Smart Asset Management: Using Real Time Transient Data to Determine Equipment Damage, Maintenance Costs, and Operational Strategy in Power Plants

Abstract

Real time monitoring for asset management is fast gaining popularity in the power industry. Power plants are transitioning from the initial data gathering to projects creating measurable value for the owner and operator. The authors present an integrated approach, allowing real-time monitoring and advanced analytics for asset management. We specifically look at the changing landscape for plant operators in a renewable integrated grid. Moreover, in today’s volatile electricity markets, most power plants must be flexible; often load following to minimum loads, and frequently cycling on-off. This type of cycling operation can be very damaging to fossil power plants, and add large costs due to increased equipment wear and tear, and adverse heat rate effects. For some large generation units, these costs can amount to millions of dollars per year. These costs can be greatly reduced by proper operations tuning and operator training. This paper will specifically discuss the value of real time monitoring and advanced analytics to plant operators. We will address the uncertainty, given that plant’s typically follow instructions from dispatch, and provide business case examples of what needs to be done and what value it will actually bring to the industry.