Analysis of the new asset management standard ISO 55000 and PAS 55

Asset management optimization is critical to business performance and profitability, especially for electric power industry in recent years, with the formation and implementation of the smart grid concept. How to plan and design, operate and maintain the growing large assets is not only one of the key problems of improving business performance, but also the foundation and the most important components of the smart grid. That's why PAS 55 has been such a success internationally since it was first published in 2004, and has come to form the basis for the new ISO 55000 series issued in January of this year. ISO 55000 is the first international asset management standard which provides terminology, requirement and guidance for implementing, maintaining and improving an effective asset management system. In this paper, the development of distribution asset management in China and the globe are introduced. The main content of ISO 55000 series standards is described. Two series of standards of PAS 55 and IS055000 are compared and the main differences between them in scope, definition, requirements, decision making criteria, risk management, audit and documentation, and certification are highlighted as well, to help organizations/companies to quickly understand ISO 55000 series and make their asset management systems meet the new requirements.