Methodology for Forecasting the Cost of Substation Asset Management in Upcoming Future

In this paper, the methodology to forecast the cost of substation asset management over longer time periods is proposed. The methodology allows for the simulation of the cost of different management methods based on their cost components. Thus, it can be implemented for a preliminary analysis of the cost related outcomes of management tasks and decisions and in the transition to risk-based management. Firstly, it assists in determining the impact of equipment prioritization on the total management cost. Secondly, for obtaining the optimal number of prioritized equipment. The case study is used to illustrate the methodology. The results indicated that a process kept the cost of the risk-based method below the time- or condition-based method. In according with results, prioritizing all of the equipment in the initial time period has lower cost compared to the cost of the time-based method in the later period.