Holistic asset management for utility network companies

Addressing challenges of the power transition with grid asset administration

The energy transition is gearing as much as full pace as renewable power sources exchange fossil-based techniques of power manufacturing. The grid itself should inexperienced to function throughout the environmental, social and governance (ESG) goals and change into carbon impartial by 2050. This shift requires power utility firms to plan their grid asset administration holistically as they discover a new stability between strategic goals.

Sustainable asset efficiency has change into one of many key drivers in decision-making for asset planning and grid modernization enterprise processes. New rising expertise permits AI-powered digital twins to function the sensible grid. Nonetheless, operators should stability intermittent renewable power consumption to provide a managed, steady output.

A balanced transition between outdated and new techniques

The demand to meet present long-term contracts and an abundance of latest calls for for industrial electrification pose new challenges to grid administration. Discovering the appropriate stability requires load forecasting and simulation to stop internet congestion. Economical optimization should think about new market dynamics and guarantee dependable operation.

Current community belongings are growing older, and extra clever asset administration methods should emerge to take care of and exchange the grid inside tightening budgets. Asset funding planning should discover a stability between these techniques whereas minimizing danger and carbon footprint.

To handle the grid of the longer term, utility firms should shift from conventional asset administration to a holistic strategy. This shift will broaden insights so these firms 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 firms 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 expertise techniques to create a single pane of glass for all operations. A shared information mannequin throughout working techniques serves as the premise for integration, simulation, prediction and optimization by utilizing generative AI fashions to drive next-level enterprise worth.

The aim 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 goals required for a holistic view of the asset administration lifecycle:

A top-down strategic strategy for whole-life planning of asset funding portfolio matching future ESG objectives wants to attach with a bottom-up upkeep and alternative technique for present belongings. Asset funding planning (AIP) leads to challenge portfolio administration and product lifecycle administration to plan, prioritize and run asset growth and alternative tasks throughout the boundaries of accessible funds and useful resource capability.

Actual-time operational information supplies 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 doubtlessly 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 goals on completely different timescales is the place to begin for adopting a holistic view of asset administration.