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Composite power system reliability involves assessing the adequacy of generation and transmission system to meet the demand at major system load points. Contingency selection was being the most tedious step in reliability evaluation of large electric systems. Contingency in power system might be a possible event in future which was not predicted with certainty in earlier research. Therefore, uncertainty may be inevitable in power system operation. Deterministic indices may not guarantee the randomness in reliability assessment. In order to account for volatility in contingencies, a new performance index proposed in the current research. Proposed method assimilates the uncertainty in computational procedure. Reliability test systems like Roy Billinton Test System-6 bus system and IEEE-24 bus reliability test systems were used to test the effectiveness of a proposed method.