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This paper presents a technique to evaluate the customer load point reliability in a deregulated power system considering customer choice on reliability. In this technique, a generation company (Genco) is represented by an equivalent multistate generation provider (EMGP) and an equivalent multistate reserve provider (EMRP) based on the market function of a Genco. A Genco, which has reserve agreements with other Gencos, is represented by an equivalent multistate generation provider with reserve agreement (EMGPWR). The transmission system between a Genco and its customer considering reserve agreements is represented by an equivalent multistate transmission provider with reserve agreement (EMTPWR). Reliability network equivalent techniques have been extended and combined with the equivalent assisting unit approach to determine the reliability model of the EMGPWR. A procedure used to determine the reliability model of EMTPWR is also developed. The IEEE reliability test system is used to illustrate the techniques.