“…The aim of PMS problem can be both economic-driven as well as reliability-driven. Economic driven minimizes total operation expenditures over a scheduling time horizon [3][4][5][6][7]; while reliability driven utilizes several reliability indices such as: expected lack of peak net reserve, expected energy not supplied (EENS), and loss of load probability (LOLP) [8][9][10][11].This paper emphasizes on minimizing the total operation and maintenance expenditures in order to investigate the economic benefits of PMS. Indeed, PMS problem is contemplated as a large scale, non-convex, and mixed integer combinatorial optimization problem which can be solved via different deterministic [3,12], heuristic [2,4,[13][14][15][16], and hybrid methods [17][18][19][20], in previous decades.…”