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This paper reviews the status of security analyses in vertically integrated utilities and discusses the impact of system security on the operation and the planning of restructured power systems. The paper is focused on the static security rather than the dynamic security of power systems. The paper also discusses assumptions, functions, and calculation tools that are considered for satisfying power systems security requirements. In addition, the security coordination among time-based scheduling models is presented. In particular, real-time security analysis, short-term operation,midterm operation planning, and long-term planning are analyzed. The paper highlights issues and challenges for implementing security options in electricity markets and concludes that global analyses of security options could provide additional opportunities for seeking optimal and feasible schedules in various time scales.