Based　on　TSP-CVaR　risk　aversion　theory,　this　paper　proposes　an　optimal　dispatching　model　for　wind-PV-hydro　hybrid　power　system　with　complementarity　characteristics.　Under　the　framework　of　two-stage　programming　(TSP),　the　proposed　method　could　effectively　deal　with　the　volatility　of　demand,　the　randomness　of　upstream　traffic,　and　the　complex　connection　of　hydraulic　resource　in　cascade　hydropower　station.　Besides,　conditional　value　at　risk　(CVaR)　is　introduced　to　characterize　the　risk　aversion　attitude　of　decision　makers　(DMs),　and　take　full　account　of　the　minimum　acceptable　profit　under　certain　confidence　level.　Finally,　the　feasibility　and　effectiveness　of　the　proposed　method　is　verified　through　a　case　study.　The　influence　of　the　risk　aversion　attitude　of　DMs　on　the　scheduling　and　operation　plan　of　the　multi-energy　complementary　power　generation　system　is　also　analyzed　and　discussed.　©　2019　IEEE.