A method and control system are disclosed for optimizing load scheduling for a power plant having one or more generation units. The method can include analyzing the operating state of one or more components of generation units in terms of one or more risk indices associated with one or more components of generation units; updating an objective function that reflects the state of one or more components of generation units; solving the objective function to optimize a schedule of the one or more generation units and operating state of one or more components of generation units; and operating the one or more generation units at optimized schedule and operating state.