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Carbon oxides are produced from the degradation of solid insulation in oilfilled equipment and to a significant extent, especially carbon monoxide, from the insulating liquid itself. For mineral insulating oils, carbon monoxide is a reliable indicator of low or moderate thermal stress, and for natural esters, ethane is an indicator of the oxidation stability of the insulating fluid.
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Hohlein-Atanasova et al. (2010) studied this question.
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