Renewable energy resources are becoming the dominating element in power systems. Along with de-carbonization, they transform power systems into a more distributed, autonomous, bottom-up style one. We speak of Smart Grid and Microgrid when distributed energy resources take over. While being a means to improve technical and financial efficiency, planning, operations, and carbon footprint, it is these new technologies that also introduce new challenges. Reliability is one of them, deserving a new way of describing and assessing system and component reliability. This paper introduces a new reliability framework that covers these new elements in modern power systems. It can be seen that reliability assessment of modern power systems also requires introducing local reliability concepts as well as incorporating different electro-magnetic/mechanical stability issues.