An indirect procedure for real-time monitoring the neutral conductor condition in three-phase distribution networks, based on watching over the growth of a novel parameter (∆τ), has been described in this paper. The parameter ∆τ has been defined as the relationship between the neutral-displacement power and Buchholz’s apparent power measured at the fundamental frequency in the loads of the distribution networks for any condition of the neutral conductor and in its nominal conditions. The effectiveness of this procedure has been compared with other traditional indirect procedures, such as the surveillance of the RMS values of the line-to-neutral load voltages or their zero-sequence component. The practical application on a real distribution network reveals that the growth of the parameter ∆τ in the early stages of the breaking process of the neutral conductor follows a straight line whose equation is known for each length and section of that conductor, regardless of the loads and the voltage regulation of the transformer of the distribution network. This characteristic of the ∆τ parameter shows that the proposed procedure is suitable for monitoring neutral conductor deterioration and can be used for preventive maintenance of distribution networks.