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Game theory is introduced in this paper to model the planning of a grid-connected hybrid power system comprised of wind turbines, photovoltaic panels, and storage batteries. Both noncooperative and cooperative game-theoretic models (four scenarios in this case) are built by taking wind turbines, photovoltaic panels, and storage batteries as players and their life cycle income as payoffs. Furthermore, the existence of the Nash equilibriums is proved by analyzing the concavity of the payoffs. An iterative solving algorithm is also proposed to obtain the Nash equilibriums of the game model. Then, simulation based on a fictitious hybrid power system illustrates the feasibility of the proposed model. The comparison among all the Nash equilibriums under different coalition forms indicates that the cooperation can bring out more payoffs and competition will lead to the decrease of payoff. A simulation with multiobjective optimization method is also carried out for comparison. Finally, the uncertainties of wind speed, sunlight and load demand are considered to verify the stability of the Nash equilibriums, and sensitivities to some key parameters are also studied on the fictitious hybrid power system.