During severe emergencies which result in insufficient generation to meet load, an automatic load shedding method considering the spinning and operating reserve can establish the optimum system operation. This paper presents methods and results of a study on the optimum operating scheme with spinning and operating reserve power in case of outage of large generator units to prevent frequency decay and continue stable operation. This study covers following three parts 1) Analysis of spinning reserve characteristics 2) Determination of operating reserve requirements 3) Development of the optimum load shedding programs By this study the optimum system operating method was recommended for reliable operation of power system.