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This paper presents a risk evaluation based approach to the replacement strategy of aged HVDC components. It includes estimation of unavailability of individual HVDC components due to aging failures, calculation of capacity state probabilities of the HVDC system, quantified risk evaluation of the power system containing the HVDC link and benefit/cost analysis for different replacement strategies. The presented approach can be also applied to other system components. The replacement strategy for an aged submarine cable of the HVDC link in a power supply system at British Columbia Transmission Corporation has been analyzed as an example to demonstrate the actual application. The procedure of the analysis has been explained in detail in the example.