The paper presents use of continuous Markov analysis and Weibull correlation parameters in reliability management of electrical networks and components. It outlines how the Weibull can be used in preventive replacement of individual components whilst monitoring the hazard rate. It further provides recommendations for successful simplification of complex networks into a two feeder model for meaningful simulation with Markov technique. A base case study from the electric industry in Malawi is used to provide base input data into a Markov simulation model which is based on nxn matrix evaluated using excel and MATLAB. Various sensitivities are simulated to show how the Markov and Weibull can be used in planning maintenance of HV equipment. Results were analysed and showed that both Markov and Weibull law are stochastic models that can reinforce traditional strategies like Reliability Centred Maintenance.