Providing a reliable and economical supply of electricity to customers has always been of paramount importance of electric power systems. The failures of electric power systems can have enormous economic costs and serious negative social impacts. For example, half of India's population was affected by the massive blackout of India's power grid in 2012, which was the largest power system failure in history. Therefore, risk issues have been extensively and continuously recognized and studied from viewpoints of both power system planning and operation for decades. Moreover, recently the high renewable energy resources (RES) penetration of existing and future power systems will also have significant impact on system security and reliability due to fast fluctuation and unpredictable characteristics of RES. It can have either positive or negative impacts on the risk of power system operation and planning. The reliable and economical operation of future electric power systems requires development of new concepts, models, and methodologies for risk evaluation and management of power systems. This special issue is dedicated to address this need. Thirteen original papers are brought together to discuss various aspects of risk evaluation and management of future power system operation and planning