Electrical equipment constitutes a considerable economic asset value for the distribution- and transmission system operators. Many network equipment in electrical networks have long intrinsic lifetimes most of which exceed 40 years. It is crucial for the economic performance of the operators to make optimal use of the equipment over time and therefore they should apply Asset Management (AM). Extending the life of equipment is one solution for AM which is in focus for this paper. This paper present results from a CIRED working group WG 2020-1 Lifetime extension options for electrical equipment. The WG identifies: life extension of equipment and/or substation solutions alternative to the renewal of equipment, good practices of lifetime extension options for electrical equipment and obstacles and/or limitations of electrical equipment life extension strategies.