Deterministic techniques have been applied in power system planning for many years and there is a growing interest in combining these techniques with probabilistic considerations to assess the increased system stress due to the restructured electricity environment. The overall reliability framework proposed in this paper incorporates the deterministic N-1 criterion in a probabilistic framework, and results in the joint inclusion of both adequacy and security considerations in system planning. The combined framework is achieved using system well-being analysis and traditional adequacy assessment. System well-being analysis is used to quantify the degree of N-1 security and N-1 insecurity in terms of probabilities and frequencies. Traditional adequacy assessment is Incorporated to quantify the magnitude of the severity and consequences associated with system failure. The concepts are illustrated by application to two test systems. The results based on the overall reliability analysis framework indicate that adequacy indices are adversely affected by a generation deficient environment and security indices are adversely affected by a transmission deficient environment. The combined adequacy and security framework presented in this paper can assist system planners to realize the overall benefits associated with system modifications based on the degree of adequacy and security, and therefore facilitate the decision making process.