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An equipment performance study, based on a combination of statistical analysis and predictive modeling, was undertaken on voltage regulators at an electric utility in the Midwest in order to improve its maintenance program. It determined the reliability of equipment in service by studying the number and types of failures occurring on the different types of single-phase voltage regulators within distribution substations. The research questions addressed in this study were: What type of voltage regulator had the most failures, what type of failures occurred most frequently, and what are the correlations between the types of voltage regulators and failures? In addition, the study determined regression equations for the failures based on the operational variables of the single-phase voltage regulators.