This article describes the methodology for evaluation of the reliability of an composite electrical power system considering voltage stability and continuation power flow, which takes into account the peak load and steady state stability limit. The voltage stability is obtained for the probable outage of transmission lines and removal of generators along with the combined state probabilities. The loss of load probabilities (LOLP) index is evaluated by merging the capacity probability with load model. State space is truncated by assuming the limits on total numbers of outages of generators and transmission lines. A prediction correction technique has been used along with one dimensional search method to get optimized stability limit for each outage states. The algorithm has been implemented on a six-bus test system.
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