Company News
ABS Consulting White Paper: Asset Management Strategies for Aging Utility Infrastructure
ABS Consulting has published a new white paper outlining effective asset management strategies that utility companies can utilize to help support aging infrastructure.
Aimed at a wide range of organizations operating in the utilities sector, from Independent System Operators (ISO), electrical generation, transmission and distribution, to water and wastewater facility operators, the white paper looks at the challenges and complexities that operators and professionals face when it comes to aging infrastructure.
The white paper details how utility companies can address a convergence of critical challenges, including outdated systems, evolving regulatory compliance, the necessity for robust cyber and physical security measures, capital planning difficulties, rising power demands, and workforce constraints. ABS Consulting describes this scenario as a 'perfect storm of challenges' and highlights a range of tools to help address these issues.
Although no single solution can address all the challenges in managing aging utility infrastructure, the white paper highlights the benefits from implementing comprehensive asset management programs and introduces some of the advanced tools available to support them today.
“Advancements in asset management practices and digital tools have broadened the spectrum of options and capabilities available to support the efficient and effective management of assets,” said Rheal Caron, Director, Power Advisory of ABS Consulting. "This white paper looks at several innovative solutions that utilities can leverage to help address the challenges posed by aging infrastructure.”
The paper presents the benefits of managing roadblocks through solutions such as Enterprise Asset Management (EAM) systems enhanced by integrating Computerized Maintenance Management Systems (CMMS), alongside a robust reliability program, including Inventory Management, Lifecycle Strategy, Organizational Preparedness, Performance Enhancement, and Reliability Strategy. It also examines the growing array of digital tools available via the Internet of Things (IoT) and the benefits that Artificial Intelligence (AI) can provide through Virtual Power Plant (VPP) technology.
"Every day, we navigate the complexities of aging infrastructure in the utilities sector, harnessing our deep technical expertise to advise our clients," said Ryan Moody, President and CEO of ABS Group, ABS Consulting’s parent company. "With advanced tools, we're not only tackling cyber threats and power theft but also preempting technical breakdowns before they become critical issues. Our commitment to leveraging these tools helps ensure we deliver solutions that enhance safety and reliability in utility operations—today and into the future."
About ABS Consulting
ABSG Consulting Inc. (ABS Consulting) is part of ABS Group of Companies, Inc. (www.abs-group.com), a global leader in safety and risk management for critical infrastructure worldwide and a wholly owned subsidiary of ABS (www.eagle.org), one of the world's leading marine and offshore classification societies. With over 50 years of risk management and safety experience, ABS Consulting provides engineering, data science, and management consulting services globally to help our clients manage their safety, security, and operational risks. Headquartered in Spring, Texas, ABS Consulting operates with more than 700 professionals across the globe serving the marine and offshore, oil, gas and chemical, government, power and energy and industrial sectors.