Holistic approach to asset management with new ISO 55000

This paper describes a new method for Asset management system through implementing the new standard ISO55000 in order to improve the power system performance and at the same time to reduce the operation and maintenance costs. An example of implementation of the new asset management system to improve the existing system has been partly presented. The new system is being integrated into the other business areas, where it is adopted as part of the corporate utility company showing benefits of the holistic transformation and reduction of costs. Those new organisational improvements have been implemented and modelling approach has been developed upon the established methodology of ISO 55000 recommendations and condition based risk management (CBRM). This novel decision-making support tool, the asset risk and risk prioritisation model that has been applied integrates asset health, criticality, environment and risk.