The basic purpose of an electric power system is to supply its consumers with electric energy as parsimoniously as possible and with a sensible degree of continuity and quality. It is expected that the solicitation of power system reliability assessment in bulk power systems will continue to increase in the future especially in the newly deregulated power diligence. This paper presents the research conducted on the three areas of incorporating multi-state generating unit models, evaluating system performance indices and identifying transmission paucities in complex system adequacy assessment. The incentives for electricity market participants to endow in new generation and transmission facilities are highly influenced by the market risk in a complex restructured environment. This paper also presents a procedure to identify transmission deficiencies and remedial modification in the composite generation and transmission system and  focused on the application of probabilistic techniques in composite system adequacy assessment

Power system reliability investigation is an important activity in both vertically incorporated and unbundled electric power utilities. New planning criteria with broader engineering consideration of transmission entrée and reliable risk assessment must be explicitly addressed. This research work introduces the concept of applying reliability index probability distributions to measure mass electric system risk. Bulk electric system reliability recital index probability distributions are used as integral elements in a performance based regulation method. The system well-being notion presented in this paper is a probabilistic framework that incorporates the accepted deterministic N − 1 security criterion, and provides precious information on what the degree of the system susceptibility might be under a particular system condition using a quantitative elucidation of the degree of system security and insecurity. An overall reliability investigation framework taking into accounts both adequacy and security perspectives are projected. The system planning process using combined adequacy and security considerations offers a supplementary reliability-based dimension.

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