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Risk, Performance,
and Cost:
STRIKING A BALANCE IN THE POWER SECTOR
R ISK , P E R FORMANC E, AND C O ST: STR I KI NG A B ALANC E I N TH E POW ER SEC TO R
0 1 / / G EN E SIS SOLU TIONS
CONTENTS
02 Introduction
Risk analysis as a key to unlocking hidden value
03 Different tools to suit different environments and goals
Broad application throughout the power sector
04 Preparing for implementation
Phased approaches can bring big advantages
Conclusion
R ISK , P E R FORMANC E, AND C O ST: STR I KI NG A B ALANC E I N TH E POW ER SEC TO R
0 2 / / GEN E SIS S OLUTIONS
Introduction
To meet service obligations and financial targets, every owner and operator of
power generation assets must constantly balance three major variables: risk,
performance and cost.
In years past, the guiding principle of many generators was “reliability at any cost.”
The results of this type of rigorous analytical approach can be powerful. Hidden
optimizations can be discovered which may allow for extended maintenance
intervals with low impact to overall risk. Revelations like these generate
significant savings. Moreover, an analytical approach can help sell a change in
internal strategy and overcome any “not invented here” resistance.
R ISK , P E R FORMANC E, AND C O ST: STR I KI NG A B ALANC E I N TH E POW ER SEC TO R
0 3 / / G EN E SIS SOLUTIONS
Each tool has characteristics that make it more or less suitable in any given
environment. Power generators should carefully study their options to make
the best choice for their situations. Fortunately, big advances have been
achieved in software that can streamline and automate sophisticated analysis
techniques, thereby lowering overall costs, optimizing schedules and
accelerating resulting savings.
The highest impact of optimization will vary across these different types of plants
and asset classes, but it is highly likely that significant savings can be achieved at a
quantifiable risk threshold in all of these environments.
R ISK , P E R FORMANC E, AND C O ST: STR I KI NG A B ALANC E I N TH E POW ER SEC TO R
0 4 / / GEN E SIS SOLUTIONS
By investing in these initial steps, organizations can rest assured that their risk
analysis projects will go smoothly and efficiently.
On the other hand, trying to go through a detailed risk analysis without the
databases and preliminary studies completed will likely generate frustration and
no measurable results.
Conclusion
As the power generation industry continues to evolve with many current and near-
term challenges, achieving a truly optimized, risk-informed view of maintenance and
asset performance can yield tremendous value for proactive operators going forward.
R ISK , P E R FORMANC E, AND C O ST: STR I KI NG A B ALANC E I N TH E POW ER SEC TO R
0 5 / / GEN E SIS S OLUTIONS
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