ISO’s new asset management standard: What does it mean for power delivery assets?

Published: Thu 05 Jun 2014
A blog entry by Smart Grid Watch

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Earlier this year, the International Organization for Standardization published a new Asset Management Standard, ISO55000. This new standard will influence strategies, policies, organization and processes for managing power delivery assets.

Here’s what utilities, power delivery system vendors, support partners and other key power industry players should know about this standard.

The new standard is based on, and supersedes, the U.K. Standard PAS55. In recent years, many utilities and other companies certified their asset management systems according to PAS55.

ISO55000 recommends continuous monitoring of the actual condition and performance of assets — so that asset management plans are based on data, not guesses or estimates. This supports more practical and efficient asset management planning, and generally makes life easier for asset managers.

A free June 5 Siemens webinar explains more about substation condition monitoring: REGISTER NOW.

Siemens offers a standardized audit service and online condition monitoring systems which meet this recommendation.


Siemens Smart Grid Services can help utilities with this transition through our Asset Management Services. Our integrative optimization process helps utilities reduce the total lifecycle cost of owning and operating infrastructure assets, while continuously delivering the level of service that customers and regulators demand.
Siemens Asset Management Services include:

  • Condition monitoring. Siemens implements conditioning monitoring systems and processes for customers’ transmission and distribution assets.
  • Asset intelligence. Siemens implements state-of-the-art asset performance management (APM) tools. These help determine the optimal asset management strategies, using risk and condition assessments.
  • Management consulting services. Siemens consultants can help identify and solve gaps that our clients might have regarding ISO55000 requirements.
  • Technical audits. For transmission and distribution networks, this includes recommendations to optimize capital and operational expenditures, according to service quality goals or requirements.
  • Service packages. Full “care-free” operations and maintenance service packages include performance guarantees — even up to maintaining a power grid as an asset management partner.

These services can help utilities and industrial customers optimize their asset management strategy and plan — which means they can get the most out of their power system assets while improving reliability. It also helps our customers maintain their infrastructure in a sound, reliable and efficient condition that will reduce both O&M costs and long-term capital expenses.

More specifically, Siemens Asset Management specialists can help utilities and industrial customers:

  • Conduct least cost analysis of capital works projects.
  • Optimally time capital works, considering financial constraints.
  • Predictively model critical asset groups.
  • Improve every step of an asset management program.

ISO55000 represents the evolution of existing business practices and tools into a well structured, normalized approach. It’s a great tool to help asset owners to improve the operational efficiency of power delivery assets and operations.

Learn more about Siemens Asset Management Services. See the fact sheets below.

Questions? Please comment below or contact us to get directly in touch with our experts.


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