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This paper proposes a method to investigate the socioeconomical aspects of transformer overloading during a cold load pickup (CLPU) in residential areas. The method uses customer damage functions to estimate the cost for their power interruption and a deterioration model to estimate the cost for transformer wear due to the CLPU. A thermodynamic model is implemented to estimate the peak and the duration of cold residential load. A stochastic differential equation is used to capture the volatility of the load and to estimate the probability for transformer overloading. In a numerical example, an optimal cold load pickup for a two-area system is demonstrated where transformer overloading is allowed. In this example, an ambient temperature threshold is identified, where transformer overloading is socioeconomically beneficial.