This paper presents a method for estimating the capacity value of wind considering transmission and operational constraints. The method starts by calculating a metric for system adequacy by repeatedly simulating market operations in a Monte Carlo scheme that accounts for forced generator outages, wind resource variability, and operational conditions. Then, a capacity value calculation that uses the simulation results is proposed, and its application to the Chilean Northern Interconnected System (SING) is discussed. A comparison of the capacity value for two different types of wind farms is performed using the proposed method, and the results are compared with the method currently used in Chile and the method recommended by the IEEE. The method proposed in the paper captures the contribution of the variable generation resources to power system adequacy more accurately than the method currently employed in the SING, and showed capable of taking into account transmission and operational constraints. (C) 2013 Elsevier Ltd. All rights reserved.