Abstract
The asset management of electrical power systems both in industry and academia currently offers up a wide spectrum of engineering practices and guidance to detect, diagnose and to combat asset deterioration. In doing so research largely aims to better enable enhanced decision or prediction making in single engineering applications such as partial discharge or dielectric condition measurements. This paper reviews the current state of the art as related to electrical asset management and sets out how todays engineering and maintenance heavy approaches are insufficient to meet the nature of the complex adaptive (Generation, Transmission & Distribution) systems. Furthermore this paper explains the need for a truly holistic governance framework capable of managing such complexities for power companies by using complex adaptive system science whilst grounded in the engineering, business and socio-technical attributes that applied engineering makes possible. In addition this paper outlines how utilising retroductive case study with hypothesis framework represents the best approach in creating such a fully holistic asset management capability for power companies.
Highlights
This paper is concerned with exploring the topic of asset management for power companies and in doing so will forge the basis of justification for research in applied physical asset management of power systems assets in more holistic capabilities
The gaps in literature related to holistic asset management must take a complex system approach in prescribing a framework that reaches across the life cycle of power assets
Without the relevant overarching systems framework dealing with the combined approach to holistic asset management the optimisation of assets across the entire power asset portfolio cannot be fully realised
Summary
This paper is concerned with exploring the topic of asset management for power companies and in doing so will forge the basis of justification for research in applied physical asset management of power systems assets in more holistic capabilities. Mehairjan et al [7] goes some way to initiate the conversation of Asset Management holistically the study falls grossly short in the ability to apply models out of strategic and or capital investment realms, the study applies it solely to capital intensive organisations and limited at large to strategic only capacities For example he invites the reader to accept challenges in the life cycle of asset management ownership but reduces the scope by only dealing with capitally intensive situations; this does not apply well when considering power system assets as explained by this work earlier, inevitably leaving a significant gap in knowledge. These frameworks go some way to assist companies in better managing the holistic picture they fall short of providing the necessary guidance or rigorous testing of a dedicated research thesis
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