Abstract

There are a vast number of complex influences on power systems assets both individually and as a collection of systems of assets. The complexities when governing what and when to intervene with these assets is played out over varying time frames and represents a mixture of engineering, processes, technology, people and economic contributions. The importance of governing power systems holistically has been shown across decades with outages, safety issues, investment needs etc. As of today, research is yet to provide the effective governance framework to manage power systems assets holistically as-a-system; whilst aggregating decisions made at single asset level to generate consistently better outcomes. This paper sets out an approach to researching the phenomenon of asset management applied to power systems by utilising advancements in engineering asset management research and complex adaptive systems; whilst combining industry contributions and technical practices to ensure the suitability of future work. Ultimately the aim of this paper is to provide guidance and method to holistic decision making for power system companies and the management of power systems assets across the whole life.

Keywords: Electrical power; Production technology; Power industry; Mining industry; Rail industry