Wind power is an intermittent energy source that behaves quite differently from conventional energy sources. The reliability impact of this highly variable energy source is an important aspect that needs to be assessed as wind power penetration becomes increasingly significant. Generation adequacy assessment including wind energy conversion systems (WECS) at multiple locations is described in this paper. Effective load-carrying capabilities (ELCC) obtained using the loss of load expectation (LOLE) and the loss of load frequency (LOLF) for a power system containing WECS are illustrated and compared. The results show that ELCC obtained using the LOLF and obtained using the LOLE for WECS can be considerably different, while they are similar for a conventional generating unit. The impact on the system reliability indices of wind speed correlation between two wind farms is also examined. The studies show that the degree of wind speed correlation between two wind farms has a considerable impact on the resulting reliability indices. The sequential Monte Carlo simulation approach is used as this methodology can facilitate a time series modeling of wind speeds, and also provides accurate frequency and duration assessments. An autoregressive moving average time series model is used in this study to simulate hourly wind speeds.