* before GST

The overall electricity tariff (before GST), including tariffs for non-households, will decrease by an average of 3.1% or 0.84 cent 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 in the preceding quarter. The electricity tariffs may fluctuate quarter to quarter due to volatile global fuel prices.

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.

Q1 2026 TARIFF FOR HOUSEHOLDS (before 9% GST)

Appendix 2

ELECTRICITY TARIFFS FROM 1 JANUARY 2026

Appendix 3

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