This work examines the failure rate of the transformer population through the application of the Markov Model (MM) and Health Index (HI). Overall, the condition parameters data extracted from 3,192 oil samples were analysed in this study. The samples were from 370 transformers with the age range between 1 and 25 years. First, both HIs and failure rates of transformers were determined based on the condition parameters data of the oil samples known as Oil Quality Analysis (OQA), Dissolved Gas Analysis (DGA), Furanic Compounds Analysis (FCA) and age. A two-parameter exponential function model was applied to represent the relationship between the HI and failure rate. Once the failure rate state was obtained, the non-linear optimisation was used to determine the transition probability for each age band. Next, the future failure rate of the transformer population was computed through the MM prediction model. The goodness-of-fit test and Mean Absolute Percentage Error (MAPE) were utilised to determine the performance of the predicted failure rate. The current study reveals that the future state of the transformer population and failure rate could be predicted through MM based on updated transition probabilities. It is observed that the MAPE between predicted and computed failure rates is 7.3%.

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