Cyber-Physical Energy Systems (CPESs) are energy systems which rely on cyber components for energy production, transmission and distribution control, and other functions. With the penetration of Renewable Energy Sources (RESs), CPESs are required to provide flexible operation (e.g., load-following, frequency regulation) to respond to any sudden imbalance of the power grid, due to the variability in power generation by RESs. This raises concerns on the reliability of CPESs traditionally used as base-load facilities, such as Nuclear Power Plants (NPPs), which were not designed for flexible operation, and more so, since traditionally only hardware components aging and stochastic failures have been considered for the reliability assessment, whereas the contribution of the degradation and aging of the cyber components of CPSs has been neglected. In this paper, we propose a multi-state model that integrates the hardware components stochastic failures with the aging of cyber components, and quantify the unreliability of CPES in load-following operations under normal/emergency conditions. To show the application of the reliability assessment model, we consider the case of the Control Rod System (CRS) of a NPP typically used for a base-load energy supply.