A distribution network consists of high voltage grid, medium voltage grid, and low voltage grid. Medium voltage grid is connected to high voltage grid via substations with HV/MV transformers. The substation may contain one, mostly two but sometimes even more transformers. Out of reliability and expenditure considerations the two transformer option prevail over others mentioned. For two transformer substation, there may be made choice out of several operation modes: 1) two (small) transformers, with rated power each over 0.7 of maximum substation load, permanently in operation; 2) one (big) transformer, with rated power over maximum substation load, permanently in operation and small transformer in constant cold reserve; 3) big transformer in operation in cold season, small transformer – in warm one. Considering transformer load losses and no load losses and observing transformer loading factor β it can be said that the mode 1) is less advantageous. The least power losses has the mode 3). There may be singled out yet three extra modes of two transformer substations: 4) two big transformers in permanent operation; 5) one big transformer permanently in operation and one such transformer in cold reserve; 6) two small transformers in operation in cold season of the year, in warm season – one small transformer on duty. At present mostly two transformers of equal power each are installed on substations and in operation is one of them, hence extra mode 5). When one transformer becomes faulty, it can be changed for smaller one and the third operation mode can be practiced. Extra mode 4) is unpractical in all aspects. The mode 6) has greater losses than the mode 3) and is not considered in detail. To prove the advantage of the third mode in sense of power losses, the notion of effective utilization time of power losses was introduced and it was proven that relative value of this quantity diminishes with loading factor β. The use of advantageous substation option would make it possible to save notable amount of electrical energy but smaller transformer lifetime of this option must be taken into account as well.