电力行业基于风险的资产管理

Risk-basedassetmanagementinthe21stcenturyutilitysectorByPeterWitbergEnergy,UtilitiesandChemicalsthewayweseeitChangingapproachBeforeconsideringthedifferentbusinessmodelsthatanalternativeapproachtoassetmanagementmakespossible,it’sworthlookingathowthebasicmanagementofassetssuchasnetworkshaschangedinrecentyears.Inthepast,state-ownedutilitiesviewedassetspurelyastheinfrastructurebywhichtheysuppliedservicestocustomers.Assetmanagementwastodowithmaintainingservicedeliverytoanacceptablelevel.Changesinthebusinessandregulatoryenvironmentledtoanewemphasistoreducecapitalexpenditure.Thereismuchmorefocusonfinancialrigourandintegrity,whileregulatoryissueshaveintroducedfurtherpressuretoaddresscustomerserviceandfinancialmanagementissues.Shareholdersarealsolookingforhigherratesofreturn,whilemonitoringthequalityandintegrityofservicedeliveryandlevelsofinvestmentininfrastructureandtechnology.Asaresultofallthosechanges,theobjectiveofassetmanagementtodayisacceptedtobeaboutmuchmorethanmaintaininganassetinanoperationalstate,ormanagingresourcestocarryoutworkonanasset.Itshouldalsobeaboutmorethaninvestingcapitalinanassetsimplytoensurethatbudgetallocationsarespent,oroperatinganassetinaparticularwaybecauseit’salwaysbeendonelikethat.Onewayoflookingatassetsisthattheyareessentiallythebalancesheetreflectionofpastinvestmentdecisions.Onceinvestmentdecisionsaremade,thebusinessnotonlyhastosweattheseassetsbutalsomaintainthemanddecidewhentoreinvestordivest.Alongthewaythecompanyhastomanageahostofbusiness,operational,legal,tax,regulatory,security,safety,healthandenvironmentalrisksassociatedwithowningandoperatingitsassets.Executingthistask,whichinvolvescomplextrade-offsanddecision-making,ishighlyinformationdependentandhencetechnologyisakeyenablerofrisk-basedassetmanagement.Capgeminithereforebelievesthatthebasicobjectiveofassetmanagementforutilitiestodayistocreatevaluefromowningandoperatinganassetbase,andtounderstandandmanagetherightbalancebetweenrisk,costandperformance.Therearetwokeyapproachestoassetmanagement:theengineeringexcellenceprofileandthefixandfailprofile.Thefirstprofileisbuiltontheprinciplethathighoperationalperformancecanbeachievedwithlowriskoffailure.Thisalsoinvolveshigherlevelsoffinancialinvestment,becauseitistheonlywaytoguaranteeexcellentperformance.Thesecondprofilecanachievehigherfinancialperformance,butwiththeacceptanceofhighlevelsofriskandpotentiallypoorperformance.2Effectiveassetmanagement:theabilitytounderstandandmanagetherightbalancebetweenrisk,costandperformanceFinancialPerformanceRiskOperationalPerformancePoorHighHighFinancialPerformanceRiskOperationalPerformanceHighLowLowHighoperationalperformancecanbeachievedwithlowriskoffailure.ThiswillcomewithlowlevelsoffinancialperformanceHighfinancialperformancecanbeachievedwiththeacceptanceofhighlevelsofriskandpotentiallypoorperformanceTheEngineeringExcellenceProfileTheFixandFailProfileTheinternationalutilitysectorhaschangedbeyondrecognitionoverthepastdecade.Inparticular,theunbundlingofsupplyanddistributioninelectricityandgashasledtoanaturalreviewofcorecompetenciesincludinghowassetsshouldbeownedandmanaged.Thisseparationhasleddirectlytoaperiodofsecond-waveunbundlingwherebyassetbusinessessetaboutdisaggregatingtheiroperationsatadeeperlevelwiththeintentionofoptimisingperformance.Indoingthis,organisationshaveconsideredmoreradicaloptionsaroundbusinesschange.Thelastfewyearshaveseenastepchangeinfocusaroundutilityassetmanagementacrosstheglobe.MajorplayersinWesternEuropeandNorthAmericahavesetaboutredefiningtheirassetmanagementoperatingmodelsandareseekingtogaincompetitiveedgebyoptimisingcomponentpartsofthismodel.Astheprinciplesofassetmanagementhavebecomemorerefined,thelogicbehindsecond-waveunbundlingforasset-centricbusinesseshasbeengenerallyaccepted.Theover-ridinggoalforincumbentsistooptimisethebalanceofrisk,costandperformancearoundthemanagementofacomplexanddistributedassetbase.Industryplayershaveconsequentlyrefocusedaroundcorecompetenciesinpursuitofindustry-leadingperformanceateachofthesethreelevels.Previouslythesefunctionsweremergedwithinorganisations–unbundlingallowseachtoachieveeffectivedeliverybyconcentratingoncoreskillsandoutsourcingthoseactivitiesthatareseenasnon-coretothebusiness.Fortheassetowner,thefocusonfinancialefficiencyandregulatoryliaisonaimstoreduceriskexposureandtherebycuttheactualcostofcapitaltoalevelbelowthatstipulatedbytheregulator.Whilstthisholdsanobviousbenefitfortheassetowneritself,itmerelytransfersrisk(particularlyoperationalrisk)tooneoftheotherparties–namelytheassetmanagerand/orserviceprovider.Energy,UtilitiesandChemicalsthewayweseeitFurtherunbundlingAchievingandsustainingthevisionthatisdefinedasaresultofthatprocessisonlymadepossiblebyplacingarealfocusonacleardefinitionofrolesandresponsibilitieswithinasset-centricbusinesses.Thisisimplementedthroughafurtherwaveofunbundling,whichseparatesthethreedistinctunitsofassetmanagementintheirbroadestsense:assetowner,assetmanagerandserviceprovider.Eachofthesebusinessunitsisaviableundertakinginitsownright,andunbundlingdecision-making(owned