The electric power industry throughout the world is undergoing considerable changes from the vertically integrated utility structure to the deregulated market. However, the deregulated electricity market is operated with respect to theory of economical efficiency, and therefore, the system operator requires data with fast contingency ranking for security of the bulk power system. This paper compares the weather dependant probabilistic risk index(PRI) with the system performance index for power flow in the IEEE-RTS. The system performance index for power flow presents the power system stability. This paper presents fast calculation method for determining contingency ranking using the weather dependant probabilistic risk index(PRI). The probabilistic risk index can be classified into the case of normal and adverse weather. This paper proposes calculation method using the probabilistic risk index in determining contingency ranking required for security under the deregulated electricity market.