The context of the deregulated energy market leads to high competitiveness among producers and requires suitable strategies in plants and systems management: strongly irregular and discontinuous operation is required in order to meet the user demand and produce energy mainly during peak hours, when the electricity price is higher. This operation strategy is generally asked of all power plants, not only those traditionally devoted to load regulation and peak request, but also those originally designed to cover the base load (steam power plants, for example). As a consequence, greater income is ensured in the short term, but a reduction in the lifetime of the most critical components is likely to occur, due to creep and thermo-mechanical fatigue loadings. This will cause additional costs associated with unplanned maintenance and unavailability of the plant if a failure occurs. This paper presents a procedure aimed at evaluating this extra cost related to flexible operation, and at assisting the management decision about power plants' operation and maintenance scheduling. The procedure, on the basis of the historical data, predicts the residual life of the most critical components, considering the effects of creep, thermo-mechanical fatigue, welding, corrosion and oxidation. It also permits one to choose different future strategies for plant management and evaluate the residual life and the economic effects for each of them. An example of application to a real steam power plant will also be presented. (C) 2011 Elsevier Ltd. All rights reserved.