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The average risk indices, such as the loss of load expectation （LOLE） and expected demand not supplied （EDNS）, have been widely used in risk assessment of power systems. However, the average indices can＇t distinguish between the events of low probability but high damage and the events of high probability but low damage. In order to ov＋rcome these shortcomings, this paper proposes an extended risk analysis framework for the power system based on the partitioned multi-objective risk method （PMRM）.