As renewable capacity continues to skyrocket, it’s increasingly important that utilities commit to an integrated enterprise asset management (EAM) system. In 2023, the amount of renewable energy capacity added to energy systems around the world grew by 50% — to a record total capacity of 3,870 gigawatts (GW) globally. And, according to the International Renewable Energy Agency (IRENA), total renewable capacity is expected to double by 2028.
The utilities industry is navigating a complex landscape as it incorporates renewable resources into portfolios at an unprecedented pace. The accelerated push toward decarbonization stems from a range of variables, including unprecedented demand for power, healthy tax incentives and sweeping clean-energy legislation. The Inflation Reduction Act (IRA) has poured billions of dollars into projects that generate clean energy, while the Infrastructure Investment and Jobs Act (IIJA) is doing the same for grid reliability, electric vehicle programs and systems that promote energy efficiency.
For utilities racing toward net zero, this new mix of energy sources presents unique challenges. Renewables require different maintenance protocols and practices; operators new to renewables may not know how to apply reliability and risk tolerances to those practices. Navigating peak demand issues by deploying energy storage devices brings a new set of challenges to maintaining batteries and integrating them to minimize downtime.
Yet, prioritizing those considerations is key for owners and operators who want to maximize their investment, maintain energy reliability, mitigate risks and meet regulatory requirements.
To navigate these fast-moving changes, some utility owners and operators are opting to manage renewable resources separately — even through outsourcing — rather than integrate renewables into their overall asset management strategy. That approach can work, but there could be complexities and unrealized potential benefits as scale increases. Any entity incorporating renewables into its portfolio needs to understand that an integrated EAM system is ideal for a host of reasons, including efficient performance, effective maintenance management and risk reduction. A unified, data-driven and AI-powered EAM system is a streamlined, cost-effective way for operators to deliver reliable, resilient and sustainable energy services.