A Novel Remaining Useful Estimation Model to Assist Asset Renewal Decisions Applied to the Brazilian Electric Sector

Abstract

Assets deteriorate over time, as well as being covered, corroded, or becoming old in less obvious ways. Maintenance can extend the remaining useful life (RUL) of an asset system, but sooner or later it must surely be replaced. In this study, we propose a new RUL estimation methodology to assist in decision making for the maintenance and replacement of assets from prioritizing equipment in a renovation plan. Our methodology uses advanced data analysis techniques that consider multiple competing criteria with the goal of maximizing values of the asset throughout its life cycle, while considering the rules of remuneration and service quality of the current regulation, as well as the values at risk according to the decisions and actions taken. Experimental results with real datasets show the efficiency of the proposed approach. Finally, this work also presents the development of an analytical tool to optimize asset renewal decisions applying the RUL estimation methodology proposed and its application to the Brazilian electric sector.