The New York Power Authority on Aug. 14 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 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 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, NYPA noted.

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.  

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 decisionmaking 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.