Asset management is not a new practice - generators have always managed assets. How generators manage their assets is undergoing profound change. Asset management approaches and analytical tools have finally matured to the point where decisions can be based on data and facts – not just “gut feel” instincts and intuition.

These solutions have come just in time to address critical challenges related to aging assets, aging workforce and increased operating performance pressures. And assets can now be truly managed in a proactive manner with a high degree of confidence. 

DNV KEMA’s Advanced Life Time Management approach comprises condition assessment and asset base modeling tools to help generators evaluate the impact of aging assets on O&M and capital spending and reliability. The results are fed into DNV KEMA’s asset management portfolio selection tool to create an optimized portfolio of investments.

The result – a portfolio of maintenance and replacement projects, and monitoring of critical high-energy parts, optimized against plant asset management strategies, operating performance targets and financial constraints. Plant management knows what planned projects should deliver, the risk-tradeoffs between available options, and the risk of not meeting performance targets. Operations personnel have an effective means for quantifying and forecasting system needs in a manner that can be consistently communicated. The tools also provide a process that captures best practices and is not at risk of walking out the door when experienced resources retire.