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A new model describing the uncertainty of fault clearing time for probabilistic transient stability assessment of power systems is proposed. In this, a corrected transient energy function-based strategy is developed to evaluate the probabilistic instability index of systems. The advantage of this approach is that evaluations of critical clearing time in the system stability probability assessment are only conducted for very severe contingencies, an extremely small fraction of all considered contingencies. Hence, the computation efficiency has been remarkably enhanced. Case studies on a representation of the North China power system are reported to show that the proposed assessment strategy is effective and practical.