With the popularity of plug-in electric vehicles, V2G reserve will inevitably impact on the traditional reserve trading model. By analyzing the differences and similarities between V2G reserve and generation side reserve in terms of reliability and economy, this paper pointed out the trading features of the reserve market including V2G reserve, and analyzed the interactive relationships of the relevant reserve need, reserve supply and reserve price under the requirement of certain reliability. To achieve the minimal total cost of the purchase cost and risk cost of reserve trade, and taking reliability electricity price as measurement index, a new reserve trading model of electric companies concerning the V2G reserve was proposed. Furthermore, a specific solution method was put forward according to the sequential bidding. This new model, taking default probability of plug-in electric vehicle users and accident probability of generation side reserve into consideration, realized the optimal scheduling of the V2G reserve and generation side reserve, which provide a new way for future reserve trading model considering V2G reverse. Finally, the effectiveness and validity of the proposed trading model were illustrated by a numerical example. (C) 2013 Elsevier Ltd. All rights reserved.