Annual Report | SP Group

This places Singapore among the world’s most reliable power systems, alongside cities such as Beijing, Melbourne, Munich and Tokyo, and well ahead of many other major cities.

Working closely with government agencies, SP Group plans ahead to ensure that the grid is ready to support Singapore’s growth and evolving energy needs. To meet the nation’s rising energy demand, SP supported major infrastructure projects including the upcoming Johor Bahru-Singapore Rapid Transit System Link and Changi Airport Terminal 5. Renewal works at the Upper Jurong 230 kV substation were completed in preparation for future energy imports, while development works for new substations at Pasir Ris Industrial Park and Sunview progressed to support new data centres and advanced manufacturing facilities.

Reliability is often felt more than seen. Our silent heroes work round the clock to support the nation’s growth and improve quality of life.

We expanded network capacity by commissioning more than 280 km of new electricity cables and completing close to 2,600 new customer connections. In renewing ageing infrastructure, we replaced 200 km of electricity cables, more than 1,400 switchgear panels and 300 transformers. In gas mains renewal, we more than doubled our pace, completing more than 70 km of new pipelines last year.

SP’s engineering and operational excellence was recognised at the Asian Power, Enlit Asia and Project Management Institute Awards, in areas such as smart grid innovation, sustainability and project delivery.

We scaled up investments in grid renewal, expansion and digitalisation, while working closely with the Energy Market Authority (EMA) on future grid initiatives. These included Singapore’s first Virtual Power Plant with advanced online capabilities, operating within a regulatory sandbox and aimed at strengthening the integration and management of distributed energy resources. This is in tandem with the establishment of the SP Technology Laboratory to develop advanced solutions for grid planning and operations.

Building on these efforts, we enhanced grid flexibility and resilience with the launch of a new 9.6 MW Battery Energy Storage System (BESS) to facilitate the integration of more weather-dependent renewable energy sources such as solar energy, and to help balance electricity demand and supply.

Our efforts supported Singapore’s transport electrification ambitions through the nationwide expansion of EV-ready infrastructure. By end-2025, SP had completed electrification infrastructure for more than 90 per cent of car parks at public housing estates, including 740 outdoor car parks, marking an important milestone in enabling wider EV adoption.

Regional grid interconnections will also become increasingly important in advancing Singapore’s longer-term energy security and decarbonisation ambitions. Geopolitical developments in the past year have further underscored the importance of such cooperation. Singapore and Malaysia announced a full feasibility study for a second power interconnection following a joint technical study conducted by SP Group and Tenaga Nasional Berhad (TNB).

The full acquisition of Power Automation (PA), previously a joint venture with Siemens, marked another important step in broadening our engineering and digital grid capabilities. With deeper expertise in power systems control, substation automation and protection systems, we are well positioned to build a smarter, more resilient grid.

Beyond Singapore, SP contributed actively to regional energy collaboration in our tenure leading the Association of the Electricity Supply Industry of East Asia and the Western Pacific (AESIEAP). In October 2025, SP hosted the 25th Conference of the Electric Power Supply Industry during Singapore International Energy Week 2025. About 3,000 regional energy leaders and policymakers gathered to discuss issues shaping the future of power systems, including grid modernisation, distributed energy resources and artificial intelligence.

The Group also assumed the AESIEAP Technical Committee Chairmanship for the 2026–2028 term and hosted the committee’s first meetings in Singapore in April 2026.

We enhanced systems and platforms to improve customer experience and service delivery.

More than 90 per cent of homes and businesses have been installed with smart meters as of 1 July 2026, totalling more than 1.72 million units, with the nationwide rollout on track for completion by the end of this year. Our enterprise billing system has also been upgraded, improving data processing speed by up to 40 per cent.

More customers are embracing digital and sustainable practices. As of March 2026, more than 1.2 million households have opted for paperless billing, representing close to 70 per cent adoption compared to 22 per cent four years ago.

Our focus on service quality and responsiveness was reflected in SP PowerGrid’s high customer satisfaction score of 9.208 out of 10 in 2025.

The dedication of our frontline teams was also recognised nationally, with 45 SP Services officers receiving Star, Gold and Silver accolades at the Excellent Service Award ceremony.

In Singapore and overseas markets, we solidified our position as a cooling-led integrated sustainable energy solutions provider.

In district cooling, our footprint in Singapore grew to 230,870 RT as of March 2026. This places SP Group as the largest district cooling operator in Southeast Asia. We commenced operations for Singapore’s largest industrial district cooling system at the STMicroelectronics (ST) Ang Mo Kio TechnoPark facility. With a cooling capacity of up to 36,000 refrigeration tonnes (RT), the system is expected to reduce cooling-related electricity consumption by about 20 per cent annually and repurpose more than half a million cubic metres of water each year, alongside the reduction of carbon emissions by up to 120,000 tonnes per year. At ST’s Toa Payoh site, SP also commissioned a new high-efficiency chiller system with a total cooling capacity of 3,200 RT.

Building on growing demand for low-carbon cooling solutions, and following our implementation of Singapore’s first brownfield Distributed District Cooling network in Tampines, we were appointed by Mapletree Investments and Mapletree Pan Asia Commercial Trust to develop one of Singapore’s largest brownfield distributed district cooling deployments in the HarbourFront Precinct, with an installed cooling capacity of approximately 17,150 RT.

We sustained the growth of our solar and distributed energy capabilities. Partnering JTC on a Substation Solar Programme, we aim to deploy up to 4.55 MWp of rooftop photovoltaic (PV) systems across JTC-owned substations, while rooftop solar systems deployed at 26 SP substations are now fully operational, with a capacity of 12.9 MWp. We also deepened our partnership with Singapore Petroleum Company to deploy and operate rooftop solar systems at eight petrol stations and its Jurong Island Terminal. In another project with STMicroelectronics, a new solar PV system was switched on at its Singapore headquarters building and extended into solar carports, generating clean energy while keeping vehicles shaded. With a total capacity of 573 kWp, the system supplements 20 per cent of onsite electricity needs.

SP is now the largest commercial and industrial smart metering partner in Singapore, with our smart meters operational in more than 1,000 buildings. We have deployed our Utilities Management System at more than 80 developments under Mapletree Singapore’s portfolio, while securing a partnership with the Defence Science and Technology Agency for similar deployment across Singapore’s defence facilities.

Our EV charging network expansion included the rollout of Singapore’s first ultra-fast EV chargers enabled with a battery energy storage system, placing them among Singapore’s highest-capacity public chargers. To make EV charging more accessible in residential townships, SP Mobility launched Singapore’s first EV fast-charging hub in an HDB car park, located in Tengah. As at March 2026, we operated close to 3,400 charging points at more than 800 locations in Singapore, cementing SP’s position as the largest public EV fast-charging network operator in the local charging market.

Across our overseas markets in the region, we are empowering the long-term sustainability and resilience of cities and industries. Our footprint has grown through district cooling and integrated energy systems. As of March 2026, we have secured 130,000 RT of overseas cooling capacity.

In Chongqing, SP became the first third-party operator to manage the integrated energy systems for a major high-speed railway hub through the Chongqing East Railway Hub project, which includes a cooling capacity of nearly 14,000 RT. Over at the China-Singapore Guangzhou Knowledge City, we secured the Zhihui Tower integrated development project, extending the existing district cooling network at the Guangzhou Knowledge Tower. The network, modelled after SP’s Marina Bay district cooling system in its design, operations and scalability, will have a maximum cooling capacity of 9,000 RT.

SP secured and operationalised its first Cooling-as-a-Service project in Thailand with Amari Don Mueang Airport Hotel, delivering a total cooling capacity of 1,200 RT. Building on this momentum, another two cooling projects totalling 3,200 RT were secured in April and May 2026. In Vietnam, SP partnered Hoa Sen Group to deploy 17.6 MWp of rooftop solar systems alongside Vietnam’s first industrial Cooling-as-a-Service deployment, totalling 1,500 RT, which is on track to achieve full commercial operations before the end of 2026.

Sustainability remains closely embedded within SP’s corporate strategy. We introduced a Group-wide Sustainability Framework organised around seven material topics spanning environmental stewardship, people and community, and responsible growth.

SP also advanced efforts to decarbonise our own operations, including the deployment of Singapore’s first 66kV transformer using biodegradable ester fluid and initiatives to explore the use of sulphur hexafluoride (SF₆)-free power equipment.

The Group also progressed the electrification of our operational fleet, including trials of electric prime movers along with the deployment of electric service vehicles. As of March 2026, close to 70 per cent of SP’s service fleet has been electrified.

Beyond our own operations, SP’s sustainable energy solutions have enabled the avoidance of more than 3.5 million tonnes of carbon emissions for our customers in Singapore and overseas markets since 2021.

As the energy sector evolves, SP continues to invest significantly in workforce transformation, leadership development and the enhancement of technical capabilities. Close to 140,000 training hours were completed across the Group, with S$7.7 million invested in learning and development initiatives.

A major part of this transformation journey has been driven through Project FUSION (Future Skills in Everyone), launched jointly with the Union of Power and Gas Employees (UPAGE) in 2018. Since then, SP has invested close to S$70 million in workforce transformation and clocked over 1.4 million training hours. More than 400 roles were redesigned across the organisation, generating productivity gains equivalent to over 300,000 man-hours saved.

With artificial intelligence (AI) becoming more pervasive in everyday life, we have accelerated our digital and AI-driven transformation to strengthen workforce capabilities, enhance grid performance and serve customers better. AI is a human-driven tool, centred on improving quality of life. With this in mind, SP launched FUSION.AI, the next phase of our workforce transformation journey. We are committed to harnessing AI responsibly and equipping employees with the skills and confidence to work effectively with AI.

SP is driving the adoption of AI for our people and customers, improving efficiency and productivity. 

SP’s 30-year strong union-management relationship continues to support workforce transformation in a fair and trusted manner, with the interests of employees at the centre of these efforts.

SP’s efforts to strengthen its employee value proposition have been validated through several national accolades. SP PowerGrid ranked among the top 20 per cent of employers in the inaugural Singapore Opportunity Index by the Ministry of Manpower. The Group received the SkillsFuture Employer Gold Award for fostering a strong learning culture, and was also named Top Employer Asia in the Energy & Utilities sector by Influential Brands. In addition, SP was reaffirmed as the top employer in the Utilities sector in the 2026 Straits Times–Statista ranking, and was listed on the 2026 Fortune Southeast Asia 500 for the third consecutive year. These achievements reflect the Group’s strong commitment to investing in and developing its people, enabling a high-performing, future-ready workforce that drives sustained organisational success.

At the National Trades Union Congress (NTUC) May Day Awards 2026, four SP colleagues were recognised for their contributions to the labour movement and commitment to advancing the interests of workers. SP PowerGrid CEO Jimmy Khoo received the Medal of Commendation for his leadership in enhancing wages, welfare and work prospects. Salman Bin Kamiso, Principal Engineer, Gas Operations, was awarded the Comrade of Labour (Star) for his sustained service and contributions to the labour movement, while Abdul Rahman Bin Suthamoo, Technical Officer, Electricity Operations, was recognised as a Comrade of Labour for his active role in union leadership. Melody Yap, Centre Manager, Customer Care, received the Model Worker Award in recognition of her performance and commitment to continuous learning and adaptability.

SP’s commitment to contributing positively to the communities we serve took on added significance as we celebrated SP30 and SG60.

Throughout the year, SP deepened support for seniors, youths and children from lower-income backgrounds, with philanthropy and volunteerism contributions exceeding S$7 million. Employee volunteer hours increased by 45 per cent last year and more than tripled over the past five years.

In June 2025, SP organised its inaugural SP Community Festival, where we launched our SG60 Journeys from the Heart. The initiative enabled 600 beneficiaries to experience Singapore’s heritage and progress through electric bus tours hosted by SP staff volunteers, also known as SP Heart Workers. We also tripled donation matching for all staff donations in this milestone year, resulting in a doubling of staff donations to the SP Heartware Fund.

Through the Fund, SP augmented its long-term partnerships with social service agencies. For children and youths, SP committed S$2.1 million over three years to TOUCH Community Services to establish the SP CHAMP League, where 700 children and youths from lower-income families are set to benefit from mentoring, academic coaching and enrichment opportunities aimed at uplifting social mobility. Cumulative contributions to KidSTART Singapore have also reached S$5.4 million since 2021 to nurture holistic early childhood learning and development. The latest initiative, Play It Forward, is aimed at nurturing learning through play and inculcating sustainable lifestyle habits.

For families and seniors, SP has committed S$1 million over three years to SunCare SG to support lower-income families through home improvement, nutrition and employment assistance. This is alongside our donation of S$700,000 to Care Corner Singapore for a community-based Frailty Management Programme for seniors, and nutrition and enrichment initiatives for children.

We also contributed S$850,000 to Youth Guidance Outreach Services (YGOS) to bolster preventive outreach programmes supporting youths at risk of social isolation and online gaming addiction, building on earlier efforts in pioneering mobile outreach initiatives to engage at-risk youths.

SP’s community efforts were recognised through a clean sweep at the Community Chest Awards 2025, including the top accolade, the Pinnacle Award, for the third consecutive year. SP also received the Charity Platinum, Enabler, SGSHARE and Volunteer Partner Awards. These recognitions reflect the scale-up of SP’s community outreach, the strong spirit of volunteerism among employees and our sustained focus on multiplying impact through partnerships with staff, customers and community organisations.

Beyond our shores, SP supported humanitarian and community initiatives including Typhoon Kalmaegi relief efforts in Vietnam, flood relief programmes in Thailand and healthcare volunteering for children with congenital heart disease in China.

The Board remains confident in SP’s long-term direction and the strength of our foundations. We will continue to invest ahead of demand, strengthen future capabilities, empower our people and support Singapore’s energy transition, while upholding the high standards of safety, reliability and service that customers have come to expect from us.

On behalf of the Board, I would like to thank our management team, employees, union partners, customers, shareholder and stakeholders for their continued trust, partnership and dedication throughout the year. Together, we will continue to strengthen the energy systems and partnerships that support Singapore’s future and the communities we serve.

Leong Wai Leng
Chairman

August 2026