In order to enhance the security and stability of power system with wind power, a new environmental and economic dispatch model of power system with wind power considering operation risk and reserve cost is proposed. In the objective function, the system operation risk index and positive and negative spinning reserve cost are joined, and the system reliability constraints are increased, which ensure the system run with the lower risk, and also obtain positive and negative spinning reserve amount. A new and efficient scene generation technique is used to describe the randomness of wind power. A multi-objective optimization algorithm containing time-varying fuzzy selection mechanism based on the flower pollination algorithm and differential evolution algorithm is proposed. The proposed model and solution method are simulated in a 4-unit system with a grid connected wind farm and compared with the other two heuristic algorithms. The effects of various parameters on the system operation are analyzed. The feasibility and effectiveness of the proposed model and algorithm are verified.