In this work we have analyzed the effectsof correlated failures of power lines on the total systemload shed. The total system load shed is determined bysolving the optimal load shedding problem, which is thesystem operator’s best response to a system failure.We haveintroduced a Monte Carlo based simulation framework forestimating the statistics of the system load shed as a functionof stochastic network parameters, and provide explicitguarantees on the sampling accuracy. This framework hasbeen applied to a 470 bus model of the Nordic power systemand a correlated Bernoulli failure model. It has been foundthat increased correlations between Bernoulli failures ofpower lines can dramatically increase the expected valueas well as the variance of the system load shed.