The electric power industry has changed significantly in the past 13 years since the second edition of this book. climate change, sustainability objectives, electrification of transportation, the prolific interconnection of renewable resources, and the aging workforce are placing unprecedented demands on already-aging transmission and distribution systems.
At the same time, emerging technologies and commercial off-the shelf (COTS) solutions offer powerful new ways to address these challenges. Flexible AC transmission systems (FACTS), high-voltage direct current (HVDC), advanced metering infrastructure (AMI), artificial intelligence (AI), machine learning (ML), digital twins (DT), and generative AI are transforming how utilities plan, operate, maintain, and modernize their systems. When applied in alignment with modern principles of asset management, these technologies can help utilities continue delivering reliable, affordable, safe, and sustainable electricity in the context of an aging power delivery infrastructure.
This extensively updated third edition closes the gaps between established asset-management practices and the rapidly evolving needs of today’s electric power industry. It examines current infrastructure challenges, identifies emerging risks, and provides practical approaches that utilities can apply now to prepare for the future. The book also evaluates software-enabled methods and commercial off-the-shelf solutions that support better planning, decision-making, and asset performance.
Drawing on the authors’ extensive industry expertise, this edition provides:

• Practical guidance for managing aging transmission and distribution infrastructure.
• Direct application to the reliability, resilience, affordability, and sustainability challenges facing modern power systems.
• Forward-looking insight into emerging risks and actions utilities can take today.
• Coverage of software tools, analytical methods, and commercial off-the-shelf solutions.
• A comprehensive guide to asset management, system planning, infrastructure modernization, and emerging technologies.
• A practical roadmap for helping utilities prepare their systems, organizations, and workforces for the future.

Designed as both a technical reference and a practical decision-making guide, the third edition provides utility executives, engineers, planners, asset managers, regulators, researchers, and students with an enduring framework for managing aging infrastructure while preparing the power grid for continued technological and societal change.