Strategic Asset Lifecycle Value Optimisation (SALVO)
SP Energy Networks
SP Energy Networks Innovation
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Innovation Funding Incentive
Carbon Emission Reduction Technologies
It is estimated that there is £200bn of identified investment requirements in UK core infrastructure during the next 10-20 years and that evidence suggests up to 30% of total asset life cycle costs could be avoided by better decision making. SALVO aims to develop simple, flexible and practical guidance and tools for determining what to spend and when.
A consortium of core participants is currently being set up to progress the project which will have workstreams in the start of life, utilisation and maintenance and managing aging assets phases of the asset life cycle. SPEN is joining the project as an Associate. This will allow SPEN early sight of the outputs of the project and an opportunity to influence them. The cost of this project membership is £5k.
It is anticipated that the project will provide spin off to SPEN in improving the optimisation of spend and managing the lifecycle of the assets through the tools developed by the project consortium.
The project duration is 3 years.
The project aims to provide integrated solutions to determining what is worth spending and when according to optimal whole life cycle criteria:
- asset population health/ criticality definitions and diagnosis
- specific assets degradation and risk characteristics
- individual intervention justifications (inspection, maintenance, modification, renewal)
- collectively optimised, total system performance and work programme budgets and resources
The project will particularly aim at providing integrated solutions across the asset life cycle and will provide a particular focus in the management of aging assets area.