<![CDATA[The paper intends to select the most economical and reliable expansion alternative of a composite power system to meet the expected future load growth. In order to reduce time computational quantity, a heuristic algorithm is adopted for composite power system reliability evaluation is proposed. The proposed algorithm is based on Monte-Carlo simulation method. The reliability indices are estimated for system base case and for the case of adding peaking generation units. The least cost reserve margin for the addition of five 20MW generating units sequentially is determined. Using the proposed algorithm an increment comparison approach used to illustrate the effect of the added units on the interruption and on the annual net gain costs. A flow chart introduced to explain the basic methodology to have an adequate assessment of a power system using Monte Carlo Simulation. The IEEE RTS (24-bus, 38-line) and The Jordanian Electrical Power System (46-bus and 92-line) were examined to illustrate how to make decisions in power system planning and expansions.]]>
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