The primary objective of this project is to develop a guide to support investment decisions into substation assets, allowing asset managers to objectively determine when a specific asset warrants replacement, repair or refurbishment by factoring in the condition of the asset, remaining asset life, its function and application in the network, and the potential impacts of the asset failing. The guide outlines the necessary financial and economic principles used to make informed and justified asset replacement decisions and is suitable for energy sector professionals involved in any stage of the life cycle management of substation equipment, particularly operations and capital investment planners.
A literature review is presented, providing relevant findings in substation asset management and risk-based asset management in general. The results of a survey of twenty-two utilities from three countries are summarized, providing insights into utility risk management and asset management practices. A risk-based approach to substation asset management has been developed by leveraging the utility survey results, as well as the authors’ expertise and research and development efforts. The guide identifies the essential asset management processes, prerequisites, supplementary standards and guides, and the detailed process steps.
Substation asset management, Asset condition, Asset replacement, Asset refurbishment, Consequence cost analysis, Risk analysis, Project justification, Project prioritization