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Reference Number NIA_ENWL005
Title Asset Risk Optimisation
Status Completed
Energy Categories OTHER POWER and STORAGE TECHNOLOGIES(Electricity transmission and distribution) 100%;
Research Types Applied Research and Development 100%
Science and Technology Fields SOCIAL SCIENCES (Business and Management Studies) 50%;
ENGINEERING AND TECHNOLOGY (Electrical and Electronic Engineering) 50%;
UKERC Cross Cutting Characterisation Not Cross-cutting 100%
Principal Investigator Project Contact
No email address given
Electricity North West Limited
Award Type Network Innovation Allowance
Funding Source ENA Smarter Networks
Start Date 01 July 2015
End Date 01 July 2017
Duration 24 months
Total Grant Value £100,000
Industrial Sectors Power
Region North West
Programme Network Innovation Allowance
 
Investigators Principal Investigator Project Contact , Electricity North West Limited (100.000%)
Web Site http://www.smarternetworks.org/project/NIA_ENWL005
Objectives The project has the following objectives: Understand the data requirements to permit the optimization of an existing programme of work Understand the techniques employed and how they may be customized to meet the industry’s needs. Vary parameters to understand the relative changes in overall delivery of the regulatory contract Understand the inputs required for a wider roll out of the technology to all asset groups modelled by CBRM. Understand the IT technology implications of the models Consider integration of the model to all corporate systems and the cost benefit Identify potential for optimizing RIIO-ED2 submission so as to maximize benefits for customers whilst optimising investment requirements. The project success criteria are: Development and enhancement of knowledge about the inter-dependencies of KPIs and constraints associated with inter-asset modelling and hence permit optimization of programmes of work. That the project permits the asset intervention programme to be varied in a manner which permits delivery of all KPIs in a more efficient manner. That the model can be accessed to allow various criteria to be run and optimized by Electricity North West That the project outputs are scalable and other asset types can be added to the model, based on existing asset data sets
Abstract DNOs have been developing the Condition Based Risk Management (CBRM) approach to asset management over the past 10 years. This approach allows for a detailed assessment of the relative condition of assets within an asset type and more latterly, a consideration of their relative consequences of failure. CBRM models do not however integrate into an overall risk assessment; neither do they allow the DNOs to plan for optimum investment to manage the asset risk. With the development of the Common Network Asset Indices Methodology for RIIO-ED1 under SLC51, a standard approach exists for categorizing and quantifying risk across all asset types which opens up the possibility of inter-asset risk prioritisation. In addition, the development of new and innovative techniques for refurbishment and life-extension of assets is widening the range of intervention options available. In effect, these two developments will allow an almost infinite variety of potential investment portfolios to be assessed against each other in terms of their cost (both initial and lifetime) and monetized impact on asset risk. In principle, investment portfolios can now be optimized to deliver the best value asset risk reduction on the network, however the breadth of these options and the optimization algorithms required goes beyond conventional DNO modelling capability. In order to enhance our knowledge of the issues around optimizing programmes of work we are proposing to investigate the interaction between; Investment in assets near end-of-life compared to earlier in their lifecycle; The benefits of refurbishment options versus replacement; The benefits of investments to reduce the consequences of failure compared to those aimed at reducing probabilities; The relative benefits of different asset types; and The effect of including overall constraints to mimic real-world conditions (eg supply chain capacity). Electricity North West have identified a partner in SEAMS of Sheffield as an organization with recent experience carrying out optimization of asset investment programmes in the utility sector. SEAMS offer a software platform (WiLCO) which can indicate across different asset types the various impacts of investment decision by employing iterative modelling of scenarios. We will partner with SEAMS to deliver an investment optimization model. This will initially be limited to just four asset groups and hence prove the concept of the use of these techniques. The SEAMS software is tailored to the specific needs of the client, the modelling parameters are set so that the model produces scenarios around the base requirements. By adjusting the various parameters and constraints and running the model iteratively, it will provide a series of potential outcomes as a result of the parameters which it is asked to optimize. From the results of these iterative models we will gain knowledge of the inter-asset relationships as they relate to asset risk.Note : Project Documents may be available via the ENA Smarter Networks Portal using the Website link above
Publications (none)
Final Report (none)
Added to Database 10/07/18