Annual Report | SP Group
Chairman's Message
In 2025, we mark 30 years since Singapore Power Limited was established as the corporatised entity of Singapore’s electricity and piped gas operations, formerly under the Public Utilities Board.
We have seen the growth and performance of our networks to world-class standing among international operators. Amidst a dynamic environment, we have held fast to our tenets of operational excellence and safety in managing our networks and services. We are also committed to enabling a greener future for Singapore and the markets in which we operate, creating value for all our stakeholders. Our goal, as SP Group, is to empower the future of energy for everyone.
Steady financial growth
Weathering uncertainty in the global environment, SP Group has delivered robust financial results for the year ended 31 March 2025. We achieved a net profit of S$1.16 billion, representing a 4.5 per cent year-on-year increase, with the Group’s Return on Equity at 9.1 per cent. These results have been driven by growth across all our businesses. The Group’s net revenue rose by 7.5 per cent to S$3 billion, averaging a growth of 5 per cent per annum since adopting our Corporate Strategy 2030 in FY2021/22.
Our regulated electricity and gas businesses continued to grow in tandem with grid investment, providing stable returns. During the year, we successfully concluded electricity transmission & distribution and gas transportation regulatory reset for the five-year period ending 31 March 2030.
SP’s Sustainable Energy Solutions business maintained its rapid growth trajectory, averaging an annual revenue growth rate of 33 per cent since FY2021/22, as we scale up new projects and services.
We have maintained our AA credit ratings of Aa1 by Moody’s and AA+ by S&P for the fourth consecutive year. This reflects investor confidence in our financial strength and provides us with a solid foundation to invest in future growth.
Our investment in Australia delivered a solid financial performance with a record profit of A$354 million in the year ended 31 December 2024. Beyond enhancing electricity and gas infrastructure to ensure reliable energy delivery across its networks, Jemena continued to play a pivotal role in driving Australia’s energy transition, aligned with SP’s commitment to a low-carbon future.
Running reliable networks
Our electricity and gas networks are integral in the advancement of our economy and our quality of life. This undergirds our efforts to uphold high standards in our maintenance and renewal regime. Last year, we continued to outperform our targets and achieved a System Average Interruption Duration Index (SAIDI) of 0.236 for electricity and 0.2579 for gas supply. This means that a customer experienced an average disruption of only 14.16 seconds in electricity supply and 15.47 seconds in piped gas supply. These outcomes place us among the world’s best, thanks to the round-the-clock vigilance of our engineers and technical teams.
Upholding reliability
Handongfiah family
Electricity Operations
To meet growing demand, we expanded our network capacity by commissioning more than 150km of new electricity cables and delivering more than 2,700 new customer connections across Singapore. Our 230kV large-scale underground electricity substation at Labrador is fully operational. We also proactively renewed ageing infrastructure – replacing 180 km of older cables, 1,200 switchgear panels, 302 transformers, and 22 km of ductile iron gas pipelines to ensure continued reliability. These efforts fortify our grid’s resilience and prepare it for future needs and the nation’s growth in various industries.
People of resilience
Jeanne Cheng
Chief Corporate Officer
Emergency preparedness is key in safeguarding the resilience of our networks. In a major undertaking, named Exercise Katrina, we rehearsed recovery from a simulated large-scale power disruption, putting theory to practice in deploying a mobile high-voltage transmission substation in just under seven days.
Commemorating Total Defence Day in February 2025, we joined the whole-of-nation Exercise SG Ready led by the Ministry of Defence and Energy Market Authority (EMA). We applied our emergency protocols to enable swift and safe power restoration, while raising public awareness on preparedness during a prolonged supply interruption. These inter-agency drills sharpen our crisis response and reinforce the importance of close coordination with government and service agencies.
Staying the course on safety
Safety remains our foremost priority in all we do. Last year, our Lost Time Injury Frequency Rate stood at 0.25 per million man-hours, which means that an average of 0.25 injuries occurred per million man-hours worked over a period of 12 months. This is in line with our consistent safety record which is well ahead of 0.53, benchmarked against global utilities standards.
Prioritising safety
Joseph Tay
Principal Technical Officer
Gas Operations
At SP Group, safety is more than a metric. It is a deeply embedded culture among our employees, contractors and partners. This ethos was reinforced at our annual Safety Townhall in September 2024, where some 300 staff, contractors, and union leaders gathered to reaffirm our shared commitment to a safe working environment. Close to 800 officers went through our project safety management course which we launched last year. We extended our Safety@SP training programme to over 6,800 workers and carried out close to 30,000 safety inspections. These were done alongside initiatives such as deploying our SAFE365 app to strengthen worksite safety management and proactively address potential hazards.
Enhancing customer experience
Our customers are equipped with more tools and services for greater convenience and control of their utilities management. Over the past year, we introduced new features and channels to make our services more accessible and responsive to the needs of customers. Our SP app is widely used as it provides our 1.7 million customers with a one-stop seamless digital experience for utilities account management, green tips, and rewards.
Enhancing customer experience
Shane Chio
Assistant Director
Customer Experience
With the nationwide deployment of smart meters in full swing, more consumers have timely data to monitor and better manage their electricity and water usage. As at March 2025, we have installed close to 1.28 million smart electricity meters and 311,000 smart water meters for homes and businesses.
In Singapore’s first Residential Demand Response pilot with EMA, at least half the participating households successfully reduced their electricity usage by more than 20 per cent during activation events in the six-month pilot period. This encouraging result shows that engaged and well-informed consumers can play a role in supporting grid reliability and sustainability.
Catering to customer preferences, we have expanded our service channels towards more digital engagement. Today, three out of four transactions are processed digitally. Instant mobile text platforms like WhatsApp enable customers to reach us easily on the go. For those who visit our Customer Service Centre, we have introduced more self-service kiosks with enhanced features, improving efficiency and reducing wait times. Our billing system was also upgraded in May 2025 to enhance our digitalisation efforts. These initiatives reflect our commitment to serve customers anytime, anywhere, according to the interactions most convenient for them.
We are greatly encouraged that our multi-pronged service initiatives have been well received by our customers. In 2024, the customer satisfaction index for SP PowerGrid reached a record high of 9.39 out of 10. At the Excellent Service Award (EXSA) ceremony, 49 SP Services officers received Silver, Gold, or Star awards for outstanding service quality. This marks the 14th consecutive year that SP staff have been lauded at EXSA, standing alongside Singapore’s service champions.
Enabling energy transition
As we manage the growing energy demand with more efficient and sustainable approaches, we are bolstering the capacity of our grid, to facilitate the integration of Distributed Energy Resources (DER), from solar photovoltaic energy and energy storage to vehicle electrification. Our ongoing trials on a DER Management System (DERMS) are yielding promising results in enhancing real-time monitoring, control, forecasting and planning in light of increasing solar generation and electric vehicle (EV) charging.
Building future-ready
Tan Ru Chen
Deputy Director
Engineering and Capability Development
We have also expanded coverage of our ongoing Grid Digital Twin pilot, equipping more substations with advanced sensors and analytics to enable predictive maintenance and more efficient remote operations. Additionally, SP is learning to harness generative artificial intelligence to boost efficiency in field operations and maintenance, with future applications in grid control and management. These will help ensure high standards of reliability and power quality while navigating increasing energy system complexity.
In support of Singapore’s ambition to achieve net zero emissions by 2050, SP is spearheading transformative initiatives to evolve Singapore’s electricity grid architecture into a Future Grid. It is intelligent and adaptive to seamlessly integrate diverse energy sources and respond to shifting consumption trends driven by electrification. These efforts are in collaboration with EMA, institutes of higher learning such as Nanyang Technological University, and entities under the Agency for Science, Technology & Research.
Collaborating with EMA, we have developed a Future Grid Capabilities Roadmap to address the complexities of a greener energy mix – from integrating intermittent renewables to leveraging data and automation for grid management. SP also signed a Memorandum of Understanding with EMA to develop a 15 MW Virtual Power Plant under a regulatory sandbox, aggregating distributed solar and battery systems to operate as a single smart power plant. A first for Singapore, this pilot will evaluate how virtual aggregation can provide energy and ancillary services to support grid stability.
Across the region, SP plays a leading role in fostering collaboration and sharing expertise to advance the Asia-Pacific’s energy transition. Helming the Association of Electricity Supply Industry of East Asia and Western Pacific (AESIEAP), we hosted the association’s CEO Conference in October 2024. Close to 200 leaders of international energy organisations gathered in Singapore to discuss strategies for decarbonisation, grid modernisation, cross-border interconnectivity and energy imports.
In a significant stride towards decarbonisation of the energy sector, SP PowerInterconnect, a subsidiary of SP Group, has been established to support Singapore’s energy import initiatives as the technical and development partner of Singapore Energy Interconnections and EMA. This aligns with the nation’s target to import 6 GW of low-carbon electricity by 2035.
Our sustainability impact
In Singapore and the region, we are driving concerted efforts to contribute to the green goals of our customers, our partners and the countries in which we operate. These efforts and solutions have resulted in the avoidance of close to 2.4 million tonnes of carbon emissions equivalent, equivalent to planting 114 million trees.
In our own operations, we are making steady progress in reducing our Scope 1 and 2 emissions. As of June 2025, we have installed rooftop solar panels at 23 substations, totalling 12.23 MWp, and converted about 60 per cent of our service fleet to electric vehicles (EVs), with the aim of achieving 100 per cent over the next four years. We have also installed smart building and climate solutions at our headquarters in Kallang and our newly completed Labrador Tower. Both buildings have earned the prestigious Green Mark Platinum (Super Low Energy) certification by Singapore’s Building and Construction Authority.
From the launch of the plan in 2021, all aspects of the Labrador Tower integrated project have been concluded and we welcomed our first occupants in the past year. It has been achieved through SP’s cross-functional capabilities in electricity operations and sustainable energy solutions in the construction of the underground substation and deployment of cooling, solar, EV charging and building management solutions for the tower building. Our solutions will enable 40 per cent energy savings compared to conventional fittings.
Creating a greener Singapore
SP Group’s suite of green solutions – spanning district cooling, renewable energy, energy services, and electric mobility – has achieved significant milestones over the past year, reinforcing SP’s position as a leading driver of sustainability.
Solidifying our position as Southeast Asia’s largest district cooling operator, our footprint in Singapore grew to 209,450 RT as of March 2025. We launched the nation’s first Distributed District Cooling (DDC) network, making Tampines the first brownfield town centre retrofitted with sustainable cooling. This network interconnects the cooling systems of seven buildings in a densely built urban area, optimising chiller operations and improving energy efficiency. It will reduce carbon emissions by 1,000 tonnes, equivalent to removing 910 cars from the roads. It will also save more than 2.3 million kWh of electricity annually, enough to power 710 three-room flats.
Our flagship downtown cooling network continues to receive new customer connections in Marina Bay and adjacent districts. We are making good progress in other districts, such as Singapore Science Park and STMicroelectronics’ (ST) Ang Mo Kio plant. Over at ST’s Toa Payoh site, SP will be implementing a new 3,200 RT cooling system equipped with dual-temperature capability that eliminates the need for heat exchangers.
Supporting Singapore’s push for electric mobility, SP now operates Singapore’s largest public EV fast-charging network with over 2,100 charging points nationwide. Over the past year, we accelerated the installation of charging points in public housing towns – reaching more than 200 HDB carparks with more than 700 charging points launched. These include the first EV charging points at Tengah estate, Singapore Land Group’s properties and SingHealth campuses to establish the largest network for a public healthcare cluster. We have partnered Malaysia’s JomCharge to enable cross-border charging services.
HSBC Asset Management, via its Energy Transition Infrastructure Fund, has taken a strategic stake in SP’s mobility business. This is a strong vote of confidence in the value and potential of our network, propelling SP to the forefront of electrifying transportation in Singapore.
SP has been a key player in Singapore’s solar energy landscape. In the past year, we expanded our solar energy services to more than 120 sites in Singapore. Key projects include Phase 2 at AIMS APAC REIT, new installations at BASF Southeast Asia, and seven malls under Frasers Property — our largest deployment for a single customer.
We have also advanced the deployment of our digital energy management solutions. Airbus, for example, has adopted our solution at its Asia Training Centre to cut energy use, reduce emissions and improve indoor space comfort.
Growing our sustainable footprint across the region
As we support Asia’s low-carbon transition, we have expanded our footprint in China, Thailand, and Vietnam. In China, we have cemented a strong foothold in the clean energy sector. To date, we have secured over 1.7 GWp of solar capacity and 70,000 RT of district cooling and heating across 18 provinces and municipalities. Last year, we completed SP China’s first floating solar project in Shandong – a 112MWp utility farm that supplies a hydrogen production plant as an energy storage facility. In Guangdong’s Huizhou, we delivered a 186 MWp farm, our largest to date. We also added new utility-scale solar farms in Jiangsu’s Lianyungang and Guangdong’s Zhaoqing to our renewable energy portfolio.
In Chengdu, where SP already operates district cooling systems, we clinched two major district cooling and heating projects. One will serve the International Sports Park City with 12,500 RT, while the other supports the Future Medical City campus with 4,800 RT. We also acquired our first brownfield cooling site in Shudu and improved its cooling energy efficiency by 25 per cent through enhancements such as an ice thermal storage facility.
To support this growth, we secured new green financing with partners including China Merchants Bank and DBS. These sustainable forms of funding back our projects and partnerships across China, enabling SP to deliver integrated energy solutions that help cities and industries reduce emissions and enhance efficiency.
Expanding overseas footprint
Mu Bi Jun
Head, Operations & Maintenance (District Cooling)
Sustainable Energy Solutions, China
SP gained further momentum in Thailand’s energy market. We now have over 200 MWp of solar projects operating or undergoing development. Last year, we secured our first solar farm acquisition – a 13 MWp facility. With Betagro, one of Thailand’s largest agri-food companies, we are deploying rooftop solar systems across seven of its manufacturing facilities. In southern Thailand, we are installing rooftop solar services at Pattani Food Industries’ factory. Our first 12,600RT district cooling project in North Bangkok’s Government Complex Zone C has also successfully come online.
By delivering proven solutions like solar and cooling at scale, SP is contributing to Thailand’s target of 30 per cent renewable energy by 2037 and supporting an ASEAN-wide sustainable energy ecosystem.
In Vietnam, we also inked strategic partnerships with leading Vietnamese enterprises to deploy sustainable energy solutions at scale. These include installing 18.68 MWp of rooftop solar for Hoa Sen Group, a leading steel manufacturer, with a 1,900 RT cooling system in the pipeline.
We signed an MOU with the Bank for Investment and Development of Vietnam (BIDV), to jointly explore and develop renewable energy projects. This provides access to competitive financing as we expand our renewables portfolio.
Investing in our people
Our journey of growth and transformation is made possible with a clear and strong strategy, and a dedicated workforce with the knowledge, skills and collaborative culture to achieve our plans. The profile of our business has evolved, and so has the diversity of talents and skills required of our workforce.
As a commitment to our employees, we aim to deliver a strong value proposition as an employer of choice. In the past four years, we have consistently performed well against established benchmarks on our annual employee engagement surveys, with favourable scores of above 85 per cent.
Transforming our workforce
Deric Tang
Technical Officer
Electricity Operations
In the 2025 edition of Singapore’s Best Employers survey conducted by The Straits Times and Statista, SP was placed top in the utilities industry category. We continue to invest in the development of our people, with S$9.4 million put into training and development, through 157,000 training hours. Our training and upgrading efforts have enabled the transformation of some 430 jobs to meet new business needs over the past five years. This ensures that we keep pace with the requirements of our business roles, the dynamic operating environment and the growth opportunities around us.
Our partnership with the Union of Power and Gas Employees (UPAGE) remains a cornerstone of our workforce strategy. In April 2025, SP Group and UPAGE concluded Collective Agreements that reinforce our shared commitment to providing competitive terms and benefits for our people. We also raised the retirement age to 64 and re-employment to 69, with effect from 1 July 2025 – one year ahead of the legislated date in Singapore.
At the National Trades Union Congress (NTUC) May Day Awards 2025, our Group CEO Stanley Huang received the Medal of Commendation for championing initiatives to strengthen workplace welfare, advance wage progression and equip workers to thrive in an increasingly digitalised world. Principal Engineer Azhar bin Mohamed Noor, with 31 years of service in Gas Operations, was conferred the Model Worker Award for his dedication, technical excellence and passion in learning and mentoring the next generation.
SP takes a holistic view of employee well-being, guided by a comprehensive workplace health programme aligned with the World Health Organisation’s framework. Key initiatives include free annual health screenings, a weight management programme, and a dedicated Mental Health Week. Employees also benefit from access to a chronic disease management programme, vaccinations, and wellness resources. Our workplace health strategy earned SP the Global Healthy Workplace certification for 2024–2026, as well as the Excellence Award (Gold) in the Singapore HEALTH Awards 2024 by the Health Promotion Board.
Expanding our outreach in the community
Creating a sustainable future extends to uplifting communities in need and improving quality of life. Through philanthropy and volunteerism, we support vulnerable groups across the age spectrum. Our contributions have been increasing each year, totalling more than S$5.8 million in donations and volunteerism efforts last year.
We deepened our support for children and youth from disadvantaged backgrounds, providing resources for them to rise above their present circumstances. Reaffirming our long-standing partnership with KidSTART Singapore, we jointly launched “PowerUP Playtime” in January 2025, benefiting over 3,500 children and their families through holistic development and learning through play. This brought our contributions to S$4.3 million for KidSTART programmes since 2021.
A legacy of giving
Empowering lives
across the age spectrum
We also expanded our support to address special education needs, recognising that children and youth who learn differently can benefit from early and targeted intervention. Contributing S$1 million towards this cause, we are helping struggling learners from lower-income families to access programmes at the Dyslexia Association of Singapore and to improve vocational prospects for youths with autism at St Andrew’s Autism Centre.
In April 2025, we renewed our commitment to the Institute of Technical Education (ITE) students, with an additional S$1.35 million donation towards the SP Group Engineering Study Awards. Launched in 2022, the Awards provide financial support to help ITE engineering students from low-income families cover their educational and daily expenses. The aim is to support them in discovering their potential and meet career ambitions. With this renewal, a total of 900 students will benefit from the Awards.
We remain steadfast in caring for seniors. In 2024, our annual SP Charity Golf event rallied our business partners to donate a record S$1 million for the SP Heartware Fund, benefiting about 30 eldercare and caregiving programmes. Another long-running initiative is SP Power Packs, where our volunteers, known as SP Heart Workers, sustained the distribution of 10,000 packs of daily essential items to lower-income families across Singapore.
Across the region, we extended our service to the communities we serve, alongside our business ventures. SP supported relief efforts when Typhoon Yagi struck Central Vietnam in late 2024, causing severe floods. Our contribution of VND 1 billion provided aid to affected communities. In Thailand, we donated books and school supplies to students at Ban Khao Man School in Prachuap Khairi Khan province while installing a rooftop solar PV system to power half of the school’s energy usage. In addition, our colleagues engaged the students through sports and hands-on waste sorting activities to promote awareness and sustainable development in the community.
SP contributed over 8,200 hours of service, a 50 per cent year-on-year increase, through a wide array of curated activities for seniors, youth and children. The number of staff who volunteered also grew from 25 per cent to 39 per cent, with 100 per cent participation from every business unit.
SP is honoured to be recognised for holistic and sustained contributions. In 2024, we received the Pinnacle Award – the highest honour at the Community Chest Awards – for the second consecutive year. SP was also conferred the Charity Platinum, Enabler, and Volunteer Partner awards, for excellence in corporate philanthropy, volunteer mobilisation, and support for social service agencies respectively. Additionally, SP was conferred Champion of Good once again by the National Volunteer & Philanthropy Centre, and the Outstanding Partner award by the Ministry of Social and Family Development.
In appreciation
In concluding a fruitful year, I am grateful to my fellow Board members for their guidance and counsel. On behalf of the Board, I extend my appreciation to the management and staff for their tenacity and efforts in achieving impactful outcomes and driving new growth initiatives. I also thank our shareholder, partners, union, regulator and customers for their continued support.
As we celebrate a milestone year, I am confident that we will build upon the strong foundation and synergies established, to reach greater heights and create sustainable value for our customers, country and community.
Leong Wai Leng
Chairman
August 2025
