The multi-energy system is a kind of energy organization form which can realize the energy consumption terminal supply efficiently, cleanly and economically. It integrates many kinds of energy conversion and transmission, so the traditional power flow analysis and calculation method is no longer suitable for coupling equipment and thermal flow simulation. This paper presents a hybrid power flow calculation method suitable for terminal multi-energy supply. Firstly, the Sukhov cooling operator in the heat supply network is simplified, and then the mathematical description of power, heat and hydraulic flow is developed. On this basis, the mathematical model of Newton Raphson fast iterative solution algorithm is established by using the improved cooling operator, and the value of Jacobian matrix elements affected by the electric-thermal coupling is derived. Finally, an example of a regional electric-heat supply system is given to verify the effectiveness of this method.