In electricity market, price has been the most fluctuant. Consequently, each participant in the market will encounter with some extent of risk. In this paper, price is considered as load conditions in the level of demand for random variables, for a total of 8,760 hours a year, under the premise reached a sustained load curve, and then risk model of distribution utilities is proposed. It also gives the average and variance of distribution utilities’ gross revenue. Based on the concept of load factor, this paper offers an analysis of the gross revenue of distribution utilities by the technology of cutting peak value and filling vale value, keeping average load of every hour. The paper draws the conclusion that the gross revenue of distribution utilities climbs as load factor goes up, while mean squared deviation of gross revenue declines.