The role asset criticality assumes in risk management for electric utilities

Utility asset management - Cascade
Cascade - technical asset management and predictive maintenance

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How can you identify the asset which poses the greatest risk to the utility?

Especially through the maze of today’s differing requirements of regulatory needs, financial responsibility and system reliability, how is this criticality assessment best achieved?

How can organizations identify their most critical assets that are in the poorest condition in such complex and interconnected systems?

This white paper is intended to start utilities down the road to identifying and utilizing criticality, in order to be able to include a criticality rating in the asset management program. The process can be as simple as identifying the device that is loaded the heaviest and may fail due to that one piece of criteria, or as advanced as identifying all aspects of a component that exposes the utility to high risk situations. A properly included criticality assessment allows for more accurate risk management and leads to improved asset management decisions.