IEC 63223-2:2026 PDF

Overview

IEC 63223-2:2026, Management of network assets in power systems - Part 2: Risk-informed decision-making process, is an international standard developed by the International Electrotechnical Commission (IEC). This document establishes requirements, recommendations, and practical examples for implementing a risk-informed decision-making (RIDM) process in the management of existing power network assets. It addresses the needs of various stakeholders within power network organizations, including asset managers, risk managers, regulators, asset owners, and service providers.

Grounded in asset management principles outlined in ISO 55000:2024 and aligned with ISO 55001:2024, IEC 63223-2:2026 supports organizations in making consistent, transparent, and traceable decisions regarding asset management strategies, investments, and risk mitigation.

Key Topics

• Risk Decision-Making Context The standard emphasizes tailoring the RIDM process to the asset management objectives, level of available knowledge, and the concerns of relevant risk stakeholders.

• Risk Management Strategies Organizations are guided to identify and select appropriate risk management strategies-such as risk analysis, application of the precautionary principle, and discursive approaches-according to their specific context.

• Risk Analysis and Investment Justification IEC 63223-2:2026 details essential steps to conduct robust risk analyses and justify asset-related investments, regardless of the analytical or calculation methods chosen.

• Information and Warnings for Decision Makers The standard provides essential information, including model assumptions, probability assessments, potential consequences, and the robustness of underlying knowledge, to support well-informed decisions.

• Performance Evaluation and Continuous Improvement The process includes systematic evaluation of decision outcomes and clear mechanisms for ongoing performance improvement and adaptation based on lessons learned.

Applications

IEC 63223-2:2026 is directly applicable to organizations managing electrical network assets, such as transmission and distribution operators, utilities, and service providers. Its practical value is seen in:

• Structured Decision-Making: Establishing a clear, repeatable process for evaluating risks and making asset management decisions, leading to improved transparency and traceability.
• Maximizing Value and Mitigating Risk: Supporting organizations to balance costs, risks, opportunities, and performance when managing assets, thus facilitating sustainable value creation.
• Regulatory Compliance: Providing confidence to regulators and stakeholders that decisions regarding investments and risk controls follow internationally recognized practices.
• Stakeholder Engagement: Ensuring that the concerns and values of both internal and external stakeholders are considered in the decision process.
• Adaptation and Improvement: Streamlining collection of information, monitoring performance, and driving continuous improvement in asset management strategies and outcomes.

Related Standards

• ISO 55000:2024 – Asset management - Overview, principles and terminology Foundational for asset management systems and referenced throughout IEC 63223-2:2026.

• ISO 55001:2024 – Asset management - Management systems - Requirements Provides guidance for asset management system requirements; IEC 63223-2:2026 aligns with this for organizations seeking broader compliance.

• IEC 63223-1:2026 – Asset management for power systems - Part 1: Overview, principles and terminology Offers an overview of the domain, key principles, and terminology.

• IEC 31010:2019 – Risk management - Risk assessment techniques Supplies supporting methodologies referenced in the risk assessment process within IEC 63223-2:2026.

• IEC TS 63224:2025 – Technical guidance on asset management in electrical networks Complements the guidance of IEC 63223 series with application-focused recommendations.

Implementing IEC 63223-2:2026 helps power system organizations achieve robust, risk-informed asset management, supporting better investment decisions, enhanced system reliability, and overall organizational performance.