Abstract: Based on the Implementation Rules for the Trading of Zhejiang Power Frequency Modulation Auxiliary Service Market, this paper analyzes the demand and revenue rules of the AGC frequency modulation market in Zhejiang Province, and discusses the necessity and basic model of the thermal-storage frequency modulation system. Combined with practical engineering, the configuration scheme of the project and the selection of frequency modulation parameters are analyzed. The estimated results of frequency modulation revenue show that after adding the thermal-storage system, both the comprehensive frequency modulation performance index and the winning mileage have been significantly improved, thus enabling power plants to obtain good auxiliary service revenue.