Output uncertainties of renewable energy distributed generators lead to profit fluctuation of a virtual power plant. Take a wind/photovoltaic/hydropower distributed power generation demonstration project in Yunnan Province as an example. Based on the basic concept of the portfolio

it is proposed to have the output uncertainty of a virtual power plant mapped onto the price uncertainty. On the basis of a single period capacity allocation model

another two models are developed considering the penalty for output deviation and multi-period capacity allocation

respectively. Numerical examples show that the proposed model is effective in quantitatively analyzing the allocation problem by considering the complementary role among multi renewable energy distributed generators

the electricity prices

the reserve price

and risk preference. This work is supported by National High Technology Research and Development Program of China (863 Program) (No. 2012AA050204).