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In this paper, a new model is proposed for simultaneous clearing of energy and reserve market considering generation deficiencies and transmission constraints where the reserve capacity is scheduled based on the desired risk level of customers and suppliers, that is recognized by the expected load not supplied (ELNS) index and expected power not served (EPNS) criterion. Also, the required reserve allocated to generators is calculated separately, i.e., part of reserve is allocated to generation deficiencies and the rest of it is considered for transmission restrictions. Therefore, this method produces market-clearing results with the desired probabilistic characteristics. For illustrating the efficiency of proposed technique, it is applied to the Roy Billinton test system (RBTS) and results are analyzed.