Application of probabilistic techniques in asset management

As power system equipment age, many utilities are seeking investigative and analytical procedures that can facilitate the prioritization of corrective and preventative maintenance dollars so that they can channel resources to areas where the most improvements to system reliability will be realized. This paper presents a systematic approach to the development of equipment maintenance strategies. The methodology takes into consideration the physical condition of the equipment as well as its relative contribution to the overall reliability of the network. The approach has been successfully applied to a large pool of power transformers in the transmission and sub-transmission systems of an investor owned utility. Results from the analysis provided input to the equipment maintenance and replacement strategy.