Hydro Ottawa: Best Practices in Asset Management

PROJECT 10

Best Practices in Asset Management

Hydro Ottawa has the distinction of becoming the first Canadian utility to receive the prestigious ISO55001:2014 certification for best practices in asset management from the International Organization for Standardization (ISO), joining only three other North American electric utilities.

With an independent non-governmental global network of national standards institutes from each of its 165 member countries -- including the Standards Council of Canada -- the Independent Organization for Standardization brings together experts to share knowledge and develop voluntary, consensus-based, market-relevant international standards that support innovation and provide solutions to global challenges. With ISO55001:2014 accreditation, Hydro Ottawa and its customers benefit from:

• Enhanced risk management; • Trust and confidence of investors and stakeholders; • Reduced capital and operational costs; • A collaborative approach to decision making and a set framework for dealing with subcontractors; • A safer, more reliable and innovative environment Hydro Ottawa’s work on this significant certification achievement began in 2018 and included multiple gap assessments and internal audits before finally bringing the system to a level of maturity that allowed it to engage in the certification process.

The ISO55001:2014 certification signifies superior asset management practices that demonstrate Hydro Ottawa’s ability to achieve a number of important operational, environmental and financial goals for the betterment of its customers and community.