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Preventive maintenance scheduling of generating units in a deregulated power system is usually conducted on a relatively short-term basis. In these systems, uncoordinated removal of generating equipment for maintenance can result in severe generation shortages. Short term preventive maintenance scheduling is therefore an important requirement in order to avoid excessive price increases and rotating load curtailments.There are a number of different approaches used for preventive maintenance scheduling. The most widely used techniques are deterministically based. Probabilistic approaches, however, have also been used for this p~s e . A new methodology has been developed to combine a probabilistic approach and an acceptable deterministic criterion into a single framework. This methodology is designated as the health levelization technique.The effect on maintenance scheduling of using the time dependent unit unavailability instead o f the Forced Outage Rate (FOR) is illustrated in this paper. The consequences of incorporating Load Forecast Uncertainty (LFTJ) in the maintenance scheduling process are also examined.The concepts presented are illustrated by application to two test systems: The IEEE Reliability Test System PEE-RTS) and the Roy Billinton Test System (RBTS).