NYPA Press Release

 

New York Power Authority Receives Prestigious International Asset Management Certification, Meeting New, Rigorous Standards

 

Largest State Public Power Producer’s Utility Operations Practices Recognized Under Updated 2024 International Asset Management Standard

 

View photos of NYPA’s state-wide energy system assets

 

WHITE PLAINS, N.Y.—The New York Power Authority (NYPA) today announced that it has achieved a coveted international certification, meeting the new and improved standard of asset management established by the International Organization for Standardization. Meeting the new standard, known as ISO 55001: 2024, illustrates that the Power Authority’s asset management practices enable the public utility to deliver optimal value from its assets for all New Yorkers, while simultaneously advancing some of the most aggressive clean energy initiatives in the nation in a cost-effective manner. 

 

"This new ISO 55001 certification, measured against the new and improved asset management standard, underscores the New York Power Authority’s unwavering commitment to excellence and continual improvement in our operations,” said NYPA Chairman John R. Koelmel. “NYPA’s asset management system enhances operational efficiency and ensures we deliver reliable, clean, and cost-effective energy solutions to New Yorkers. This achievement is a testament to the dedication, diligence and hard work of the entire NYPA team."
 

"Requalifying for the ISO 55001 certification is a significant milestone for the Power Authority, reflecting our commitment to best-in-class asset management practices,” said NYPA President and CEO Justin E. Driscoll. “This prestigious international recognition validates our efforts to optimize resources, effectively manage risks, and achieve environmental compliance, bringing greater value to our customers and all New Yorkers."
 

Asset management enables an organization to achieve important operational and financial goals across their assets’ whole lifecycle. These include reducing the cost of its capital and operations while improving risk management and environmental compliance. It also provides a methodology and mindset for achieving continual improvement – a critically important goal for a utility. 

 

The International Organization for Standardization (ISO) issues globally recognized requirements that are seen as the ‘gold standard’ for conformance with best practices in the utility industry for asset management. NYPA’s certificate of conformance verifies that the Authority’s asset management system confirmed to the requirements specified within the ISO 55001: 2024. EA Technology recognized NYPA for achieving a certificate of conformance against the requirements of ISO 55001: 2024. The certificate was issued by EA Technology under endorsement of the Institute of Asset Management (IAM) through their endorsed assessor scheme.  

 

Jorge Rivera, President of EA Technology LLC, Americas Regional Office, said “On behalf of our entire team, I extend our sincere congratulations to the New York Power Authority on successfully completing this audit and achieving a certificate of conformance against the requirements of ISO 55001: 2024.” 

 

During the Stage 1 and Stage 2 audits carried out across several of NYPA’s offices and operational sites, EA Technology observed: 

 

• NYPA’s representatives were very aware of their Asset Management System and presented evidence in an ordered and well understood manner. 

 

• Continual improvement of the Asset Management System and all NYPA processes is a driving force within the Asset Management System. 

 

• NYPA provided evidence of conformance against the new parts of the ISO 55001: 2024 standard (Decision-Making Framework, SAMP requirements, Knowledge, Predictive Actions etc.). NYPA also provided evidence that demonstrated plans are already in place to improve these processes. 

 

• The work that NYPA carries out is aligned to the objectives set by the Authority, which in turn can be seen as being aligned to the requirements of its stakeholders.

 

• Asset management processes were consistently witnessed across all NYPA’s operational sites subjected to a Stage 2 audit.

 

NYPA’s assets include the people, equipment, systems, and infrastructure that allow for the effective operation of its 17 power plants, including its flagship hydroelectric projects on the Niagara and St. Lawrence rivers, and its 1,550 circuit miles of high-voltage transmission lines. NYPA, the nation’s largest state-owned electric utility, provides up to one-quarter of the electricity in New York. 

 

The certification also recognizes that NYPA has adopted market-based decision-making that enables New York to achieve a greater return on investment, use its resources more efficiently, and address the needs of its customers and New York communities. 

 

NYPA’s path to ISO 55001 certification began following the publication of the organization’s first comprehensive Strategic Plan, approved by NYPA’s Board of Trustees in 2014, which identified asset management as one of its key strategic initiatives. NYPA achieved its first certification in August 2019. Since that time, NYPA requalified in 2022, and earned certification under the new 2024 standard. 

 

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About NYPA  

NYPA is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.gov and follow us on Twitter, Facebook, Instagram and LinkedIn. 

 

About the Institute for Asset Management 
The Institute of Asset Management (the IAM) is the international professional body for asset management professionals. The IAM develops asset management knowledge and best practice and generates awareness of the benefits of the asset management discipline for the individual, organizations and wider society. Established in 1994, the IAM currently has over 2,700 members and a network of over 30,000 people globally. 

 

About EA Technology Ltd 
EA Technology Ltd is a specialist in asset management solutions for owners and operators of electrical assets. Headquartered in the UK, EA has a global network of operations and customers with regional offices around the world. EA is committed to providing its customers with innovative products and services, consultancy and training, which deliver tangible benefits to create safer, stronger and smarter networks for today and the future.