RISK MANAGEMENT IN NIGERIA ELECTRIC POWER INDUSTRY

Abstract

Most industrial and domestic electricity users are looking for electricity utility providers that meet their industrial and domestic performance needs and can be reliable. Due to maintenance and poor management /support systems, the Nigeria electric power industries are not able to meet the customers, requirements. Major causes of customers’ dissatisfaction are often traced back to unexpected failures leading to unexpected costs. However, with proper consideration of risk management in the maintenance policies, the number of failures can be reduced and their consequences minimized. Base on persistence power failures and the present deregulation threats in the Nigeria electric power industry, an approach for integrating risk management in the maintenance system is sort. The importance of FMECA failure management, measures and strategic management to facilitate easy risk management implementation in maintenance function is discussed. An approach is suggested for use of reliability tools, LCC and Pareto simulation waste process management, coordination and control to reduce risk. This paper establishes the importance of a well planned requirement specification and the need to analyze and interpret risk analysis results, for maintenance management.