Recent high impact low frequency events have caused significant concerns on reliability and resiliency of electrical grid. Transmission operators might enforce load shedding during such events to preserve the integrity of the power network and to prevent catastrophic system failures and long-lasting outages. Although load shedding procedures employed by system operators are reviewed and constraints are highlighted throughout most hazardous incidents, such mechanisms are not evaluated to ensure consumer fairness and system impacts are addressed. This study was conducted at the transmission level in order to propose a new shedding algorithm that addresses the limitations of the load shedding mechanism of the Kansas Regional Transmission Operator: Southwest Power Pool (SPP). The study was motivated by a major winter storm that occurred in February 2021. In such an event when the system operator plans for load shedding, they must ensure that both the system and the consumers are included in the decision making. In this study the load curtailment ratio for each transmission node is decided based on system impact-based index and consumer fairness-based index. The performance of the proposed algorithm is tested and compared with SPP's shedding model via a standard test system. The performance measures indicate that the proposed model has an advantageous impact on customers and the system compared to the SPP shedding model. When the new algorithm is employed, the shedding amount of each transmission customer is reduced, bus voltage variations become lower also the loss to demand ratio is minimized.