Abstract: The current hydropower electricity price mechanism is diversified in China, which makes the phenomenon of one hydropower plant, one price more serious.Sorting out the development history of hydropower price will help to find out the neglected factors and provide direction for the hydropower industry.It was found that there was an urgent need to bring hydropower externality and hydraulic connection among cascade hydropower stations into the hydropower price mechanism.Therefore, this study proposed a Unified River Basin Electricity Price(URBEP) of Direct Cost+Positive External Cost-Negative External Cost.In the context of carbon neutral, the implementation of URBEP is conducive to improving the utilization of water resources, promoting the integration of the hydropower industry into the power spot market, and providing a basis for a comprehensive understanding on the benefits and impacts of various power generation energy sources.