Health Indices for Asset Management Decision Making
SP Energy Networks
SP Energy Networks Innovation
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Innovation Funding Incentive
High Voltage Technology
EA Technology has developed a Condition Based Risk Management (CBRM) process to link engineering knowledge and practical experience to investment planning.
CBRM defines the current condition of individual assets by a numeric health index. This health index is calibrated against the Probability of Failure (POF). An ageing algorithm is applied that enables the future condition and POF to be estimated.
The risk for an individual asset is the product of the POF, the average consequence of failure for the asset group and the criticality of the asset. Consequences of failure relate to the following essential categories, which are related to the common unit of money:
- Network Performance (CI / CML), safety, financial and environmental
- Criticality is expressed as a multiplication factor and is the importance or
significance of an individual asset relative to other assets in the group
- The impact on asset health and subsequent risk can be determined for different investment intervention strategies.
SPEN is looking to build on the quantitative techniques used for prioritising investment
EATLs work has been adopted by other DNOs consequently, there is a
business requirement to at least understand the effectiveness of this technique either
with a view of adopting in support of elements for DPCR5 submissions.