This Paper illustrates a method for evaluating nodal probabilistic production cost using the CMELDC. A new method for constructing CMELDC(CoMposite Power System Equivalent Load Duration Curve) has been developed by authors. The CMELDC can be obtained by convolution integral processing between the probability distribution functions of the fictitious generators outage capacity and the load duration curves at each load point. In general, if complex operating conditions are involved and/or the number of severe events is relatively large, Monte Carlo methods are more efficient. Because of that reason, Monte Carlo Methods are applied for the construction of CMELDC in this study. And IEEE-RTS 24 buses model is used as our case study with satisfactory results.