The main objective of this article is to propose a methodology for prioritizing actions in predictive maintenance substation equipment, applied to Power Transformers, which are eventually responsible for the income revenue of energy companies (generation, transmission and distribution). This is a reflection on the failure analysis and risk management with optimal use of predictive maintenance, to reduce or eliminate transformer shutdowns. Using statistical concepts, this proposal goes through various stages of application, and addresses power transformer differences (generation, transmission and distribution), aspects of life cycle, operation, maintenance, aging, depreciation, aspects of reliability, risk of failure and effectiveness of predictive techniques. The basic process concept lays on stratification and consolidation of data from studies in the area of reliability centered maintenance, combined with historical information, taking also into account the diagnosis on equipment condition based on monitoring and predictive concept. © 2012 IEEE.  IEEE Power and Energy Society,IEEE Uruguay SectionCarneiro, J.C., Bini, M.A., Economic aspects in the management of transformers (2008) CPFL RDEEM Technical Study Report 2008-49(2006) Study B03.01 Reliability Centered Maintenance Substation, , Cigré(2008) Working Group A02.03 Monitoring of Power Transformers, , Cigré(2008) Preventive Maintenance of Power Transformers, , Technical Guidance/CPFL 3405(2007) Periodic Inspection of Substations and Related Facilities, , Technical Guidance/CPFL 3963Carneiro, J.C., Rapid diagnosis of incipient faults in transformer substations (2010) CPFL Study Technical Report 13989(2005) Analysis and Diagnosis and Management of Predictive Maintenance of Transformers and Voltage Regulators and Substations, , Technical Guidance/CPFL 04096Carneiro, J.C., Aspects of moisture in the solid insulation of power transformers in substations (2010) CPFL Technical Report 14057, , Method of DuvalVasconcelos, V., Alves, M., Moura, G., (2008) Monitoring of Moisture from Oil Power Transformers Aiming to Increase Reliability, , (CPFL).(Treetech), (Treetech)Smith, I.P., Groups of reliability-centered maintenance case study of the electric sector (2006) CHESFCarneiro, J.C., Risk management of power transformers from substations to the explosions and fires Workshop / Working Group A2 Cigré 04 - Transformer Explosion and Fire, June 2011. Foz Do Iguaçu, PR (Itaipu Binational), , Presented at the