Optimized replacement strategy of substations equipment considering risk management

Replacement of equipment in substations resulting from aging and deterioration has been increasing. As for life expectancy, utilities expect to operate their equipment for as long as possible while keeping an eye on their condition and life cycle. If utilities decide to replace equipment solely based on its age, they have to invest a lot of money in a short period of time. Furthermore, the replacement work will be hampered by the lack of skilled engineers and technicians. In order to solve these problems, utilities have to establish replacement strategies that minimize risks to maintenance and prioritize the equipment to be replaced by means of comprehensive assessment, considering - Age of the equipment - Condition of equipment - Impact of its failure on the power grid - Another risk…