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The reliable design, planning, and operation of power systems are of paramount importance for providing reliable services to customers. This article reviews the different aspects of power system reliability, ranging from planning to operation. Standard benchmarks employed for power system studies are reviewed according to nearly 2,500 IEEE journal papers from 1986 to early 2019. Our overview provides the pros and cons of existing test systems, implying the lack of appropriate benchmarks for future power system studies, including renewable resources and modern technologies. Furthermore, this article presents requirements for updating and modifying the benchmarks for modern power systems...