Leverage APM information to remain competitive in a rapidly changing energy market.
Recent studies suggest the power industry collects less than 2% of the potential data generated by a typical power plant. Superior asset performance management connects disparate data sources and uses advanced analytics to turn that data into actionable information.
APM tools utilize readily available asset information to analyze asset performance, and create solutions that improve reliability and asset availability, while preventing asset breakdown through condition monitoring. APM also enables O&M teams to create an informed maintenance program, thereby allowing condition monitoring to predict the likelihood of equipment failure.
The predictive maintenance approach is in stark contrast to the preventative maintenance approach because the latter assumes a failure pattern that increases with equipment age and use. This is true for about 20% of assets while the remaining 80% display a random failure pattern.
Superior asset performance management facilitates information sharing among operations teams and maintenance teams with a comprehensive view of energy production and asset performance. It increases cross-functional visibility, and collaboration and communication for improved productivity, reliability, safety, quality and ROI. Read more about APM
Along with APM tools, plant owners would derive significant value by appointing a strong asset manager to oversee both operational and commercial processes. Typical duties would include;
- Taking ownership of APM process and enforcing strict compliance by the O&M team
- Developing strong marketing strategies to maximize the plant capacity factor by offering ancillary products and services
- Negotiating long term fuel supply agreements
- Developing and implementing a strong O&M strategy to deliver maximum reliability, availability and profitability, while reducing costs
- Negotiating Long Term Service Agreements (LTSAs) to efficiently maintain power generating assets and reduce downtime
- Administer insurance policies and closely monitor compliance with insurance requirements
- Mange legal and public affairs including investor relations
- Have complete P&L responsibility of the power plant
- Issue a monthly operational and financial report outlining asset performance, including an analysis of actual versus forecast
- Manage compliance with regulatory requirements, submit all required reports to the appropriate authorities, respond to official inquiries, and maintain compliance records