In the course of the past decade, there has been increased attention and focus on the challenges facing power plant owners in managing/optimizing performance of their power generating assets. The challenges include aging power plants, changing mix of assets in fleets used for power production, aging workforce, attrition, capturing and retaining knowledge, recruiting new talent, technological changes, obsolescence, economics, environmental regulations, and others. These challenges have resulted in a paradigm shift, creating a need for power plant owners to do more with less, while simultaneously maximizing their operating revenues and return on investment.

This paper provides an overview of the challenges facing the power industry as it grapples with these challenges, and knowledge management strategies to effectively harness the power of human resources, power plant processes and technological advances/tools in managing/optimizing the performance of power generating assets.

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