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During the high economic growth era in the world, the power of demand has been increasing sharply year by year. Therefore, the electric power utilities have installed Shunt Capacitors (SCs) for the predicted demand. Meanwhile, some SCs have become aged because they have been used for a long time. Therefore, they have to be replaced when they reach their life limit. It is important to renew aged SCs efficiently and economically. In this paper, we propose a totally new SC renewal planning scheme, using the Dispersed Hybrid Particle Swarm Optimization (DHPSO) method for optimal SC allocation. We also propose a SC life cycle cost (SCLCC) equation that estimates the SC renewal cost. Finally, we run simulations for the IEEJ 30 machine 115 bus system to confirm the validity of the proposed method.