Optimizing aging assets replacement in power systems

The electrical distribution system comprises various assets with limited lifespans. The operational range of these assets is determined based on influential factors in the electrical distribution systems. Additionally, as the age of the assets, their performance becomes compromised and susceptible to disruptions. The major challenges in managing aging assets revolve around cost and cost-effectiveness. Replacing aging assets requires substantial capital investment. Failure to replace these assets leads to significant disruptions in the continuity and quality of power supply, imposing high costs on the electrical distribution system. This article aims to strike a balance between the costs of replacing aging assets and the costs incurred due to asset deterioration in electrical distribution systems to achieve the minimum capital investment cost. The main advantage of the proposed algorithm is its comprehensive consideration of all factors influencing the cost–benefit trade-off of aging assets. This algorithm determines the optimal time for replacing aging assets to achieve the most economical state possible. The investigations in this study reveal that the replacement time for aging assets varies between 39 to 42 years, depending on the different conditions examined.