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In this paper, a new sensitivity analysis framework for voltage contingency ranking has been presented. The proposed sensitivity analysis is a combination of linear sensitivities and eigenvalue analysis. The sensitivity analysis framework can determine the voltage stability status of the power system due to the occurrence of each contingency. Moreover, stability margin or instability depth of the post-contingency state is determined in the framework. In other words, a severity index is obtained for each voltage contingency and so the contingencies can be ranked. This rank shows bottlenecks of the power system in the priority order, a property that is a key issue for both planners and operators of the power system. The proposed method can also evaluate islanding contingencies as well as the nonislanding ones. Moreover, the method can consider the generator contingencies in addition to the branch contingencies in a unique framework. The proposed method has been tested on the New Zealand test system and Iran's power network. Obtained results, discussed comprehensively, confirm the validity of the developed approach.