This paper presents an evaluation methodology of investments for medium voltage networks and improvement of reliability indices, as proposed by ANEEL (Brazilian Government Regulation Agency), in Resolution 024/2000. This methodology considers operation and maintenance actions as alternatives to expanding the electrical system. This objective is accomplished by using an aggregate investment planning methodology that proposes appropriate modeling concerning: the network and the load representation, the evaluation of the operational performance and the network expansion model. In this model the following operation and maintenance actions were included: tree trimming, compact network installation, recloser installation, network rebuilding, lightning-arrester (maintenance actions); and increasing of maintenance teams. These actions allow the improvement of reliability indices. The competition between expansion reinforcements, operation and maintenance actions is carried out by a benefit/cost evaluation, which was expressed by the Initial Profitability Rate of Investment (IPRI), limited to the annual budget.
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