A Methodology for Risk Based Asset Replacement and Investment Planning

In the power and energy sector, Distribution Network Operators (DNOs) manage high volumes of assets of various types. The non-load related investment required to maintain a satisfactory quality of supply and service reliability can be substantial. To make effective asset management decisions affecting future investment in asset renewal to maintain a consistent and satisfactory health and risk profile across the network asset base, the condition of the asset base must be assessed. This requires future trajectories of asset health and risk with and without intervention to be estimated. Health and subsequent risk assessment is required of individual assets and populations of assets of varying demographic. The level of current and predicted risk (including financial, environmental, health and safety and the network risks) must be evaluated and compared over different asset types, of varying age, life expectancy, condition, criticality, duty, etc. combining available qualitative and quantitative condition data/information varying in volume, quality, reliability, consistency, coverage and availability.