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Nodal reliability and Nodal Prices can be very useful for customers as well as to providers to accomplish optimal trading decisions in market trading and operation. A comprehensive method has been introduced in this paper to evaluate nodal reliability and nodal prices in deregulated electricity market. The problem is formulated using Optimal Power Flow (OPF). Generation rescheduling and proportional load shedding is used to release network from violations caused by each contingency states. A 6 bus Reliability Test System (RBTS) is used to illustrate the proposed technique.