The motivations that originate this project stem from the worldwide reconfiguration processes that electric power systems are currently undergoing. On one hand, there is the development and installation of generation plants based on renewable energy resources, e.g., wind and solar plants, whose stochastic nature has to be properly considered in the transient analysis of power systems. On the other hand, there is the generalized trend to transform conventional networks into “smart grids”, which involves the intense interaction of energy devices, control schemes and communication systems.The power system reconfiguration poses new challenges for the dynamic analysis of electric power systems as it forces rethinking device and network models and control schemes. In particular, uncertainties, stochastic processes, time-variant parameters and signal delays are anticipated to play an important role in the overall dynamic response of the grid. This project proposes to reformulate power system models in terms of stochastic and functional, e.g., delayed, differential equations for the modeling, the simulation, the control and the stability assessment of dynamic power systems.Such analyses require advanced mathematical tools which are to be implemented and tested during the development of the project. With this aim, a fully-fledged and flexible software package able to simulate large power systems modeled with proposed approaches will be implemented. The goal is to yield a set of compact quantitative tools, such as stability indices and reliability metrics that can be straightforwardly applied in the industry. These metrics are anticipated to be the main practical result of the project.