Abstract: An economic evaluation for long-cycle complementary dispatch of multi-energy systems incorporating hybrid pumped-storage hydropower (HPS) is carried out under frequent extreme climate events and the ongoing energy structure transition. A long-cycle economic dispatch model for a wind-PV-HPS system is developed with the objective of minimizing total operating cost. The formulation imposes two key constraints: grid load demand and wind-PV integration rate. The model is solved using a progressive optimization algorithm. Case studies indicate that, during extreme-weather episodes with persistently high or low wind-PV output, the proposed wind-PV-HPS configuration retains a cost advantage over the wind-PV system without HPS. Under a high wind-PV integration rate constraint, generation cost is reduced by up to 14.1%, and under a high load demand constraint, the cost reduction reaches up to 62.5%. The cost advantage remains under extreme hydrological inflow conditions. These results provide a reference for long-cycle multi-energy complementary dispatch of power systems under extreme-weather impacts.