This paper constructs the risk identification framework of multi-subject virtual power plant, builds the operation risk assessment index system, and screens out the risk factors of virtual power plant. The entropy weight method and gray correlation theory are connected and jointly applied in the risk identification of multi-subject virtual power plant operation, and the risk assessment model of multi-subject virtual power plant based on entropy weight and gray correlation is established. A case study of multi-body virtual power plant is taken as an example. In the risk assessment index system, the weighting results of the first-level indexes are, in descending order: persistent risk, construction phase, preparation phase, operation phase, and handover phase. During the operation period, in addition to paying comprehensive attention to the risk factors that exist throughout the project cycle, it is also necessary to focus on controlling the risks faced during the construction phase to reduce the chances of risk occurrence. The operational risk level (Ⅰ ~ V) of the multi-body virtual power plant A is evaluated as -6.339, 2.206, -2.155, -11.387, -14.095 respectively, and the operational risk level of the multi-body virtual power plant A is evaluated as Class II (lower risk).
