Optimization of Asset Management Plans for Electric Assets Portfolios

Summary

Client: Shermco Industries, Canada.

Project: Optimization of Risk-Based 10-Year Asset Management Plan for Transformers in an Industrial Plant.

Using its flagship Asset OptimizerTM GIS-centered cloud-based software, IDS has worked with Shermco Industries to assess and forecast the Health Index for a portfolio of power transformers using inspection and testing results, build predictive and risk models, and develop optimal 10-year asset management plan.

Solution: Asset Optimizer

Asset OptimizerTM is uniquely positioned to meet the requirements for advanced decision analytics and asset management of electric assets. The software was used by IDS-trained Shermco staff to support detailed analysis of transformers inspection and test results, and the calculation of Health Indices considering a wide range of parameters such as dissolved gas analysis (DGA), oil quality, furan, power factor, load history, visual inspection, bushing condition, and age. Historical testing data was used to analyze historical performance trends and develop Weibull predictive models to forecast future performance and likelihood of failure of transformers. Criticality models were developed considering the consequence of a transformer failure with respect to safety, reliability, service interruption, and financial impact. Deterioration and criticality predictive models enabled accurate and reliable prediction of risks.

Cost and benefits models for two main interventions were defined: oil processing/refurbishment and transformer replacement. Multiple budget and performance target scenarios were then defined and used to generate optimal annual project lists that maximize system-level performance, minimize risk, and minimize lifecycle costs. Scenario trade-off analysis helped to quantify relationships between funding levels and performance and risk metrics, and enabled the development of optimized and defensible 10-year asset management plan for all transformers. Using a similar approach, lifecycle models and asset management plans for other electric assets, such as circuit breakers and conductors, can also be supported.

AECOM Use IDS Asset Optimizer to Deliver Risk-Based Long-Range Asset Management Plans

An Opportunity for Advancing Asset Management State-of-Practice

As one of the world’s largest engineering and asset management consultant, AECOM works with clients across the globe by delivering industry’s most innovative and comprehensive asset management plans. Working across market sectors to solve clients’ complex asset management problems, AECOM uses IDS Asset OptimizerTM cloud-based GIS-centered software to support asset lifecycle modeling, risk assessment, and investment planning. The cross-asset portfolio-level analysis and multi-objective optimization capabilities of Asset OptimizerTM enables AECOM to perform the most complex asset lifecycle analysis and modeling to deliver reliable, transparent, and defensible asset management plans.

” My experience with IDS is that it is one of the leading asset management decision support systems (DSS) on the market today. The combination of advanced asset analytics, its dashboarding capabilities and proven user-friendly interface makes it my go-to DSS for clients that require optimized life cycle and asset management solutions.” – Chris Lombard, AECOM

Successful Collaboration to Deliver Value to Clients

AECOM Canada Ltd, with support from IDS, deployed Asset OptimizerTM to support the development of optimized risk-based and long-term asset management plans for a number of clients. Example projects include:

  • Development of asset management plans for water and wastewater assets at the Comox Valley Regional District, including water mains, wastewater sewers, pump stations, wastewater treatment plant, and compost facility.
  • In support of the International Atomic Energy Agency (IAEA) asset management strategy for Safeguards Assets, Asset OptimizerTM was used to develop optimized 10-Year capital plans for the agency’s assets including major equipment, communication and IT systems, vehicles, and laboratories.
  • Development of Asset Renewal Programs (ARPg) for some of the South Coast British Columbia Transportation Authority (TransLink) assets to support life cycle strategies and state-of-good-repair objectives.

Asset OptimizerTM supported in-depth data analysis and development of data-driven deterioration and risk models for each asset class. Multiple budget and performance target scenarios were defined and used to generate optimal annual project lists that maximize assets performance, minimize risk, and minimize lifecycle costs. The scenario analysis helped to accurately determine funding needs to meet target performance or risk levels, and to develop comprehensive and defensible asset management plans.