The push towards sustainability and renewable energy resources has never been more apparent. Energy consumption is at an all-time high, so managing energy assets is critical. So, what does it involve, and what are the main strategies?
Energy Asset Management (EAM) is all about using data and strategy to maximize all energy-related assets within an organization.
Optimizing energy assets can carve out a greener and more sustainable future, reduce expenses, and efficiently utilize all energy resources.
Taking on a job role in EAM will provide you with a systematic, fruitful, and rewarding career that gives value to an organization and significantly works to improve the planet’s long-term health.
What Does Energy Asset Management Entail?
As a whole, Energy Asset Management is all about staying across all the energy-related assets associated with a particular company. For example, an asset manager of renewable energy, would be across all installations and assets under this umbrella.
This role mainly encompasses using data and technology in a streamlined and strategic way to ensure that all energy asset operations are cost-effective, sustainable, and perform optimally.
5 Everyday Characteristics of an Energy Asset Manager
Working your way up to be a renewable energy asset manager one day may be your end goal, but what does energy asset management involve daily?
1. Staying Cost Effective
Keeping energy usage low can positively contribute to cost reductions and the organization’s overall bottom line. A skilled energy asset manager will keep costs in mind at all times.
2. Performance Management
All energy assets must be managed and monitored to ensure they reach their peak performance. Any areas for improvement or maintenance need to be swiftly taken charge of.
3. Monitoring Energy Consumption
Making sure that energy consumption is continually improving and being optimized. This includes pinpointing elements that are causing significant waste and inefficiency.
4. Using Data to Make Changes
An experienced EAM will always make decisions based on data. By honing in on live changes and monitoring, all key decisions will be evidence-based and trend-based so that only the necessary energy asset investments, tweaks, and improvements are made.
5. Seeking Sustainable Solutions
Renewable energy resources will always be at the forefront of helping companies meet their sustainability goals and green solutions.
“Optimizing energy assets can carve out a greener and more sustainable future, reduce expenses, and efficiently utilize all energy resources.”
Asset Management Obstacles That Cannot Be Ignored
In every job role, there are bound to be challenges and obstacles to overcome, and energy asset management is no exception to the rule. To truly understand what energy asset management is, it’s essential to delve into the key challenges along with the potential resolutions:
Handling Data
Being presented with vast amounts of data is a daunting prospect. Where do you begin? How is it possible to analyze this sheer amount of data? How can accuracy and precision be maintained?
In this case, finding a method to streamline how the data is managed is essential. Systematic analytical tools can be used to see trends in performance so that energy consumption is continuously tracked accurately and efficiently.
Energy Efficiency
Maintaining an energy-efficient organization is a constant battle because of ever-changing energy costs and regulations. How do you stay on target with sustainability goals with so many variables in play?
Weaving renewable energy sources into the organization’s everyday running will always help improve energy efficiency. Regular audits can also pinpoint specific areas to be improved so that energy saving is always at the forefront.
Asset Maintenance
When assets and machinery start to age, it’s important to stay on top of maintenance, whilst being mindful of business downtime. Maintenance is important to assure energy efficiency, but it should always be balanced with the needs of the organization at any given time. How can this be managed?
This can easily be solved by organizing a realistic protocol when it comes to inspecting machinery and maintaining assets. Sticking to a schedule allows a certain level of predictability so that the condition of these assets will generally stay on track according to the inspection regimen.
General Compliance
There will always be evolving regulations and compliance challenges to deal with as an energy asset manager. It’s a demanding role, which requires regular reporting and continual improvements, so how can you ensure the organization is always compliant?
As an asset manager, it’s important to stay in the loop about these changes. Ask for guidance and advice whenever there are discrepancies or uncertainties, and ensure there are systems in place to guarantee compliance from all angles.
Intricate Technology
Technology is becoming more and more advanced especially in the world of renewable energy. There may also be varying communication systems to work with, so how can this be streamlined and simplified?
“Energy Asset Management (EAM) is all about using data and strategy to maximize all energy-related assets within an organization.”
This is where an Energy Management System becomes a vital component for the job. This type of system helps to integrate the data from many different sources so that it becomes simple and standardized across the board.
Energy Asset Management and The Most Common Categories
There are several types of energy assets that fall under energy asset management. Some of the most well-known categories managed by organizations include:
Renewable Energy Assets
This includes wind power, solar panels, hydro-solutions and other sources of renewable energy. The significance of these assets are to ensure all renewable energy assets are reliable, and aligned with sustainability objectives. Naturally, this leads to a reduced need to use non-sustainable sources such as fossil fuels for the long-term.
Equipment Assets
There are numerous pieces of machinery and equipment within an organization that can have a profound effect on energy usage. From manufacturing equipment to mechanical motors, an efficient operation must be ensured at all times. This includes regular maintenance checks and energy reducing methods that also positively impact productivity.
Heating and Cooling System Assets
All HVAC systems, such as heating, air conditioning, ventilation and lighting count as energy assets inside an establishment. When all of these elements are optimized to the very highest of standards it can reduce costs and reduce an organization’s environmental impact.
Energy Supply Assets
Any asset that assists with power generation and creates electricity would fall under this category. As well as, wind turbines and solar farms, this also includes fossil fuel based plants and nuclear reactors. This not only ensures a smooth and trustworthy supply, but also allows for the optimization of operations.
Electrical Grid Assets
This involves any type of system that moves electricity from a power plant to the final location in the form of a distributor. This would also include any monitoring equipment and smart meters to ensure distribution of electricity is always reliable and up to date with the needs of the organization.
To Conclude: Energy Asset Management
There is a clear future being paved out for energy asset management. Not only is it guiding companies towards a more sustainable way of operating, but it’s also embracing changes left, right and center.
Innovation is at the very heart of energy asset management, and this is what is going to guide organizations towards a greener way of living. This will not only affect the planet as whole, but it will work towards improving the overall culture of commercial establishments.
The obvious benefit of cost-effectiveness cannot be denied too when energy asset management is concerned. Improving the bottom line of organizations whilst staying across general regulations and upgrades is groundbreaking.
All in all, the combination of technology and data-driven decision making can completely change the way the world approaches renewable energy and power sources. Even when EAM has obstacles to overcome, there are always actionable resolutions to explore, analyze and take advantage of.
Energy assets are not just a source of power for companies anymore, they are the catalyst for change. Energy Asset Management can not only mold a more prosperous future for the entire world, but it can also teach future thought leaders how to make the most of the innovative solutions at our disposal today.
