The Smart Grid's contributions to improving electric utilities' means of monitoring the condition of assets, providing enhanced situational awareness, and faster actionable intelligence have transformed the power industry's concept of asset management from a largely passive, time-based approach to a more proactive, condition-based assessment. Condition-based asset management offers a big leap in accuracy, improved and therefore greater power grid reliability, as it is a sounder method for asset maintain/repair/replace strategies and related investments. Unfortunately, this "new" approach remains wholly inadequate to meet the challenge.
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