As electric power demand grows rapidly along with the economies and populations of South-East Asian nations, new power projects alone will not be enough to ensure adequate power generation capacity; extension of the operating life and improving the efficiency of existing power plants must also be undertaken to make cost effective use of existing assets. Life extension of existing power plants can be achieved for the incremental cost of replacing only those few critical items that are no longer serviceable, while retaining the majority of the facility, and benefiting from the value of its sunk cost. Further improvements can be made to increase the efficiency of these plants, if the capital cost and efficiency gain demonstrate a positive business case. This may mean the replacement of the critical items which can be still utilised. Such projects can cost-effectively reduce or delay need for investment in new build power plants. However, in order to realise the significant benefits of modernising aging power stations to extend operating life, the complex risk profile of a life extension project, unique to each plant, must be understood and effective risk mitigation actions taken. This paper is written for the benefit of the plant owner, and in it the common risks in power plant life extension and upgrade projects are addressed, and proven risk mitigation actions discussed, with the aim of improving project delivery and engineering practice in the upgrade, refurbishment and life extension of aging power plants.
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