By the end of the 20th century, many utilities in Europe faced the challenge of providing secure, sustainable and affordable energy to the people. As a consequence, the style of operation changed from governmental operations to a more entrepreneurial approach. In order to meet high standards at lower costs, various asset management concepts were introduced. IWO is studying these concepts from the viewpoint of maintenance styles like corrective, period-based and condition-based maintenance. Involving the impact and business values, this leads to risk based maintenance. Finding a good mix with redundancy, reparability and criticality this leads to reliability centered maintenance. IWO studies these concepts in combination with its complementary fields of Reliability Statistics, Material Science. and Condition Assessment. With the increasing strategic value of power electronics, smart sensing is gaining importance and opens the door to asset management beyond infrastructures. IWO is working with utilities and industry on asset management concepts.