7 tips for effective power plant asset management!

There are issues with power plant asset management that, if not properly prepared, can cost your business an arm and a leg. For this reason, a strategy for managing your power plant’s assets is essential to avoid problems such as unplanned outages.

Fortunately, there are software services that offer solutions to power plant management problems.

To see an example visit 60Hertz Energy and take a look at their services.

If you are a plant owner thinking about effective power plant asset management strategies to apply to your asset management, then read these seven tips.

1. Use a Power Plant Asset Management System

Plant managers will find it difficult to make critical decisions about the health of plant assets without actionable analysis and detailed asset measurements. As a power plant operator, you are responsible for the safety of the production process throughout the day. And if your goal is safe, environmentally friendly and cost-effective energy supply, you should consider mobile data collection to optimize your system.

With detailed analysis and metrics, you can improve your asset maintenance plans, provide the tools needed to take immediate action in the event of an emergency, and improve the quality of the data operators collect on site.

2. Perform regular maintenance

Condition based maintenance

Condition-based maintenance is also referred to as predictive maintenance. And this technique should be one of the top priorities of power plant managers to detect possible failures in equipment and process as well as anomalies in operation. For example, instead of scheduling inspections to see if equipment is operating at peak performance, predictive maintenance allows machines to notify plant managers when repairs are needed.

Although the operating costs of this type of maintenance can be high, predictive maintenance can be of great benefit to the longevity of machine parts.

According to the Electric Power Research Institute (EPRI), predictive maintenance can actually reduce costs and improve asset reliability and availability by preventing asset downtime, detecting asset failures before they occur, optimizing power plant maintenance, and reducing parts and equipment costs work lowers.

Totally productive maintenance

Total Productive Maintenance (TPM) is a strategy based on the idea that everyone in a facility, including machinery, equipment and other supporting processes, should be coordinated to maintain systems production and quality. TPM should be one of the top priorities of power plant managers to ensure that all equipment required for production is working properly at all times. All productive maintenance consists of goals, targets and tactics aimed at influencing waste, production and employee morale.

By allowing personnel to take responsibility for maintenance activities, TPM brings you four of its key benefits, such as lower manufacturing costs, increased workplace safety, less unscheduled maintenance and minimized equipment downtime.

Time-Based Maintenance

Another thing to prioritize is time-based maintenance, also known as preventative maintenance. It is a type of proactive maintenance where assets and equipment are checked regularly and routinely to reduce the likelihood of malfunctions and limit unplanned downtime that is often costly.

An excellent preventive plan follows the PDCA model, which includes: planning the baseline for PM incidences, running the plan regularly for accurate results, reviewing the failure metrics for each asset, and increasing the frequency of preventive actions when an asset fails during maintenance activity , as well as reducing the frequency when there is no error between the PMs.

With preventative maintenance, you can reduce the severity of unplanned outages, prevent major and costly repairs, keep all equipment running efficiently, and keep your employees safe.

Risk-based maintenance

Risk-Based Maintenance (RBM) prioritizes resource asset units and components based on the consequences of failures and risks. This includes steps such as risk assessment, maintenance planning, and reassessment and improvement. This strategy is one of the best ways to assess the most economical use of money, time, and human resources.

This might be the right strategy for you, especially if your facility depends on very expensive machines and you need to manage limited resources for repairs and maintenance. By implementing RBM, you can identify problems before they occur, create maintenance schedules, extend asset lifecycles, eliminate low-value work orders, and improve safety and reliability.

corrective maintenance

This process is also known as “crisis management”. And this maintenance is designed to help the power plant deal with sudden equipment problems. Basically, it is a strategy to anticipate a threat or crisis in the plant and plan how to effectively solve these problems. In this type of maintenance, repairs are made when there are apparent problems with the condition or functionality of the equipment. For example, if a valve is leaking, maintenance supervisors should schedule a quick repair to limit downtime. Crisis management planning can also help you protect the well-being of your employees and the safety of the general public.

3. Prepare for power outages

Contingency planning is a crucial process aimed at avoiding unforeseen maintenance or repair activities. Whether planned or unplanned, a power failure affects your system. Because of this, preparing for a planned outage should be one of your priorities. It is designed to avoid critical business problems such as exceeding the cost of outage and prolonging outage.

There is an iterative process for performing outage planning that involves: consolidating reports from previous outages, performing a pre-outage data review, and ensuring your facility is properly resourced. So, when preparing for a planned outage, make sure your trusted technician has access to critical information such as inspection dates, equipment history, periodic test dates, wear rates, condition assessments, CAD drawings, and photos of preview issues.

Conclusion

By properly monitoring and managing your business assets — such as buildings, plants, machinery, and equipment — you can run your day-to-day operations more efficiently. For this reason, a well-planned asset management process can help you avoid unplanned problems such as equipment malfunctions, unplanned outages and other emergencies that require an immediate response.

And you can use the seven tips above to create the best strategies to implement for your wealth management.

Power plant management article and permission for publication here provided by Claire Glassman. Originally written for Supply Chain Game Changer and published on November 25th, 2021.

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