The market-oriented operation of wind and solar power generation is a crucial way to promote large-scale consumption of new energy. However

the volatility and uncertainty of wind and solar power put them at a disadvantage in medium- and long-term contract allocation

facing the risk of contract deviation assessments

which significantly undermines their market profitability. Therefore

this paper proposes a hybrid wind-solar-hydro-storage system

which integrates renewable sources with cascade hydropower and pumped storage

to participate in the market. To this end

we develop a three-stage operational strategy and model that spans medium- and long-term transactions

contract adjustment

and contract settlement coupled with spot trading. In the first stage

a bidding decision model for the medium- and long-term market is developed

aiming to maximize the expected benefits of the hybrid system and sign medium- and long-term time-of-use financial contracts. In the second stage

to mitigate the deviation profit recovery of wind and solar power in medium- and long-term contracts

an internal D−2 day-ahead wind-solar-hydro contract coordination and compensation negotiation model is constructed to obtain the wind-solar-hydro contract adjustment plan. In the third stage

the hybrid system participates in the day-ahead market

balancing the decomposition benefits of medium-and long-term contracts and the day-ahead market benefits. An optimized scheduling model considering the uncertainties of wind and solar output and electricity prices is established to obtain the day-ahead scheduling plan for each entity. The case study results demonstrate that the proposed method enhances the market competitiveness and execution capability of the hybrid system

promotes new energy consumption

and achieves a win-win situation for multiple stakeholders.