NOVELTY - The device has a circulation water pump (37) whose outlet is connected a connecting valve (29). A back water pipe (1-3) is connected with first and second valves (32, 33). An outlet of the first valve is connected with a heat exchanger (10). An outlet of the second valve is connected with the heat exchanger. An outlet of a third valve (35) is connected with a water supply pipe (1-4). An outlet of a fourth valve (34) is connected with a condenser inlet of an electric heat pump (9). A condenser outlet of the electric heat pump is connected with the water supply pipe.    USE - Electric power peak-shaving and combined heat and power waste heat recovery device.    ADVANTAGE - The device is operated in time periods of electrical load valleys, electrical load off-peaks and electrical load peaks through different combinations of valves opening and closing, balances difference between system heat supply and thermal load by utilizing high temperature water storage tanks, and stabilizes recovery amount of steam exhaust waste heat by utilizing the low-temperature water storage tanks so as to avoid problems of limited power generation and peak-shaving capacity due to coupling of power generation and heat supply in an operation mode of pricing electricity based on amount of heat, so that a combined heat and power product portfolio can contributes to power grid load regulation, thus improving power grid regulation capacity to address increased gap between power load peaks and valleys, and improving wind power utilization capacity of the power grid to reduce phenomenon of abandoning wind power.    DETAILED DESCRIPTION - The heat exchanger is a condenser or water-water heat exchanger, a plate-type heat exchanger and an absorb type heat exchanger. An INDEPENDENT CLAIM is also included for an electric power peak-shaving and combined heat and power waste heat recovery device operation method.    DESCRIPTION OF DRAWING(S) - The drawing shows a circuit diagram of an electric power peak-shaving and combined heat and power waste heat recovery device.    Back water pipe (1-3)    Water supply pipe (1-4)    Electric heat pump (9)    Heat exchanger (10)    Connecting valve (29)    Valves (32-35)    Circulation water pump (37)