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We propose to include stability margin violations which characterize the static, dynamic, and transient performance in the face of contingencies (e.g., loss of lines, loss of generation, load variations, and short circuits) in the definition of reliability indices, besides the usual continuity of supply at load points. Using the method of Lyapunov, the stability margins are defined to be a norm of the steady-state power angle differences, an estimate of the dynamic stability domain, and an estimate of the transient stability domain. The reliability indices are derived from a decision theoretic model; the decision surface incorporates the criterion of stability margin violations. The utility of the proposed index is shown by analyzing an example of a realistic system.