In order to minimize the effects of substation-related outages oil performance of the composite system, the power system planners have to assess their effects. The present paper is specifically concerned with a relatively simple method of substation reliability analysis based on failure modes and effect analysis. More influential failure events are screened basing on reliability indices of substation components. The further analysis considers only a relatively small number of screened events. So the method enables to analyze and compare different substation configurations, to elaborate measures to improve system operation, to incorporate substation-related outages in evaluation of the reliability of the composite system etc. relatively simply without using special complicated computer programs.