify that the proposed method can achieve a profitable operation in the markets and a highly robust operation against the multiple uncertainties. [ABSTRACT FROM AUTHOR]