International Standardization of Asset Management in the Power Sector : Comparative Analysis of IEC 63223, PAS 55, and ISO 55000

Power networks are long-lived, capital-intensive assets facing complex risks. PAS 55 and ISO 55000 provide general asset-management baselines but lack power-system specificity. The IEC TC 123 IEC 63223 series addresses this gap with a domain-tailored framework. This paper reviews its three-layer architecture (Core–Process–Support), contrasts it with PAS 55/ISO 55000, and assesses implementation readiness. IEC 63223-1 sets strategic principles and four decision domains: asset development, operation, resource portfolio, and life-cycle strategy. IEC 63223-2 formalizes risk-informed decision making (RIDM) using PoF, CI, and HI, and classifies uncertainty as aleatory, epistemic, or normative. IEC TS 63224 contextualizes ISO 55001 and provides actionable guidance (KPIs, SAMPs). Findings show greater adaptability, sector specificity, and alignment with digitalization, ESG, and PHM, offering practical implications for operators, regulators, and OEMs, and a concise roadmap for adoption.