The volatility of wind power has brought new problems for the power system optimal dispatch. How to formulate the generation schedule and spinning reserve schedule， considering the risk reserve due to wind power and demand of policy on energy-saving and emission-reduction， has become a problem to be solved. To evaluate the tension of the spinning reserve caused by the volatility of wind power， a normalized reserve risk is defined in a model of multi-objective hybrid optimal dispatch， which can both consider the reserve risk and formulate a generation schedule and spinning reserve schedule at the same time. In this model， the target of grid corporations purchasing cost reaches the minimum value， and the targets of the energy consumption， emission of pollutants and the reserve risk reach the desired values. The model is solved by disintegrating the problem into two sub-problems， i.e.， an economic load optimal dispatching problem and a spinning reserve optimization problem. And an alternating iterative method is used according to the specific relationship between the two sub-problems. Examples validate the proposed model.