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This paper presents an efficient mixed-integer linear formulation for long term maintenance schedule of overhead lines. The proposed formulation is based on risk management approach and utilizes the model of decoupled risk factors. The proposed methodology yields a significant computational saving comparing to the previously reported dynamic programming. Risk management approach enables the asset managers to consider the actual condition of electrical equipment and expected consequence of their failures. Furthermore, the decoupled risk strategy in conjunction with the mixed-integer linear programming formulation establishes a precise description of time-dependent deterioration failure rate and provides the ability to determine the most cost-effective maintenance scenario while satisfying the reliability constraints. The proposed approach is tested on the Roy Billinton Test System distribution feeders and a typical real size case study. The results presented show the accuracy and efficiency of the proposed approach.