This paper describes risk management at the power distribution system of Gotland, the largest island in the Baltic Sea. Concerns regarding that existing risk management not suit all specific conditions initiated this study. The paper shortly describes some existing risk analysis methods that could be relevant to use and summarize and evaluate performed risk analyses. The results indicated two problems with current risk management: one related to analysis methods of regional power lines (70/30 kV) and the other on analysis methods used on substations. Existing methods was hence adjusted and these modified methods where then evaluated with satisfactory results. The aim of the work is to find good risk analysis methods for a specific power system. The project is an university and industry collaboration. By describing a real case and combine industry and academic knowledge, existing methods can be evaluated and, if needed, developed. The results can hopefully be useful, both by companies that will perform risk analysis and by method developers.