I. Introduction
Developing reliable and cost-effective infrastructure management strategies has been a critical objective identified by asset managers in power utilities in order to achieve a smarter electricity grid. In particular a paradigm shift has been proposed for replacing critical assets such as power transformers, by applying a framework that is based on the actual condition of the asset, as an alternative to the conventional time-based replacement strategy that is solely relying on the nominal life expectancy of the apparatus [1]. A step moving forward was proposed by taking in consideration the economic value for the risk of failure in order to achieve a techno-economic replacement strategy [2].