Solutions for Energy Asset Management
Energy Asset Management can be complicated and costly. Industrial companies often do not want to develop their own solutions, or do not know where to find them. Fortunately, there are some ecosystem conveners that can help industrial companies navigate the digital landscape and provide visibility, connectivity, and solution functionality. They also help industrial companies balance the benefits of digital ambition with the potential cost burden.
8 aspects of energy asset management
Energy Asset Management is comprised of financial, commercial, and administrative activities, all of which must be integrated to optimize the asset lifecycle. In addition, renewable energy asset managers are realizing that spreadsheets are no longer cost-effective, and that their operations must achieve a high degree of transparency and organization. This means providing a complete picture of their assets. Asset management also involves compliance obligations and analyzing performance data.
For example, PredictEnergy(r) Asset Manager is a comprehensive software package with tools to optimize the performance of energy sources, uses, and time-of-use rates. These tools enable managers to analyze energy usage, energy cost, and overall facility electrical load. In addition, they help managers monitor the overall performance of distributed energy resources, including solar and storage.
While traditional asset management vendors have begun to integrate energy management into their products, some are still focused on basic asset management capabilities. These new systems will allow facility managers to maintain a single master list of all equipment and track proposed and completed maintenance projects in the same platform. The software will also send alerts to staff about energy improvements and maintenance projects. However, these capabilities are still relatively new.
Tools available
Energy Asset Management is an important aspect of running a business. While this may be a daunting task, there are many tools to help you keep your energy assets operating at optimal efficiency. A few examples include PredictEnergy(r) and 3megawatt. These tools allow you to see the performance of your energy assets in real-time and identify trends.
The PredictEnergy(r) Asset Manager is a software application that offers centralized management of multiple assets, extending to the overall electrical load of your facility. Another useful tool is the HelioPower Asset Manager, which provides asset management services for a wide array of distributed energy resources, including storage and PV.
The 3megawatt software solution provides automated reporting and invoice generation, and has powerful analytics to manage risks and make sure you are getting paid as soon as possible. The system also has accounting features and centralized financial management, which makes it an excellent solution for a growing renewable energy portfolio.
Challenges
As the use of renewable energy grows, so do the challenges of managing this growing ecosystem. These challenges include managing a complex ecosystem of physical and digital assets while also balancing corporate responsibility with reducing operating expenses and increasing capital efficiency. In addition, companies are feeling pressure from investors, regulators, and the public to improve ESG outcomes.
For example, utilities are under pressure to keep production at optimum levels and keep costs down. Yet they can’t do so if they don’t know what their assets are currently doing or what the effects of different stresses on them are. In addition, they often have limited information about how long a particular asset will be operational before it requires maintenance. These limitations make it difficult to make a risk-benefit analysis.
Energy Asset Management involves a variety of administrative, financial, and commercial activities that help companies manage their assets to maximize performance throughout their lifecycle. In the energy industry, renewable energy asset managers are finding that spreadsheets and other manual approaches are no longer cost-effective and do not provide a complete view of their assets. Data-driven asset management programs, backed by specialized software, can help utilities overcome these challenges.
Solutions
With solutions for Energy Asset Management, organizations can monitor and control their assets remotely and save money. These solutions enable real-time visibility across high-priority assets, and provide insight into their performance, cost, and availability. Additionally, they help improve front-line operations and enable problem mitigation. These technologies also help reduce operational costs and save time.
Energy is a huge expense for companies, and rising energy costs eat into a company’s operating budget. By monitoring energy consumption, companies can improve efficiency and reduce their carbon footprint. The right EAM solution can even help companies reduce costs by eliminating wasted energy. These systems can also alert users when a particular asset is degrading, giving them the ability to take corrective actions early.
Adapt2 Solutions is a company that provides flexible energy asset management software for energy asset managers. It is a SaaS solution that helps asset managers monitor and optimize a variety of generation assets. It is a highly flexible platform that can be customized for specific requirements.