For the power system to keep in a stable operating state, sufficient ancillary services must be available to respond to credible contingency events and return the power system to a satisfactory operating state in the case of contingencies as well as blackout events within specified predefined limits. The logical and reasonable bases of valuing and pricing the ancillary services are required to reach the common ground among market participants. The total amount of black start service transactions is quite small compared to the total ancillary service transactions as well as energy market transactions. Black start services must be provided as one of the ancillary services in the deregulated electricity market. In order to procure and remunerate black start services, it is necessary to quantify the value of the black start sources within the power system. In this paper, an approach to assess the value of the black start service is presented based on the cost-of-service solution. Financial simulation of the influence on market participants for the proposed approach on the service is carried out. The cost of the black start service is allocated in accordance with the principle of "causer pays", and the cost is shared by the producers and consumers equally that created the requirement for the service. Under the present electricity market, the mechanism to recover the cost is not implemented, a new approach to the ancillary services to provide incentive for the service providers has to be studied in the near future.