<p>Carbon capture and storage (CCS) technology plays a critical role in reducing carbon emissions from coal-fired power plants (CFPPs) and offers significant potential for flexible operation to support power system regulation. This paper presents a decision-making model for retrofitting CFPPs with CCS, incorporating the operational flexibility of CCS equipment, which contrasts with previous studies that primarily view CCS as a carbon reduction technology. The model aims to unlock the full potential of CCS technology in the transformation of coal power. Simulation analyses across various scenarios validate the model’s feasibility and effectiveness. The results indicate that flexible carbon capture technology can help coal power save costs, enhance flexibility, and achieve decarbonization, significantly improving the low-carbon economic viability of the power system. When combined with other flexible resources, the economic benefits of flexible CCS technology become even more pronounced. Additionally, under fluctuations in carbon trading prices and fuel prices, as well as carbon emission constraints, flexible CCS retrofitting can reduce the risks associated with policy and market changes. The model developed in this paper provides theoretical support and practical basis for the low-carbon transformation of coal power, contributing to the rational planning and efficient operation of low-carbon electricity systems.</p>