Stemming from the notion of generation right， the paper analyzes the problems existed in present generation right trades， and proposes generation right models without exchange center and with its contracts participation under asymmetrical information condition based on principal-agent theory， the objective is to encourage the usage of abandoned water adequately. Then the key parameters of incentive contract and their influence over participators' risk allocation shares and effort levels are studied， and the profits of participators in two models are compared. Numerical results show that the designed incentive contracts can optimize the profits of participators， improve the efficiency of system resources allocation， increase total utility and make participators benefit multilaterally.