Asset management in power systems

The introduction of life cycle management (LCM) into power system asset management is very helpful for maintaining the secure and economic operation of the power system concerned, reducing the life cycle cost (LCC) and improving the management of electric power assets. Given this background, a brief survey is first made on the state-of-the-art of LCM in power system asset management, including cost accounting, evaluation and external environmental factors. Then, problems associated with the LCM applications in power system asset management are examined. Finally, prospects are addressed for future research in this area.