The Second Edition of this well-received textbook presents over a decade of new research in power system reliability--while maintaining the general concept, structure, and style of the original volume. This edition features new chapters on the growing areas of Monte Carlo simulation and reliability economics. In addition, chapters cover the latest developments in techniques and their application to real problems. The text also explores the progress occurring in the structure, planning, and operation of real power systems due to changing ownership, regulation, and access. This work serves as a companion volume to Reliability Evaluation of Engineering Systems: Second Edition (1992).