Overview of power system reliability assessment considering age related failure of equipment

One of the main recent challenges that faces power system utilities is managing the risk of ageing equipment. The risk of customer interruption and declining reliability can perhaps be quantified and managed by applying system reliability studies. This paper presents a literature survey on the available past work involving age related failure in power system reliability assessment. The paper divides the survey into three aspects: modelling of age related failure, methods of integration age related failure in system reliability assessment, and application of system reliability studies in the decision-making process regarding ageing problems. The paper represents a comprehensive reference for researchers and engineers performing studies in this area.