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Power system reliability assessment becomes an important issue in a deregulated environment. It is a measure of success of this new system structure. Since the biggest difference between before and after the deregulation is transaction models in power market, power flows in the power network in the new environment change very frequently depending on changes of the power transactions. This paper proposes a composite power system reliability assessment method for the deregulated power systems. In the proposed method, a hybrid transaction model is taken into account. The characteristics of this methodology are illustrated by a case study for a small test system.