Mijailovic, Vladica2021-04-202021-04-2020100378-7796https://scidar.kg.ac.rs/handle/123456789/10100The paper suggests a method to optimize the spare amount of power transformer components. The proposed strategy is conceived to provide minimum annual cost consisting of expected failures renewal cost, capital cost for spares and load curtailment cost. The method identifies minor and major failures. Minor failures are repairable, while major failures can be repairable or unrepairable. Power transformer is a complex system, consisting of six components (functional parts). It is assumed that each component has two independent, competing failure modes: wear-out failure mode, modelled by two-parameter Weibull distribution, and a chance failure mode, characterized by an exponential distribution. The application of the method suggested and the benefits it provides are demonstrated for one transformer station (TS) 110/x kV/kV with 2×31.5MVA transformers. In addition, the influence of performing power transformer refurbishment on expected total cost has also been analyzed. © 2010 Elsevier B.V. All rights reserved.restrictedAccessother10.1016/j.epsr.2010.01.0022-s2.0-81055125967