Lifecycle Asset Management
As the renewable energy market transitions from focusing on developing assets to operating for the long term, there is an ever increasing need for expertise in the field of operational asset management and optimisation.
Asset management is an approach designed to get the best out of assets, for the benefit of the owner, the organisation and its stakeholders. It is a mind-set which views physical assets not as unchanging objects and systems, but as entities that have a lifecycle – meaning that they respond to their environment, and change behaviour over time.
The focus of quality asset management should be to understand and control these changes, whilst managing risks, to arrive at a solution that optimises the benefits.
Implementing proper asset management approaches can help to:
– Increase revenue by improving operating performance – and hence maximise returns
– Reduce wastage by decreasing operating costs – and hence maximise returns
– Minimise health, safety and environmental risks – ensure that the Owner’s obligations toward the asset and those affected by it are met
– Minimise legal risks and ensure regulatory compliance of the organisation – and hence promote reputation
PEP believes, based on first hand experience over many years, that applying systems and standards within the wind industry can produce worthwhile results to Asset Owners – Financial, Risk, and Reputational benefits.
The PEP approach
As a member of the Institute of Asset Management (IAM), PEP is committed to utilising Asset Management “best practice” in the work that it does, and in doing so spread its use throughout the industry.
PEP offers a variety of approaches to help asset owners achieve their aims. The starting point is to get an understanding of the organisation’s aims and objectives by reviewing the relevant company literature and discussing with key stakeholders (directors, senior management and asset operations managers) within the organisation. This can then be followed by an assessment of the organisation’s current status, by undertaking a gap analysis against the requirements of an international standard for asset management (e.g. PAS 55 or its more recent incarnation ISO 55000) to better understand what work would need to be done to optimise the operations of the organisation as a whole.
Once the list of activities that need to be completed is created, PEP can either assist the Client with addressing the gaps or allow the Client to go away and undertake the work on its own.
ISO 55000 Certification
ISO 55000 has not yet been widely adopted by the Wind Industry since its inception in 2014, and hence an opportunity exists to become a leader in accreditation. Apart from the benefits of improved performance at Asset level, ISO 55000 status should also confer significant differentiation within the Investment community
The cost will depend on the scope of projects to be covered and the current systems in place, but will normally be several tens of thousands of pounds.
Following on from a gap analysis, and a review of what measures have been put in place to address any shortcomings identified, a formal assessment/report can be issued which benchmarks the organisation on its path to ISO standard attainment. Once all remedial actions have been implemented, there is the opportunity to be awarded ISO level certification.
Once ISO certification is attained there is a need for an ongoing annual reassessment to ensure continuing compliance. At the same time, there is the opportunity for various levels of “maturity” following the ISO standard attainment that indicates how thoroughly embedded ISO 55000 is within a given company’s processes.