Strategic Asset Management allows Tacoma Power to adapt to a changing environment with significant challenges while ensuring we're delivering exceptional value to our customers.
Strategic Asset Management
Changing Environment/ Significant Challenges
Exceptional Value
How this is different from past efforts
Who is Tacoma Power
Manage expenses to minimize rate increases
Why this approach
Increasing costs
Declining
retail load
Decreasing wholesale revenue
Loss of expertise/ institutional knowledge
Half of workforce eligible to retire in next 5-7 years
Highly competitive job market
Labor
Taxes and assessments
Conservation
Lagging economic recovery
Record low market prices
Hydrology
Regulatory
Service territory
Governance model
Customer demographics
Balance reliability, risk & cost
Data-driven decisions
Ensure continuity of knowledge/ Make sure we have the skills and information to be successful
We've been working on asset management in a silo approach since 2008