Addressing challenges of the energy transition with grid asset management
The energy transition is accelerating as renewable energy sources replace fossil-based systems of energy production. The grid itself needs to become more environmentally friendly to align with ESG objectives and achieve carbon neutrality by 2050. This shift requires energy utility companies to approach their grid asset management holistically to find a new balance in strategic objectives.
Sustainable asset performance is now a key factor in decision-making for asset planning and grid modernization processes. Emerging technologies like AI-powered digital twins are enabling smart grid operations, but operators must manage the variability of renewable energy sources to ensure a stable output.
A balanced transition between old and new systems
Meeting existing long-term contracts and the increasing demands for industrial electrification present challenges for grid management. Balancing these demands requires load forecasting and simulation to avoid network congestion. Economic optimization must consider new market dynamics while ensuring reliable operation.
As existing network assets age, intelligent asset management strategies are needed to maintain and replace the grid within budget constraints. Asset investment planning must strike a balance between these systems while minimizing risk and carbon emissions.
To manage the grid of the future, utility companies must shift from traditional asset management to a holistic approach. This shift will provide insights for strategic decision-making to optimize network development and operational decisions.
Asset lifecycle management
Holistic grid asset management takes a lifecycle view to ensure a safe, secure, reliable, and affordable network. Breaking down internal silos between grid planning, construction, operation, maintenance, and replacement allows for end-to-end visibility. Connecting technology systems creates a unified view for operations, with a shared data model serving as the foundation for integration, simulation, prediction, and optimization using AI models.
The goal of asset management is to optimize capital and operating expenses through seamless planning and transition. Strategic planning for asset investment must align with ESG goals, while maintenance and replacement strategies for existing assets are essential. Real-time operational data drives condition-based maintenance and replacement planning, supported by enterprise asset management and asset performance management.
Adopting a holistic view of asset management acknowledges the complexity of planning with multidimensional objectives on varying timescales. This approach ensures efficient asset planning and optimization to meet future energy transition goals.
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