As we focus on safely delivering cleaner, reliable energy, we’re always working to minimize the cost impacts for our customers. The way we operate, maintain and monitor our assets is critical to this.
Effective asset management programs ensure our operations run safely, efficiently, and in full compliance with all applicable legal and regulatory requirements. Oversight of our corporate asset management approach is shared by Emera’s Board of Directors and the leadership team. Working closely with leaders across our operating companies, Emera’s VP of Asset Integrity leads the coordination of our business-wide approach.
Aspects of asset management are included in our corporate and operating company Environmental Management Systems
and Safety Management Systems
. Guided by these, asset management programs in our operating companies are fully integrated and aligned with the ISO 55000 international standard. Operating company leaders oversee their respective programs, including the development of processes and expectations, as well as the assignment of roles and responsibilities within their dedicated asset management teams. These teams work with other functions and departments to determine the risk profile of specific assets and to design and implement asset lifecycle management plans.
We strive to deliver Strategic Asset Management (SAM) in our operating companies that encompasses aspects of both asset integrity and performance including work management, reliability programs, operational technology, performance management and asset planning.
Each year, many of our operating companies disclose specific asset management targets and objectives. In some cases, this includes progress updates on regulated performance standards such as the availability of generating assets or vegetation management programs. At the corporate level, certain aspects of asset performance such as System Average Interruption Duration Index (SAIDI) and System Average Interruption Frequency Index (SAIFI) rates are disclosed annually in our Sustainability Report.
To understand and assess the risks of climate change to our assets, we’re implementing an Emera Climate Risk Adaptation Framework. Based on a program developed by Electricity Canada, our framework integrates climate risks into our existing risk management approach.
Our employees complete a wide range of asset management training in various focus areas including root cause analysis, risk assessment and asset optimization. We provide internal training, as well as programs offered by internationally recognized bodies such as the Institute of Asset Management.
Asset management performance is tracked through regular internal reviews and external audits. These include weekly reports to asset management directors, annual reviews that report to senior leaders, annual assessments carried out by our insurance loss control teams and external audits including North American Electric Reliability Corporation (NERC) assessments, which take place every three years.
We have established and documented processes to address preventative and corrective actions identified through operational surveillance, reports and audits, including robust root-cause analyses. We strive for continual improvement through our strategic asset management planning and performance tracking process.