This article describes some of the recent research into the capacity value of wind power. With the worldwide increase in wind power during the past several years, there is increasing interest and significance regarding its capacity value because this has a direct influence on the amount of other (nonwind) capacity that is needed. We build on previous reviews from IEEE and IEA Wind Task 25a and examine recent work that evaluates the impact of multiple‐year data sets and the impact of interconnected systems on resource adequacy. We also provide examples that explore the use of alternative reliability metrics for wind capacity value calculations. We show how multiple‐year data sets significantly increase the robustness of results compared to single‐year assessments. Assumptions regarding the transmission interconnections play a significant role. To date, results regarding which reliability metric to use for probabilistic capacity valuation show little sensitivity to the metric. WIREs Energy Environ 2017, 6:e226. doi: 10.1002/wene.226This article is categorized under: Wind Power > Economics and Policy Wind Power > Systems and Infrastructure Energy Infrastructure > Economics and Policy