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In a deregulated power system, spinning-reserve (SR) can be allocated to different ancillary service providers at different locations based on supplier bids and customer choices in terms of reliability and the related cost. The paper investigates the impacts of spinning-reserve allocations on system reliability and cost. A hybrid SR allocation method, which is based on cost-based SR allocation and risk based SR allocation, is proposed to determine the optimal SR locations. Implementation of these techniques in SR markets to determine the optimal SR schedules is presented. The IEEE Reliability Test System has been used to illustrate the proposed methods.