Economic study of maintenances and outage resolution in an electricity distribution network using the continuous-time Markov chain

PurposeThe purpose of this paper is to describe a novel method to compromise between planned (regulated) maintenance and outage initiation and unplanned (unregulated) maintenance and to find an economic model using which one can perform maintenance adequately and in the most optimal state.Design/methodology/approachIn this paper, a system consisting of similar components is considered, and the role of each component in the system is explained. Then, the cost pertaining to failure in each asset is determined. Costs such as energy not supplied, penalties, human resources to resolve the defect and replacing assets are taken into account. Finally, a new comprehensive objective is proposed, and optimization is performed for a sample system.FindingsIn this paper, some graphs have been plotted from which plenty of information may be extracted. This is mentioned in the Conclusion.Originality/valueIn this paper, some graphs have been plotted from which plenty of information may be extracted. This is mentioned in the Conclusion.