Abstract: For the optimal combination of heterogeneous resources in virtual power plants, a response characteristic model including demand response, flexible controllable load, and distributed power generation is proposed. Based on the control authority of the virtual power plant over interactive resources, the interactive resource response power is divided into risk-free and risk assets. Then the resource response allocation problem is mapped to the asset weight allocation problem in the modern portfolio theory. The portfolio risk is used to measure the uncertainty of the user’s response to electricity, and the optimal combination model is established with the goal of maximizing the expected return. Based on the decentralization of interactive resources, the virtual power plant is involved in congestion management, and the proposed method is verified on the CIGRE 20 kV mediumvoltage distribution network. Simulation results verify the practicability of the proposed model.