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This paper presents a model for calculating the optimal size of an energy storage system (ESS) in a microgrid considering reliability criterion. A larger ESS requires higher investment costs while reduces the microgrid operating cost. The optimal ESS sizing problem is proposed which minimizes the investment cost of the ESS, as well as expected microgrid operating cost. Utilizing the ESS, generation shortage due to outage of conventional units and intermittency of renewable units is handled; hence microgrid reliability criterion is satisfied. A practical model for ESS is utilized. Mixed-integer programming (MIP) is utilized to formulate the problem. Illustrative examples show the efficiency of the proposed model.