Power distribution systems are transitioning from a traditional single distribution system operator (DSO) to a more integrated flexible network that incorporates multiple microgrids (MGs). This paper presents a novel stochastic framework to investigate the impact of correlated wind generators on energy management of DSO and MGs. In order to decouple the problem formulation in DSO and MGs, a linear approximation is proposed which enables parallel processing of the optimization problems. Further, a stochastic framework based on improved point estimate method is proposed to model the uncertainties in load and wind generation, and account for the statistical correlations among wind generators. The proposed method is applied to a modified IEEE 69 bus test feeder and the results are validated in terms of efficiency and accuracy.