This paper critically analyses various tools, techniques and strategies; and proposes an “Integrated Risk Management model” for maintenance and refurbishment of HV equipment. Triangulation method involving a longitudinal single case study within Malawian power sector, multiple industrial case studies and sample surveys of selected Malawian and South African industries was used. It was shown that the electric power industry lacked a clear systemic maintenance and refurbishment risk management model due to the difficulty in determining optimum combination of tools. They also lacked technical skills needed to apply proactive strategies. The core value of tools is in planning of maintenance and refurbishment; and in contextualizing, exploring, assessing treating and monitoring of risks. An “Integrated Refurbishment Risk Management model” is advanced in order to utilise advantages of the best combination.