Risk-based resource optimization for transmission system maintenance

This paper describes a resource optimization approach for transmission system maintenance selection and scheduling that is based on the cumulative long-term risk caused by failure of each piece of equipment. This approach accounts for equipment failure probability, equipment damage, as well as outage consequence in terms of dispatch cost. A method of computing the change of equipment failure probabilities and expected time to failure when equipment condition data are available is described. The method is illustrated on a 566-bus model of a U.S. utility system