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• Establishing a dispatch model for integrated wind-photovoltaic-thermal power system. • Dynamic carbon emissions trading system applications in power market is considered. • Comprehensive benefits of five dispatch modes are compared. • Optimal mode was investigated using case study transmission project (China). To transmit renewable energy on-grid over a large-scale power transmission system, an optimal dispatch model for a multi-energy power generation system is essential. This paper proposed a multi-energy hybrid power dispatch model for an integrated wind-photovoltaic-thermal power system. We consider five different dispatch modes and a dynamic carbon emissions trading system. Design of the modes was based on dispatch objectives. Power dispatch was based on interactive planning of power units and carbon emissions trading. To compare the modes, a comprehensive benefit evaluation index for dispatching is established. The proposed model was applied to supporting power supply system of the Tianzhong ultra-high voltage direct-current transmission project in Xinjiang, China. The results confirmed that high-efficiency mode is an optimal dispatch mode for the power transmission system, and has the most significant benefits. The impact on the optimal mode of the renewable energy penetration rate and carbon emissions trading system, as the two main factors, were further investigated. It was found that high-efficiency mode could maximize existing renewable energy generation and reduce coal consumption and carbon emission used for power generation and has a positive effect on carbon reduction. However, initial quotas need to be controlled more strictly than prices. [ABSTRACT FROM AUTHOR]