This paper presents a model of three-terminal Flexible Ring Power Network Equipment (FRPNE), which interconnects three 10kV distribution networks to realize closed-loop operation. The main contribution of the models is that they can control the active power flow between three distributed power networks and the reactive power in each distribution network. First, taking any one terminal as a rectifier, and the rest of the two terminals as inverters as an example, by sampling the PQ control model, the steady-state model of three-terminal FRPNE is presented. Second, the active and reactive power dispatch plane is obtained based on the operation limitation of equipment voltage and capacity. Then, the power dispatching area needed in engineering practice is obtained through an idealized model. Finally, the simulation results verify the model and dispatch strategy of FRPNE.