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The medium- and long-term operation strategy of the hybrid power system needs to adapt to the continuous changes in the market. This paper presented a medium-term (monthly) operational simulation model and nested it into a long-term (yearly) optimization model. It was solved by the genetic algorithm (GA) to maximize yearly revenue. The planned delivered-electricity to power process constraints were present to improve the optimization efficiency. Using penalty price factor (α) and threshold of exempted punishment for the supply shortage δ to characterize the punishment for supply shortage risk. This framework was applied for a new hybrid power system so-called LCHES-WP (large-scale cascade hydropower energy storage system, wind power, PV power). It can participate in the electricity trading market with a bundled output pattern. The real cascade hydropower stations in Qinghai Province, China, are selected as the case study. In the baseline scenario, the current time of use (TOU) electricity price and punishment level (α = 0.05, δ = 5%) were considered. It reveals that (1) the revenue (baseline scenario, 6.15351 billion CNY) in the bundled output pattern is higher by 45.6% than in the separate output pattern. (2) the economic and technical indicators are sensitive to α , but not to δ. α increases make the punishment stricter, supply shortage risk was significantly reduced due to the probability of the shortage event, the maximum monthly supply shortage ratio and punishment electricity are reduced by up to 22.5 percentage points, 26.7 percentage points, and 1880.1 GWh, respectively. The yearly revenue is reduced by up to 4.7%. the reason is the yearly curtailment is increased and the penalty amount does not change dramatically with the changes in punishment. (3) The α = 0.6 and α = 1.8 can be regarded as demarcation point and upper boundary point for the case of hybrid power system, respectively. It is proposed that when planning a capacity scheme, stakeholders should consider that the demarcation point is higher than the current α. In general, this paper provides a reference for the medium- and long-term operation optimization of the LCHES-WP hybrid power system in the future. • Electricity settlement rule in medium and long term electricity trading is considered. • The monthly operational simulation model was nested in the yearly optimization model. • Bundled output pattern can rise by 45.6% of revenue than the separate output pattern. • The supply shortage risk is significantly reduced by increasing the punishment level. • The penalty amount does not change obviously with the changes in the punishment level. [ABSTRACT FROM AUTHOR]