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Soft open points (SOPs) are power electronic devices which provide interconnection between two feeders in place of normally open points in electricity distribution networks. SOPs can continuously control active power flow between feeders and inject reactive power controllably at both nodes, which can be used to provide substantial capacity support to the system. This paper provides a reliability-based method to quantify the capacity value (the additional load which can be accommodated without reducing reliability) of SOPs using the Effective Load Carrying Capability method within a Monte Carlo Simulation (MCS). Optimization of post-fault active/reactive power injections by SOPs to minimize energy not supplied is formulated (directly in matrix form) as a second-order cone programming problem. This results in very low computational times which enables embedding of the optimization problem within the MCS. The proposed methodology is applied to a modified real-world distribution network considering three different SOP sizes (5 SOPs totalling 2.5, 5, 10 MVA) across three redundancy levels (N-1, N-0.75, N-0.5), and on an unbalanced network with distributed generation. Results demonstrate capacity values ranging from 2.4–12.84 MVA. When operating under a relaxed redundancy level, the capacity value of a given SOP capacity can more than double relative to N-1. [ABSTRACT FROM AUTHOR]