For electric utilities, asset management refers to an established system used to monitor and maintain valuable commodities such as transformers and power lines. Utilities use asset management to cost-effectively deploy, operate, maintain, upgrade, and dispose of critical assets as well as plan for contingencies and address risk in a balanced and demonstrable manner. Success in this area is not achieved by chance, but through systematic planning.
Asset management begins with a utility’s existing infrastructure. Utilities must ensure that the appropriate assets selected for any chosen operation are cared for efficiently and effectively. Additionally, utilities must ensure owned assets provide value by addressing stakeholder and environmental needs. Lastly, utilities must understand the risks associated with owning and operating assets such as transformers and circuit breakers.
To achieve operational excellence, utilities can receive guidance and best practices by consulting two widely used industry standards:
PAS55 (“Optimal Management of Physical Assets”): Developed by the British Standards Association, this standard provides specific direction on the management of physical assets.
ISO 55000 Series: Developed by the International Organization for Standardization, these Asset Management standards provide a comprehensive framework that applies to all types of assets and organizations.
By integrating these standards into their workflows, utilities can better balance risks, extend the life of critical equipment, and ensure long-term grid reliability.
Source Reference: Electricity Today - Priority to Asset Management (https://www.electricity-today.com/overhead-td/priority-to-asset-management)
