The pumped storage power plants have excellent load following characteristics. It can also be committed quickly for synchronous reserve when it is in the generating mode because it can readily increase its generating power and, consequently, increases the overall system reliability. There are strong incentives for standing the system reliability. Additionally, $CO_2$ emission can be typically impacted due to operation of pumped generators. The increase or decrease of $CO_2$ depends on the generation mix. This paper proposes evaluation of reliability, economy and environment of power system considering pumped generator. This paper describes three case studies of the reliability and economy and environment according to capacity factor and storage capacity of pumped generators. The probabilistic production simulation model is used in this paper. The practicality and effectiveness of the proposed approach are demonstrated by simulation studies for a real size power system model on the $5^{th}$ power plan in Korea.