With　the　increasing　interconnection　of　the　power　grids,　the　imbalanced　distribution　between　power　generation　and　demand　in　different　areas　has　been　effectively　alleviated.　In　practical　power　systems,　the　subsystems　in　different　areas　need　to　meet　the　load　requirements　of　each　subsystem,　and　the　performance　sharing　among　different　subsystems　is　one　way　to　increase　system　reliability.　Moreover,　each　subsystem　can　be　configured　with　redundancy　techniques　especially　warm　standby,　which　consumes　less　energy　than　hot　standby　and　has　a　shorter　recovery　time　than　cold　standby.　Furthermore,　both　the　generating　units　and　the　performance　sharing　mechanism　may　have　more　than　binary　states　in　practice.　Therefore,　in　this　paper,　the　reliability　evaluation　of　power　systems　with　multi-state　warm　standby　and　multi-state　performance　sharing　mechanism　is　proposed.　Arbitrary　state　transition　time　distributions　are　allowed,　and　the　successful　activation　probabilities　for　warm　standby　generating　units　are　also　embedded　in　the　proposed　model.　The　multi-state　decision　diagram　(MSDD)　technique　is　developed　for　system　reliability　evaluation.　Time-dependent　reliability　is　presented　in　illustrative　examples　to　validate　the　proposed　model　and　technique.