Details of the reliability and availability aspects of the thermoeconomic methodology presented in Part I (Olsommer et al., 1999) are given here in Part II of our series of two articles. These system details cannot be forgotten, particularly if the superconfiguration envisioned offers the choice of several technologies for the same function (redundancy) or if there are guarantees of availability which must be met. An original method, which is an extension of the event space method, is presented here for automating the reliability and/or availability calculations of a repairable system chosen from a flexible structure of equipment in active and/or passive redundancy, connected in series and/or parallel. This methodology permits a more realistic evaluation of performance, flows and costs at both the structural (synthesis-design) and operational levels and leads, thus, to more rational decisions on system synthesis, design and operation. Results for the application of this methodology to a waste incineration cogeneration facility with a gas turbine topping cycle are given in Part I (Olsommer et al., 1999).