Some of the major limitations of renewable energy sources are represented by their low power density and intermittent nature, largely depending upon local site and unpredictable weather conditions. These problems concur to increase the unit costs of wind power, so limiting their diffusion. By coupling storage systems with a wind farm, some of the major limitations of wind power, such as a low power density and an unpredictable nature, can be overcome. After an overview on storage systems, the Compressed Air Energy Storage (CAES) is analyzed, and the state of art on such systems is discussed. A Matlab/Simulink model of a hybrid power plant consisting of a wind farm coupled with CAES is then presented. The model has been successfully validated starting from the operating data of the McIntosh CAES Plant in Alabama. Time-series neural network-based wind speed forecasting are employed to determine the optimal daily operation strategy for the storage system. A detailed economic analysis has been carried out: investment and maintenance costs are estimated based on literature data, while operational costs and revenues are calculated according to energy market prices. As shown in the paper, the knowledge of the expected available energy is a key factor to optimize the management strategies of the proposed hybrid power plant, allowing to obtain environmental and economic benefits.