This paper provides an approach to investigate the impacts of wind power (WP) and demand side management (DSM) on the day-ahead electricity market prices. A market model incorporating demand scheduling has been developed for the study, to assess whether there are any mutual economic benefits between WP and scheduling of electric heating demand. A case study performed on a representative Nordic system with a scenario for future WP development in the Nordic electricity market has been carried out. The study results show that DSM could reduce the revenue for the WP producers, up to 2%. On the other hand, WP could result in reduced heating cost, up to 10%, for the customers. However, with an objective of reducing the total system cost, customers in some areas could experience an increase in electricity price even after providing their flexible demand to the market.