Abstract: With the gradual development of power marketization reform, transmission congestion and node power congestion have become the key factors affecting the safe and economic operation of a power grid. In order to maximize the benefits of market participants and solve the problems of transmission congestion and power congestion in the electricity market, this paper proposes a risk management model in the power market based on hybrid auction of financial transmission right and financial storage right. A unilateral bidding mechanism and a bilateral bidding mechanism with financial transmission rights and financial energy storage rights are established in the primary market and the secondary market respectively. The utility function is used to represent the risk aversion of market participants. Through the verification of the 5-node system test data in the rights market, the influence of the financial transmission right and the financial storage right auction market on the interests of the market participants is analyzed in detail. The simulation results show that the risk management model proposed in this paper can effectively reduce the risks brought by transmission congestion and power congestion to the market participants.