Holistic asset management for utility network companies

Addressing challenges of the power transition with grid asset administration

The power transition is gearing as much as full velocity as renewable power sources exchange fossil-based programs of power manufacturing. The grid itself should inexperienced to function inside the environmental, social and governance (ESG) aims and grow to be carbon impartial by 2050. This shift requires power utility corporations to plan their grid asset administration holistically as they discover a new steadiness between strategic aims.

Sustainable asset efficiency has grow to be one of many key drivers in decision-making for asset planning and grid modernization enterprise processes. New rising know-how allows AI-powered digital twins to function the sensible grid. Nonetheless, operators should steadiness intermittent renewable power consumption to supply a managed, secure output.

A balanced transition between outdated and new programs

The demand to meet present long-term contracts and an abundance of recent calls for for industrial electrification pose new challenges to grid administration. Discovering the correct steadiness requires load forecasting and simulation to forestall web congestion. Economical optimization should consider new market dynamics and guarantee dependable operation.

Current community property are growing old, and extra clever asset administration methods should emerge to keep up and exchange the grid inside tightening budgets. Asset funding planning should discover a steadiness between these programs whereas minimizing danger and carbon footprint.

To handle the grid of the longer term, utility corporations should shift from conventional asset administration to a holistic method. This shift will broaden insights so these corporations can take strategic, tactical steps to optimize operational community growth and operation choices.

Asset lifecycle administration

Holistic grid asset administration adopts a lifecycle view throughout the entire asset lifespan to acquire a secure, safe, dependable and reasonably priced community. Utility corporations should break down the interior departmental partitions between the silos of grid planning, building, operation, upkeep and alternative to permit end-to-end visibility. They need to join underlying know-how programs to create a single pane of glass for all operations. A shared information mannequin throughout working programs serves as the premise for integration, simulation, prediction and optimization by utilizing generative AI fashions to drive next-level enterprise worth.

The purpose of asset administration is to optimize capital expenditures (CapEx) and working bills (OpEx) in a seamless transition between the timescale of the planning horizons. The next determine demonstrates the complicated planning and optimization aims required for a holistic view of the asset administration lifecycle:

A top-down strategic method for whole-life planning of asset funding portfolio matching future ESG targets wants to attach with a bottom-up upkeep and alternative technique for present property. Asset funding planning (AIP) leads to undertaking portfolio administration and product lifecycle administration to plan, prioritize and run asset growth and alternative tasks inside the boundaries of obtainable price range and useful resource capability.

Actual-time operational information gives an asset well being view that drives condition-based upkeep and alternative planning. That is the area of enterprise asset administration (EAM) for upkeep execution and asset efficiency administration (APM) for technique optimization. Historically, a disconnect on the tactical degree has separated these planning and optimization methodologies. On the similar time, operational danger administration requires respecting well being, security and setting (HSE) administration and course of security administration to handle probably hazardous operations. The upkeep restore and overhaul (MRO) spare elements technique should align with the asset technique by way of criticality and optimum inventory worth.

Acknowledgment of the complexity of planning with multidimensional aims on totally different timescales is the place to begin for adopting a holistic view of asset administration.

Learn extra about power transition