Methods for managing an electrical power substation based on enhanced estimation of the substation's reliability, using statistical reliability data for substation components. An example method comprises obtaining statistical reliability data for each of a plurality of components in the electrical power substation, obtaining component condition assessment data for each of one or more of the plurality of components in the electrical power substation, and adjusting the statistical reliability data for each of one or more of the plurality of components for which component condition assessment data has been obtained, based on the corresponding condition assessment data. A substation reliability model is then computed, based on at least the adjusted statistical reliability data.