Methodologies adjust a component failure rate for electric power network reliability analysis. A component may include subcomponents and the failure of each subcomponent may be feature dependent. Features are measurable or observable inputs, which can affect the life of one or more subcomponents. The failure rate of a particular component may be obtained according to its real conditions. The methodologies can be used to do condition-based reliability analysis for electric power networks, in order to obtain a maintenance/replacement/operation strategy.