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Increasing the complexity of power transmission networks has led power systems to be more vulnerable to cascading failures. Thus, hardening and reliability assessment of such complex networks have become a must. In addition, the commonly used N - 1 security criterion does not guarantee the reliability of the system against possible cascading failures. In this paper, given a hardening plan, we develop two models to evaluate the reliability of the power transmission system under N - k security criterion. In the first model, we quantify the probability of no load-shedding in the system to assess the possibility of load curtailment. Then, to have a better insight of the amount of load-shed in the second model, we use the conditional value-at-risk as a risk measure to evaluate the reliability of the system. To perform reliability assessment, the information of contingency probabilities is required. However, such probability …