Power grids exhibit patterns of reaction to outages similar to complex networks. Blackout sequences follow power laws, as complex systems operating near a critical point. Here, the tolerance of electric power grids to both accidental and malicious outages is analyzed in the framework of complex network theory. In particular, the quantity known as efficiency is modified by introducing a new concept of distance between nodes. As a result, a new parameter called net-ability is proposed to evaluate the performance of power grids. A comparison between efficiency and net-ability is provided by estimating the vulnerability of sample networks, in terms of both the metrics.