Electric utilities improve their financial results through the use of asset performance management and asset health index (AHI) monitoring.
Asset data analytics can be intensely used in the electric utility sector, but the specific use cases, most relevant to a particular utility will depend on their specific goals, challenges, and asset types.
Electric utilities improve their financial results through the use of asset performance management and asset health index (AHI) monitoring.
Utilities can run more efficient operations, reduce maintenance costs, optimize asset utilization, when they achieve greater visibility into the health and performance of their assets. This then leads to better financial performance. A few specific ways that APM and AHI monitoring can help improve financial results, are:
- Improved asset reliability and availability: APM and AHI monitoring can help utilities identify potential equipment failures and maintenance needs before they occur. This can lead to increased revenue, reduced penalties for service interruptions, and improved customer satisfaction.
- Optimize maintenance planning and scheduling: APM and AHI monitoring can help utilities optimize their maintenance planning and scheduling by providing real-time insights into the health of their assets. By using predictive analytics and condition-based maintenance strategies, utilities can reduce maintenance costs and extend the useful life of their assets, which can result in significant cost savings.
- Improved asset utilization: APM and AHI monitoring can help utilities optimize the performance of their assets, which can lead to improved efficiency and reduced operational costs. By analyzing asset performance data and identifying opportunities to optimize asset utilization, utilities can reduce fuel consumption, improve energy efficiency, and reduce overall operating costs.
Examples of data analytics use cases for assets in T&D of the electric utility sector.
Asset data analytics can be used in a variety of ways in the electric utility sector to optimize operations, improve asset performance, and increase efficiency. The following are few examples of such cases:
| Use case | Reduce Downtime | Extend Lifespan | Reduce Costs (Maintenance/ Operations) | Improve Reliability | Environmental Sustainability | Optimize Spending |
| Predictive maintenance | X | X | ||||
| Condition-based maintenance | X | X | ||||
| Asset performance optimization | X | X | ||||
| Asset investment planning | X | |||||
| Power quality analytics | X | X |
Generally speaking, asset data analytics can be intensely used in the electric utility sector, but the specific use cases, most relevant to a particular utility will depend on their specific goals, challenges, and asset types.