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This paper proposes a method to perform risk assessment of a combinative system of transmission network and substation configurations. Compared to the traditional approach, in which system risks of transmission networks and substation configurations are separately assessed, the presented method can automatically capture the mutual impacts between the transmission network and substation arrangements. The key of the method is the united load curtailment model for the combinative system. The presented risk evaluation procedure also provides a vehicle to perform the probabilistic economic analysis for system reinforcement schemes. A simple example is offered to demonstrate the risk evaluation of two substation layouts under a transmission network environment and its application to the financial justification of the ring-bus structure vis-a`-vis the section-bus structure in the given substation.