You are correct the budget is large but not as large as I would like.
You just missed the Powertest conference, ended yesterday, that would have been the best place for you to see, demo, and purchase everything you need. I don't think you realize how much stuff you need. Giving you an entire list is a tall order because I would need to know a lot about your company, equipment, training level of personel, etc... How about I just answer your questions as they come?
I was thinking along the lines of a nice Fluke MM,
Good start, but not much uses for one for testing MV switchgear.
A Hi Pot rated to ??? 40 Kv?, Whats thie difference between an AC and DC tester?
The rating will depend on if you select AC or DC, DC should nto be used on cables but is smaller and lighter than AC. Power frequency AC is not practical for industive equipment and long cable runs. Your best bet is either a VLF or Tan Delta test set. Say $20-$30,000
What is the difference between a megohmeter and a Hi Pot tester.
There are several long threads here answering that question, use your search feature. They are 2 different classes of tests, megger is for insulation resistance, hipots are for measuring dielectric strength, you will need both. Megger needs to at least 5kV. $5,000 for a good megger.
They install alot of SEL and Multilin relays so a protective relay tester? But what model.
This will be your largest investment and has the most choices. Manta, doble, omnicron, and many others all make fine sets, expect to invest a good $40,000 here.
I was thinking a varible AC power source for Circuit breaker motors. Varible DC power source for trip circuit power?
This is telling me you are in over your head here. You have different AC charge and DC trip control voltages? What about closing?
Just the essentials for now.. Oh and something to test the Ct's PT's and CPT's...
Not sure what you mean by just the essentials, either you buy it or you don't, do you mean you just plan on running some of the required tests? The equipment discussed above is just a drop in the wel and you are already close to $100k
What about your test engineers? If they are not properly trained they can damage your switchgear and test equipment. If they are properly trained they should already have this list.
I guess I am just confused, I cannot recall anyone besides nuclear plants that does in house testing of MV switchgear and realys. You can hire a certified crew to do this at your plant for the life of the plant for what you are looking to spend on test equipment. Some more info from you may help clear things up. I really am trying to help you here.