In order to enhance the economic performance of hybrid energy storage for smoothing wind power fluctuations and to solve the problem of serious modal aliasing in EMD decomposition, a optimal power distribution strategy for hybrid energy storage with maximum net benefit to smooth wind power fluctuations is proposed. Firstly, the wind storage power generation system is constructed, and adaptive sliding filter is used to suppress wind power fluctuations to obtain the total energy storage output, and then the total energy storage output is decoupled based on the two-layer CPO-VMD algorithm, which realizes the optimal allocation of power and capacity of HESS; finally, a cost-benefit model is constructed for the whole lifecycle of HESS, and the quantitative analysis is carried out to analyze the benefits and costs of HESS participation in suppressing wind power fluctuations. Finally, a cost-benefit model is constructed to quantitatively analyze the benefits and costs of HESS participation in smoothing wind power fluctuations.