A method for ranking network assets based on downstream events may include: receiving communications from one or more sensors in a power distribution network, the communications indicating the occurrence of a network event; calculating a probability of a network asset causing a problem indicated by the event for each network asset in an affected area of the network; calculating a spread probability of the network asset causing the problem for each network asset in the affected area of the network; based on the probability and the spread probability, calculating a probability of the network asset malfunctioning for each network asset in the affected area of the network; comparing the probability of the network asset malfunctioning to a threshold value; based on the comparison, determining a network asset having a highest probability of malfunctioning; and controlling one of more other network assets to mitigate the problem.