& CONCLUSIONSTransformers have been one of the major contributors of loss exposure to power generation units. This study aims to better understand the loss exposure associated with this critical equipment. The study utilized the GADS (Generating Availability Database System) database to analyze transformer-related outage data. Outage data of the last 10 years from the GADS database were extracted as a function of design and operation-related variables such as transformer type, high side voltage, MVA rating, unit loading, and age of the unit. The data were analyzed in different groups considering the types of parameters or ranges of values for each variable. The analysis included the generation of F-N curves based on frequency and risk, and the identification of trends and causal relationships for the observed trends wherever possible. Analyses were also performed for the combinations of important variable groups, for example, transformers of a specific age group and a specific type of loading. All the analyses were performed for the three types of PowerGen units, viz., fossil units, gas turbine units, and hydro units. A summarized list of observations related to the effect of different variables on outages is presented.