The integration of operation and distribution has realized the effective concentration of multi-level work, such as the marketing, production and dispatching. However, the risk level of the power supply system also increases. Under the background, a new risk evaluation model of operation and deployment is proposed in order to enhance the risk early warning capability of the system. Firstly, a power supply risk evaluation index system is constructed based on the characteristics of the integrated system. Secondly, an index weighting method based on AHP and DEA is proposed to reduce the error caused by subjective factors in the weighting process of traditional matter-element extension model. Then, a comprehensive risk assessment model with integrated operation and distribution is established by constructing the comprehensive risk element for power supply and demarcating a power supply risk rating. Finally, a typical area is taken as an example to analyze its risk level and influencing factors, and the effectiveness of the proposed model is verified.