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National Grid's journey with implementing PAS 55 Development of a cross business asset management initiative Using PAS 55 to develop a common language across different geographies and networks Using the platform created by PAS 55 to share business practices and develop common ways of working Sharing asset management practices with businesses outside National Grid using PAS 55.

Ofgem has a long standing interest in asset risk management, for example surveying practices within the energy network companies in 2002.

Following the publication of BSI PAS 55, Ofgem is now encouraging GB Network Companies to undertake certification to PAS 55 and is monitoring each company's progress towards certification and is expecting that by 2008 companies will be certified and report their certification status to Ofgem on an annual basis.

Ofgem has also participated in the development of the IAM assessment methodology. The presentation will review current status and how PAS 55 implicitly benefits the customer.

The Water and Wastewater industries probably have the greatest opportunity of all major utility sectors to add value in this way however, they also face the greatest practical problems and risks in doing so. Developments in Corporate Governance also require best Asset Management practice of this type to be deployed. There are a number of Asset Management Tools and Models available of which PAS55 is a supported and leading example. There are two distinct processes which need to be undertaken. These are: i) Utilities are keen to use such tools as vehicles for discussing objectively their capabilities with key stakeholders such as Regulators and Financial Institutions. PAS55 and the UKWIR Asset Management Planning Assessment Process model are ideally suited for these tasks. ii) Utilities are also keen to inspire and support their staff to develop new Asset Management capabilities which systematically add value for stakeholders by reaching and defining best practice. PAS55 and the UKWIR models can be used for these purposes but there are better tools available at present. Modifications to PAS55 and/or the UKWIR models could make them more suited to these tasks.