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Original concept of tradeoff between risk and return in asset management is more challenging in electric distribution application. Complexities of distribution network challenge asset managers within decision makings. All asset management activities should be carried out in accordance with the whole distribution network. In other words, considering assets of distribution individually would be misleading for prospective decision makings. This paper presents an asset management approach to momentary failure risk analysis in Greater Tehran Electricity Distribution Company (GTEDC). A method is presented here, using a feature selection algorithm, for identification top momentary failure modes. The sample feeders under study are then classified based on the extracted features, and the samples are allocated to the most appropriate class, which is ranked based on the relevant average momentary failure rate of each class. Subsequently, two different risk factors which address technical risk as well as network reliability risk are evaluated for each class. The classes are then compared with each other based on the relevant risk factors and different aspects of maintenance strategy allocations are discussed eventually. Results of the study indicate on significant differences considering an individual component during asset management versus whole network considerations.