Improved Reliability
Focusing on reliability is a critical element and will impact the success of any asset management strategy. Ensuring that energy assets and networks operate seamlessly is essential. It not only enhances operational efficiency but can also enable scalability and growth, ensure regulatory compliance, support the energy transition, and maintain a strong relationship and reputation with customers and stakeholders.
The ROI achieved from improved reliability includes:
- Minimized Downtime: Reducing asset downtime will reduce O&M costs, enhance revenue opportunities, avoid any regulatory or SLA penalties, and ensure better service for energy customers.
- Higher Asset Availability: Considering the changing environment in the energy sector it is crucial that assets are available and able to withstand growing fluctuations and surges in demand. For renewable operators, it's vital that assets are available when needed to ensure generation can get onto the grid and protect the revenue opportunities. Real-time monitoring and predictive analytics ensure assets are available when needed, supporting operational continuity.
- Enhanced Customer Satisfaction: Consistent and reliable operations help to build trust and long-term customer relationships, helping to not only maintain existing revenue but also provide opportunities to grow.
Extended Asset Lifespans
As previously mentioned, energy assets are high-capital commodities, and well-defined asset management strategies offer the ability to extend and maximize the working life of these high-value investments.
Operators can maximize the value of their investments through:
- Condition-Based Maintenance: A proactive approach to maintenance ensures emerging defects can be addressed early helping to avoid accelerated asset degradation. Addressing issues in their infancy ensures assets continue to perform optimally and maintain a long service life.
- Delaying Capital Expenditure: Assets are a major capital expense, extending asset lifespans reduces the frequency of costly replacements, providing significant financial savings.
- Avoiding Supply Chain Issues: By minimizing the frequency of which assets need to be replaced energy companies can protect themselves from supply chain pricing fluctuations. Considering supply chain delays can range between 1-5 years, maximizing asset working life is crucial in mitigating the operational and financial impact of catastrophic failure.
Conclusion
Online monitoring solutions are at the core of effective asset management today enabling energy companies to achieve significant returns on investment.
With continuous visibility into asset health and performance, operators can address emerging issues before they escalate, preventing accelerated degradation, maintaining optimal performance and minimizing downtime, enhance asset availability. Together these enable operators to enhance the reliability and maximise the working life of their critical assets.
Online monitoring solutions support operators in realizing significant financial benefits, and value and delivering long-term success, whilst supporting the energy transition to a more reliable and resilient grid in the future