Abstract:The construction of the new power system adapted to the large-scale development of renewable energy is an important guarantee for the achievement of the "dual carbon" target. The new power system cannot be built without the development of energy storage, especially hydrogen energy storage with medium and long-term energy storage characteristics. The hydrogen energy comprehensive utilization station includes hydrogen production by water electrolysis, hydrogen storage and hydrogen fuel cell power generation, which is an important flexible power load and energy storage resource under the new power system. However, the current business model suitable for the development of hydrogen energy cocmprehensive utilization station (hereinafter: hydrogen power stations) is not clear enough, and its economic benefits hinder the promotion of hydrogen energy stations. This paper starts from the current development status of the integrated use of hydrogen energy, and constructs a technical economic model based on the actual operating characteristics of each equipment module of the hydrogen power station and the investment and operation and maintenance costs of each equipment in the station. On this basis, the operation of the station is simulated according to parameters such as energy prices and the operating efficiency of each equipment, and the optimal operation and dispatch scheme and economic benefits of the station are analysed under the five models of "hydrogen energy storage arbitrage", "renewable energy hydrogen production + hydrogen energy storage arbitrage", "renewable energy hydrogen production + hydrogen energy storage arbitrage + hydrogen sales", "hydrogen energy storage arbitrage + frequency modulation", "hydrogen energy storage arbitrage + frequency modulation + hydrogen sales" under the condition of satisfying the operation constraints of each equipment in the station, so as to explore a more feasible business model suitable for the development of the hydrogen power station. Finally, corresponding policy recommendations for promoting the development of hydrogen energy power station are put forward.