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The equations for computing frequency and duration indices of generating capacity reliability in interconnected systems were developed in Part I1 of this series of papers. A basic assumption used in this development was that the load models in interconnected systems are stochastically independent. In actual practice, the load models may be independent or correlated depending upon factors such as the geographical location of the interconnected systems and the weather sensitivity of the loads. This paper shows how the equations developed in Part I can be extended to the case of perfectly correlated load models.