Real-Time Data and AIP: How FortisBC Transformed Its Capital Planning Strategy
Organizations today face the challenge of making strategic asset investment decisions that align with both business objectives and regulatory requirements. For utilities like FortisBC, the process of selecting the right Asset Investment Planning (AIP) solution is critical to ensuring decisions are well-informed and defensible.
The search for a solution
FortisBC, a dual gas and electric utility in British Columbia, Canada, recognized the need to improve their asset investment decision-making process. Encouraged by their regulator, they looked for a solution that could help them make the right choices at the right times. After an extensive RFP process and numerous product demos, FortisBC selected Copperleaf for its ability to meet all their criteria, and the positive response to the technology solution from their asset management team and other senior stakeholders.
Stakeholder management is a critical aspect of implementing an AIP solution. FortisBC involved various stakeholders, including their regulator, in the process of defining the weighting criteria for asset investment decisions. By sharing these criteria with internal teams and their regulator, they ensured transparency and alignment in the decision-making process. This collaborative approach allowed FortisBC to develop and present a defensible and understandable framework for project investment decisions.
The value-based decision making approach
Copperleaf’s value-based decision-making methodology had a significant impact on FortisBC’s transformation of its AIP strategy.
The approach was applied in stages, starting with their gas assets then moving to their electric assets. Once the weighting criteria were established for one asset class, it was easier to apply similar criteria to other asset classes. This consistency created more clarity for the regulator to understand and approve investment decisions.
The key benefits of the right AIP solution
One of the key outcomes FortisBC sought from a technology solution was to streamline business case development for investment projects. Copperleaf’s ability to collect, consolidate, and visualize information, as well as generate insights based on asset data, reduced the effort and time required to build business cases. Additionally, the solution allowed FortisBC to identify investment needs more proactively and accurately, even if it meant investing more than initially planned. This capability provided a double benefit: rationalizing investments and maximizing returns.
Hear directly from FortisBC about their usage of Copperleaf’s AIP capabilities:
Being able to use real-time, real structured data in our asset investment planning from a capacity perspective, from a longevity perspective, and from a maintenance perspective really improves our ability to plan our projects. It also improves the clarity of our plan for regulators, so they can better understand our investment decisions.
TIM SWANSON
Director, Corporate Security & Business Continuity
FortisBC
Looking ahead, FortisBC is excited about the potential of new technologies to further enhance capital planning. Copperleaf has become a valuable asset for FortisBC, enabling them to make informed, defensible, and strategic asset investment decisions. As technology continues to evolve, the potential for further enhancements in AIP is immense, promising even greater efficiencies and benefits for asset-intensive organizations like FortisBC.