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This paper presents a methodology to structure the asset management problem of electrical energy utilities, based on multi-criteria decision analysis theory and the fuzzy causal maps technique. This approach aims basically to generate strategies to manage the life cycle of the electrical equipment, and to pinpoint the relevant aspects to assess these strategies, searching for the Paretto optimal solution. In this sense, fuzzy causal maps provide an appropriate way to elicit the knowledge obtained from experts. On the other hand, multi-criteria theory is important to compare all alternatives and to form a ranking of the best options. An illustrative example is presented to demonstrate the application of the proposed methodology and its benefits.