Future power systems will be significantly different compared to their present states. With that in mind, this book will equip readers with the knowledge and tools to understand and integrate probabilistic methods within power system stability analysis to handle increased uncertainties. The techniques required to complete probabilistic stability analysis are systematically presented with coherent examples and test networks. Also, state of the art advances in efficient computational methods, which may enable the application of these approaches to real time stability studies of large power systems, will be clearly outlined and their performance benchmarked against traditional but more computationally intensive techniques. Key features: Discusses different approaches to modelling uncertainties in complex systems, with an emphasis on power systems including essential elements of statistical processing of uncertain data. Reviews the essential building blocks of probabilistic and risk analysis and their application in power system stability studies. Contains illustrative examples of probabilistic techniques applied to all facets of stability analysis, including small and transient stability, voltage stability and frequency stability. Graphical techniques used to illustrate the results of probabilistic studies and facilitate practical application in real-world situations. Provides guidance for handling uncertainties in power system stability studies. An invaluable resource for students in electrical engineering and in other areas of engineering dealing with complex system studies, but also a timely reference for researchers, practicing electrical engineers and decision makers.