A method based on the measurement of the oxidation power or the cathodic current density using a corrosion-resistant electrode (noble electrode) to derive the bounding corrosion rates of the corroding metal, which is either a stand-alone electrode or an actual component of an equipment, is disclosed. During the measurement, the potential of the noble electrode is controlled at the corrosion potential of the corroding metal. A modified version the sensor that provides a correction factor for the estimation of the corrosion rate according to the bounding corrosion rate is also disclosed. The correction factor is derived based on the cathodic currents measured for the noble electrode and for the corroding metal at a potential that is significantly lower than the corrosion potential, so that the measured cathodic current density from the corroding metal equals the true cathodic current density on the corroding metal.