Under frequency load shedding (UFLS) as a special protection scheme is executed to arrest declining frequency. The setting parameters of a multi‐stage load shedding plan are determined using a discretised model of dynamic system frequency response considering uncertainty of generation loss. The proposed probabilistic UFLS plan is formulated as a mixed integer linear programming optimisation problem to minimise the expected amount of load curtailment. The uncertainty of the proposed discretised dynamic load shedding plan is modelled using the point estimate method, and the obtained results are compared with those of the Monte‐Carlo simulation method (MCSM). The utilised point estimate technique converts the continuous probability distribution functions of the uncertain parameter (i.e. the generation loss) to discrete statistical moments. The proposed probabilistic UFLS is solved using the BONMIN solver. The performance of the proposed dynamic UFLS plan is investigated for the IEEE 39‐bus test system.