The PIM Program is organized under the Pooled Equipment Inventory Company (PEICo), a Delaware membership company. The day-to-day operations of the PIM Program are conducted through a management contract that is currently held by Southern Nuclear Services, LLC, an affiliate of the Southern Company.
The PIM concept was developed by General Electric and seven BWR utility members and incorporated in 1980. In 1984 the utility members expanded the program to include their PWR units, and Southern Company assumed the role as the Program Manager through an unregulated affiliate. A unique characteristic about the PIM Program is that it is the only nuclear utility sponsored and directed organization utilizing common storage facilities. The PIM Program, through PEICo, holds title to the equipment. It currently has equipment assets of approximately $105 million dollars. In today’s market, this same inventory is estimated to exceed a replacement value of $205 million dollars. While the original PIM Program model was established for high cost emergency spares, a change to the PIM contracts was made in 2002 such that PIM could address the nuclear industry emerging need to address parts obsolescence, critical spares and the continuing pressure to reduce inventory and costs on site. While this is an ongoing process, PIM and its members are beginning to see the benefits of this change. Consequently, the existing PIM Program can procure and store virtually any item used in a nuclear plant that its members feel would provide them economic benefit.
In 2008 the PIM Program again modified its corporate structure and contracts to allow non-nuclear electrical utility business units to utilize the PIM model without the encumbrances sometimes associated with the nuclear industry. This change allows PEICo to establish multiple LLC’s to support their needs, i.e., a Transmission PIM LLC, a Fossil PIM LLC, etc. It is believed these groups with common needs could use the PIM model, its existing facilities, documentation, business platforms and lessons learned.