Severe disturbances in a power network can cause the system frequency to exceed the safe operating range. As the last defensive line for system emergency control, under frequency load shedding (UFLS) is an important method for preventing a wide range of frequency excursions. This paper proposes a hierarchical UFLS scheme of “centralized real-time decision-making and decentralized real-time control” for inter-connected systems. The centralized decisionlayer of the scheme takes into account the importance of the load based on the equivalent transformation of kinetic energy (KE) and potential energy (PE) in the transient energy function (TEF), while the load PE is used to determine the load shedding amount (LSA) allocation in diferent loads after faults in real-time. At the same time, the infuence of inertia loss is considered in the calculation of unbalanced power, and the decentralized control center is used to implement the one-stage UFLS process to compensate for the unbalanced power. Simulations are carried out on the modifed New England 10-generator 39-bus system and 197-bus system in China to verify the performance of the proposed scheme. The results show that, compared with other LSA allocation indicators, the proposed allocation indicators can achieve better fnadir and td. At the same time, compared with other multi-stage UFLS schemes, the proposed scheme can obtain the maximum fnadir with a smaller LSA in scenarios with high renewable energy sources (RES) penetration.