<p>Currently, the energy industry is moving from a system of preventive maintenance (PM) to maintenance and repair (MRO) based on the actual state, including the usage of a risk-based approach (RBA). The common in the Russian power industry system of PM aims to prevent failures of electrical equipment, thus inevitably leading to large volumes of work, increased costs for their implementation, as well as underuse of electrical equipment resource, since its repair or replacement within the framework of PM is carried out regardless of its actual condition. The other disadvantages of PM are financial, labor, and time constraints. Current normative documents concerning MRO of electrical equipment regulate the assessment of the technical condition of electrical equipment through the calculation of technical condition index (TCI), calculation of the consequences of failure of electrical equipment by estimating the damage in monetary terms, with regard to the probability of failure. However, the basis for prioritization of electrical equipment during MRO planning is the TCI scale of electrical equipment within the energy sector, which means that at the moment there are no recommendations and methods for the formation of MRO programs based on the assessment and prioritization of failure risks. The MRO planning algorithm for electrical equipment using the risk-based approach provides for selective implementation of technical actions with regard to the actual technical condition and residual total risk. The risk- based approach involves determining the type, volume, and priority of technical operations on electrical equipment, based on the risk assessment of preventable failures. That is, limited resources are assigned to those works that are to contribute most to risk reduction, instead of distributing resources evenly over the entire scope of works according to the PM system. In this case, the optimization process necessarily requires the compliance with the boundary conditions on the MRO budget, SAIDI and SAIFI reliability indicators, and the TCI of the power grid.</p>