Survey of Reliability Challenges and Assessment in Power Grids with High Penetration of Inverter-Based Resources

Decarbonization is driving power systems toward more decentralized, self-governing models. While these technologies improve efficiency, planning, operations, and reduce the carbon footprint, they also introduce new challenges. In modern grids, particularly with the integration of power electronic devices and high penetration of Renewable Energy Sources (RES) and Inverter-Based Resources (IBRs), traditional reliability concepts may no longer ensure adequate performance due to systemic restructuring. This shift necessitates new or significantly modified reliability indices to capture the characteristics of the evolving power system. Ensuring converter reliability is essential for effective planning, which requires precise, component-to-system-level modeling, as different converters impact system performance indicators. However, the existing literature in this field faces a significant limitation, as most studies focus on a singular perspective. Some examine reliability at the device-level, others at the component-level, while broader reviews in power systems often emphasize system-level analysis. In this paper, we aim to bridge these gaps by comprehensively reviewing the interconnections between these levels and analyzing the mutual influence of power converter and system reliability. A key point to highlight is that, with the rapid evolution of modern power grids, decision-makers must adopt a multi-level approach that incorporates insights from all levels to enable more accurate and realistic planning and operational strategies. Our ultimate goal is to provide an in-depth investigation of studies addressing the unique challenges posed by modern power grids. Finally, we will highlight the gaps in the literature and suggest directions for future research.