At our utility, when we are purchasing new transformers, we use a cost-of-loss equation allong the lines of
Cost = A * kW(no-load) + B * kw(full load) where A is about 6.5 times B
Logic:
Overall, our transformers wind up peak loaded somewhere in the ballpart of 50-60% of nameplate.
Our annual peak load factor is furthermore about 50%. That is, for a given part of the system (statistically each xmfr), the maximum load achieved at any time of the year is roughly double the average load for all 8760 hours of the year.
If the load factor is 0.5, then the Loss Factor is 0.5^2, or 0.25
Combine these together, and you get an overall factor of about 6.5
{Our actual calcs are a bit hairier, because we use real loading data, and those xmfrs loaded closer to 100% skew the weighted averages}.
In order to arrive at A and B, you also need to consider things like anticipated load growth rates, probability of premature failures, and (most importantly), the projected present-worth cost of each kWh of losses over the life of the transformer, given expected rate changes and the cost-of-capital. It is not a simple calculation.