Benefit Allocation Strategies for Electric–Hydrogen Coupled Virtual Power Plants with Risk–Reward Tradeoffs

Driven by carbon neutrality goals, electric–hydrogen coupled virtual power plants (EHCVPPs) integrate renewable hydrogen production with power system flexibility resources, emerging as a critical technology for large-scale renewable integration. As distributed energy resources (DERs) within EHCVPPs diversify, heterogeneous resources generate diversified market values. However, inadequate benefit allocation mechanisms risk reducing participation incentives, destabilizing cooperation, and impairing operational efficiency. To address this, benefit allocation must balance fairness and efficiency by incorporating DERs’ regulatory capabilities, risk tolerance, and revenue contributions. This study proposes a multi-stage benefit allocation framework incorporating risk–reward tradeoffs and an enhanced optimization model to ensure sustainable EHCVPP operations and scalability. The framework elucidates bidirectional risk–reward relationships between DERs and EHCVPPs. An individualized risk-adjusted allocation method and correction mechanism are introduced to address economic-centric inequities, while a hierarchical scheme reduces computational complexity from diverse DERs. The results demonstrate that the optimized scheme moderately reduces high-risk participants’ shares, increasing operator revenue by 0.69%, demand-side gains by 3.56%, and reducing generation-side losses by 1.32%. Environmental factors show measurable yet statistically insignificant impacts. The framework meets stakeholders’ satisfaction and minimizes deviation from reference allocations.