The lifetime and reliability of power transformers are primarily dependent on the hot-spot temperature in the windings, as temperature is the most important factor determining the insulation degradation rate. Key to removing the heat from the transformer is the radiator which must be carefully designed to keep the temperatures within limits under all operating conditions whilst minimizing the transformer size, weight and cost. This paper compares the analytical method used to predict the radiator performance with computational fluid dynamics (CFD) models in terms of heat dissipation. It is found that the analytical method and CFD models give similar results in the air natural (AN) cooling modes, whereas the analytical method overestimates the heat dissipation in the air forced (AF) cooling modes. Moreover, the thermal conduction effect in the radiator wall is investigated under different operating conditions and for different radiator sizes using the CFD models. The simulation results indicate that the radiator wall contributes to 6%-10% of the total heat dissipation under some circumstances and therefore should not be simply ignored in radiator models.