As an extension of micro-grid, micro-energy system (MES) is one of the important carriers for energy utilization in the future, and using energy prices as a controllable resource is conducive to improving the optimization potential of MES. Firstly, based on the energy hub model, a generic method for modelling the steady-state energy balance equation of MES is proposed. Then, considering the multi-energy substitution effect in the background of multi-energy coupling, the concept of price-based integrated demand response (P-IDR) is introduced. Meanwhile, based on the price elasticity theory and the discrete choice theory, the energy timing transfer characteristics and energy substitution characteristics in P-IDR is modelled. Furthermore, after taking into account the P-IDR, an MINLP model for day-ahead dispatch of MES is built, and a generalized benders decomposition method is used for solution. Case studies are conducted on an MES to verify the effectiveness of the proposed modelling method. The result shows that it is beneficial to improve renewable energy accommodation and reduce the peak and off-peak difference of energy load when the P-IDR is deployed. In addition, consider the energy substitution characteristics can reduce the user's cost on energy purchase and be more in line with the user's rational consumption behaviour. (C) 2019 Elsevier Ltd. All rights reserved.