Asset Management has always been an integral function of electric utility operations. The ability to procure, deploy, monitor, and maintain the parts and equipment needed to operate the grid is the backbone of every utility’s duty to keep the lights on and is essential to improving efficiency, reliability, and safety while managing costs and environmental impacts.
However, ongoing supply chain issues brought on by the pandemic, increased weather and environmental impacts, and widespread grid transformation initiatives are creating greater urgency and pressure on utilities to manage their assets effectively. Along with an increased focus on asset management has come a heightened awareness of the need for industry standards.
“We’re seeing the shift within our industry to the importance of asset management,” said Chad Richwalski, Manager of Electric Asset Management, Northern Indiana Public Service Company (NIPSCO), one of the six energy delivery companies of NiSource. “However, one of the challenges we face is that, while individual companies are focusing on what’s important to them as they replace an aging fleet or modernize a plant, the standardization across the industry is lacking.”