Transformer efficiency is a key concern for both transformer operators and regulators, particularly with regards to new transformers. Cooling is a critical factor in preventing overheating and controlling the ageing of transformer insulation. This paper aims to analyse how different cooling setups can influence efficiency. Transformer losses depend on the winding temperature, which is affected by load, ambient temperature, and cooling power. In this study, we will take all of these factors into consideration to examine their impact on transformer losses. Using a 520 MVA transformer as an example, we will calculate the loss levels under different realistic ambient temperature and load profiles. We will also apply different cooling system settings to determine the optimization possibilities. Our calculations will consider different turn-on temperatures of the fans and cooling stages and will use steady state calculations over a period of 12 months. Additionally, a novel approach to control cooling by using the loading of the transformer is present, as are the possibilities of using variable speed fans. Finally, we will estimate the influence of cooling settings on transformer ageing by examining their impact on temperature.