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System reliability performance is usually based on average customer interruption information. These average values are valuable information, but provide only a single customer risk dimension without underlying probability distributions. The average annual indices give no insight on how reliability may vary from year to year as a result of the random behavior of bulk electric systems (BES). A significant advantage when utilizing sequential Monte Carlo simulation in bulk electric system reliability analysis is the ability to provide reliability index probability distributions in addition to the expected values of their indices. Parameter distribution analysis and its potential utilization are relatively new concepts in composite power system reliability analysis and decision making. This paper presents a technique to predict future reliability performance indices of the BES using a sequential simulation approach. The results obtained using the sequential software show that the system performance index probability distributions have unique characteristics that are basically dependent on the system topology and the operating philosophy. Operating policies involving load shedding procedures have a considerable impact on the system performance indices and their associated distributions. Two test systems are used to illustrate the concepts associated with the determination of system performance indices and their associated probability distributions. The results obtained using two different load shedding policies are presented and compared.