Abstract: In view of the current situation of the generally low power-to-gas benefit, this paper extends the power-to-gas industrial chain and brings forth new ideas on the industrial model by taking into account the power-to-gas heat recovery and strengthening the combination between the main bodies of the integrated energy system. With the heat recovery, carbon trading and so on in consideration, this paper explores the power-to-gas profit space firstly. Based on the cooperative game, it proposes a system operation model then aiming at the maximum net income of the regional integrated energy alliance containing power-to-gas. Also, it constructs a fair and reasonable profit distribution mechanism for each subject of the alliance based on the Shapley Value method. Additionally, the conflict of interest between wind power and combined heat and power unit is discussed, and the sensitivity studies of carbon trading prices and power-to-gas costs are performed. The analysis results show that the form of the alliance is conducive to the investment and profit of power-to-gas. The carbon trading price determines the upper capacity of the power-togas devices and the electricity costs will directly determine whether to invest in power-to-gas.