Methods and software have been developed and used to perform quantitative risk and reliability assessments of both nuclear and fossil fueled central station power plants, plus distributed resources. This technology enables the systematic analysis of operational field data to determine the underlying failure rates of key systems, structures, and components, and the development of plant level models that have the capability to predict the impact of improvements on future system reliability, availability and capacity factors, and the risks to public health and safety. This assessment technology, combined with probabilistic cost and schedule risk analysis, supports informed decisions aimed towards a reliability-optimized electrical power supply. Internationally recognized experts in this discipline participate on the ASME Committee for Nuclear Risk Management which is responsible for developing the ANSI standard on PRA as applied to nuclear reactor safety assessments. Our expertise is exemplified by important safety and risk assessment projects for the U.S. Nuclear Regulatory Commission (NRC), their Advisory Committee on Reactor Safeguards, and the DOE’s Yucca Mountain High Level Waste Repository Project.