The overall electricity tariff (before GST), including tariffs for non-households, will increase by an average of 17.5% or 4.66 cents per kWh compared with the previous quarter.

SP Group reviews the electricity tariffs every quarter based on guidelines set by the Energy Market Authority (EMA). The energy cost component of the electricity tariffs for each quarter is set using the average natural gas prices in the first two and a half months of the preceding quarter. Accordingly, the energy cost component of the electricity tariffs from 1 July 2026 to 30 September 2026 reflects the natural gas prices from 1 April 2026 to 15 June 2026, during which global fuel prices were very high due to the Middle East conflict.

Changes in global fuel prices take some time to be reflected in the electricity tariffs. This was the case when the electricity tariff for households for 1 April to 30 June 2026 rose by only 2.1% or 0.56 cents per kWh, as only the elevated fuel prices from 28 February (when the Middle East conflict started) to 15 March 2026 were reflected.

The situation in the Middle East remains uncertain. Should the situation improve, global fuel prices and correspondingly the electricity tariffs for the fourth quarter of 2026, may decrease.

Please refer to Appendix 1 for the components of the electricity tariff, Appendix 2 for the electricity tariffs approved by EMA, and Appendix 3 for the average monthly electricity bill for households.

Appendix 1

BREAKDOWN OF ELECTRICITY TARIFF

1. The electricity tariff consists of the following four components:

• Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations.
• Network costs (paid to SP Group): This is to recover the cost of transporting electricity through the power grid.
• Market Support Services Fee (paid to SP Group): This is to recover the costs of billing and meter reading, data management and retail market systems.
• Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system.

Q3 2026 TARIFF FOR HOUSEHOLDS (before 9% GST)

Appendix 2

ELECTRICITY TARIFFS FROM 1 JULY 2026

Appendix 3

AVERAGE MONTHLY ELECTRICITY BILL FOR HOUSEHOLDS TARIFF WEF 1 JULY 2026 (before GST)