Abstract: Based on the practical operation of China’s power system, this paper constructs a four party evolutionary game model and focuses on analyzing the influence of key factors such as policy subsidies, load response capability, and renewable energy output fluctuations on the behavioral choices of different participants. Meanwhile, an improved Shapley value method is introduced to design a benefit allocation scheme that better matches domestic engineering practice by comprehensively considering four indicators: cost input, risk bearing, collaborative contribution, and policy adaptability.