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In power system reconfiguration, the status (ON/OFF) of switches are optimized such that maximum power is delivered to loads after the occurrence of a fault. The optimized reconfiguration is achieved by prioritizing power delivered to vital loads over semi-vital and nonvital loads. The formulation presented in this paper considers a new balanced hybrid (AC and DC) shipboard power system (SPS). Analysis of the nonconvex reconfiguration formulation is done by an appropriate nonconvex solver and by convex approximation. Unlike the nonconvex solution that is based on branch-and-bound methods, convex approximation significantly reduces complexity. It is shown that for the hybrid SPS reconfiguration problem, low complexity convex approximations are effective in finding optimal solutions. Cumulative distribution function (CDF) of the power delivered to loads is presented to showcase the system robustness against random fault scenarios. A combined objective of maximizing power delivery and minimizing the number of switching actions is included in the analysis. Tradeoff between power delivered and number of switching operations after reconfiguration has been discussed at steady state. A separate analysis is also included to observe the intermediate dynamic switch states while the reconfiguration is in progress to capture the trade-off more prominently.