The purpose of this report is to introduce and outline the Climate READi: Power processes for conducting climate vulnerability assessments (VA) or response assessments (RA) for assets within an electric power system. The process described focuses on asset VA and RA elements and will be incorporated into the broader physical climate risk assessment framework being developed by EPRI’s Climate Resilience and Adaptation Initiative (Climate READi: Power). Hazard and exposure assessments as well as system planning assessments are covered in other READi deliverables.