ANNUAL REPORT TABLE OF CONTENTS Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents Directors’ statement 1 Independent Auditor’s Report Balance sheets 7 10 Income statements 11 Statements of comprehensive income 12 Statements of changes in equity 13 Consolidated statement of cash flows 16 Notes to the financial statements 18 1 Domicile and activities 18 2 Basis of preparation 18 2.1 Statement of compliance 18 2.2 Basis of measurement 18 2.3 Functional and presentation currency 18 2.4 Use of estimates and judgements 19 2.5 Changes in accounting policies 20 3 Significant accounting policies 21 3.1 Basis of consolidation 21 3.2 Foreign currencies 23 3.3 Property, plant and equipment 24 3.4 Intangible assets 25 3.5 Investment property under development 26 3.6 Financial instruments 27 3.7 Impairment 32 3.8 Inventories 34 3.9 Accrued revenue 34 3.10 Contract balances 34 3.11 Employee benefits 34 3.12 Provisions 35 3.13 Government grant 35 3.14 Deferred construction cost compensation 35 3.15 Deferred income 36 3.16 Regulatory deferral account (“RDA”) debit or credit balances 36 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents 3.17 Price regulation and licence 36 3.18 Revenue recognition 37 3.19 Leases 38 3.20 Finance income and costs 40 3.21 Tax expense 40 3.22 Segment reporting 41 3.23 New standards and interpretations not yet adopted 41 4 Property, plant and equipment 42 5 Right-of-use assets / Lease liabilities 44 6 Intangible assets 46 7 Investment property under development 48 8 Subsidiaries 48 9 Associates and joint ventures 50 10 Other non-current assets 54 11 Deferred taxation 56 12 Derivative assets and liabilities 58 13 Investments in debt and equity securities 64 14 Inventories 64 15 Trade and other receivables 65 15a Trade receivables 65 15b Other receivables, deposits and prepayments 67 15c Balances with subsidiaries, associate and joint venture (non-trade) 68 16 Cash and cash equivalents 68 17 Regulatory deferral accounts 69 18 Share capital 71 19 Reserves 71 20 Debt obligations 73 21 Other non-current liabilities 75 21a Deferred income 75 21b Deferred construction cost compensation 76 21c Provisions 76 22 Trade and other payables 77 22a Other payables and accruals 77 23 Revenue 78 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents 24 Other income 25 Finance income 26 Finance costs 27 Tax expense 28 Profit for the year 29 Related parties 30 Operating segments 31 Financial risk management 32 Fair values 33 Commitments 34 Dividends 79 79 80 81 82 83 84 87 97 100 101 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 1 Directors’ statement We are pleased to submit this annual report to the member of Singapore Power Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2022. Opinion of the Directors In our opinion, (a) (b) the financial statements are drawn up so as to give a true and fair view of the financial position of the Company and its subsidiaries (the “Group”) as at 31 March 2022 and the financial performance, changes in equity and cash flows of the Group and of the financial performance and changes in equity of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Tan Sri Mohd Hassan Marican Ms Leong Wai Leng Mr Ong Yew Huat Mr Timothy Chia Chee Ming Mr Ng Kwan Meng Ms Goh Swee Chen Mr Lee Kim Shin Prof Yaacob Bin Ibrahim (appointed on 1 September 2021) Mr Stanley Huang Tian Guan Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 2 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Tan Sri Mohd Hassan Marican Singapore Airlines Limited - 3.13% Notes due 2026 CapitaLand Treasury Limited - 4.076% Notes due 20 September 2022 Sembcorp Marine Ltd # CapitaLand Integrated Commercial Trust – units Mapletree Commercial Trust – units S$250,000 USD200,000 – – – S$250,000 USD200,000 9,694,126 1 41,976 62,653 Ms Leong Wai Leng CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Mapletree Commercial Trust – units Mapletree Commercial Trust - 3.11% Notes due 24 August 2026 Mapletree Industrial Trust – units Mapletree Real Estate Advisors Pte. Ltd. – units - Great Cities Logistics (US) Trust - Great Cities Logistics (Europe) Trust - Mapletree Global Student Accommodation Pte Trust - USD – Class A units - GBP – Class B units 40,000 – 689,700 39,057 S$250,000 –* 40,000* 695,886* 39,057 S$250,000 450 500 371 371 371 371 1,685 1,685 1,685 1,685 Mapletree Treasury Services Limited - 3.58% Bonds due 2029 - 3.15% Notes due 3 September 2031 S$250,000 S$250,000 S$250,000 S$250,000 1 The shares are held in the name of Credit Suisse AG Singapore Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 3 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Singapore Airlines Limited 9,800 9,800 Singapore Airlines Limited - Mandatory Convertible Bonds SIA MCBZ300608 - SIA MCBZ 2021 Singapore Airlines Limited - 3.145% Notes due 8 April 2021 - 3.16% Notes due 2023 Singapore Technologies Engineering Ltd Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 - STT GDC 3.13% Bonds due 28 July 2028 Singapore Telecommunications Limited StarHub Limited Altrium Private Equity Fund I GP Limited - Interest as limited partner in the Altrium PE Fund I F&F L.P. Fund Altrium Private Equity Fund II GP Limited - Interest as limited partner in the Altrium PE Fund II F&F L.P. Fund Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in Vertex Master Fund II Ascendas Real Estate Investment Trust - 2.47% Notes due 10 August 2023 2 Astrea IV Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 14 June 2028 - 6.75% Class-B Secured Bonds due 14 June 2028 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 - 4.50% Class-A2 Secured Bonds due 20 June 2029 17,000 – S$250,000 S$250,000 41,000 S$250,000 S$500,000 22,027 36,000 36,000 Commitment amount of USD500,000 – Commitment amount of USD500,000 S$250,000 S$336,000 USD200,000 S$214,000 USD200,000 17,000 20,482 – S$250,000 – S$250,000 S$500,000 22,027 Commitment amount of USD500,000 Commitment amount of USD1,000,000 Commitment amount of USD500,000 S$250,000 S$336,000 USD200,000 S$214,000 USD200,000 2 Held jointly with spouse. Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 4 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 - 3.25% Class-A2 Secured Bonds due 18 March 2031 - 4.35% Class-B Secured Bonds due 18 March 2031 S$105,000 USD200,000 USD400,000 S$105,000 USD200,000 USD400,000 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units - Fullerton USD Income Fund Class A (SGD hedged) – – 5,000 S$500,000 Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond – S$30,000 Mr Ong Yew Huat Sembcorp Marine Ltd # – 500,000 Mr Timothy Chia Chee Ming Singapore Telecommunications Limited Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Vertex Venture Holdings Ltd Commitment amount of USD250,000 2,070 2,070 Commitment amount of USD250,000 - 3.30% Notes due 2028 – S$250,000 Mr Ng Kwan Meng Singapore Telecommunications Limited Singapore Technologies Engineering Ltd Starhub Limited Mapletree North Asia Commercial Trust – units Sembcorp Marine Ltd # CapitaLand Integrated Commercial Trust – units CapitaLand Limited CapitaLand Investment Limited 85,350 25,000 6,000 22,000 – 153,184 61,000 – 85,350 5,000 6,000 – 1,720,000 162,618* –* 61,000* Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 5 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Ms Goh Swee Chen CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Singapore Telecommunications Limited Singapore Airlines Limited Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 34,592 – – 5,000 18,550 3,835 –* 46,709* 7,224* 5,000 18,550 42,604 Mr Lee Kim Shin Singapore Telecommunications Limited Singapore Airlines Limited Singapore Airlines Limited - SIA MCBZ 2021 Ascott Residence Trust – units 190 19,800 – 4,644 190 26,000 41,382 4,644 Prof Yaacob Bin Ibrahim Ascendas India Trust – units Ascott Residence Trust – units Singapore Airlines Limited 100,000 26,208 5,000 100,000 26,208 5,000 # Related corporation with effect from 11 November 2021 * Scheme of arrangement by CapitaLand Limited (“CapitaLand”), pursuant to which every 1 CapitaLand Limited share was exchanged for 1 share in CapitaLand Investment Limited, 0.154672686 unit in CapitaLand Integrated Commercial Trust, and S$0.951 in cash. Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 6 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share Options During the financial year, there were: (i) (ii) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. On behalf of the Board of Directors TAN SRI MOHD HASSAN MARICAN Chairman MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 2 June 2022 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 7 Independent Auditor’s Report to the Member of Singapore Power Limited Opinion Independent Auditor’s Report For the financial year ended 31 March 2022 Report on the Audit of the Financial Statements We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2022, the income statements, statements of comprehensive income, statements of changes in equity of the Group and the Company and statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet, income statement, statement of comprehensive income and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2022 and of the financial performance, changes in equity of the Group and the Company and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 8 Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 9 • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 2 June 2022 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 10 Balance sheets As at 31 March 2022 Group Company Non-current assets Property, plant and equipment Intangible assets Investment property under development Subsidiaries Associates and joint ventures Other non-current assets Deferred tax assets Derivative assets Investments in debt and equity securities Current assets Inventories Trade and other receivables Derivative assets Cash and cash equivalents Investments in debt and equity securities Total assets Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets Total assets and RDA debit balances Note 4 6 7 8 9 10 11 12 13 14 15 12 16 13 17 2022 $ million 13,828.7 111.3 765.0 – 1,622.3 343.7 21.7 133.6 56.0 16,882.3 47.4 795.7 113.6 4,207.8 413.9 5,578.4 22,460.7 499.5 22,960.2 2021 $ million 13,693.2 150.9 728.2 – 2,907.2 337.9 100.5 256.2 29.7 18,203.8 46.7 462.2 3.5 1,187.2 – 1,699.6 19,903.4 454.7 20,358.1 2022 $ million 23.4 14.9 – 5,043.7 45.4 – – – # – 5,127.4 – 4,095.2 5.0 1.3 – 4,101.5 9,228.9 – 9,228.9 2021 $ million 16.3 16.2 – 5,524.6 45.4 – – – # – 5,602.5 – 3,070.4 – # 0.8 – 3,071.2 8,673.7 – 8,673.7 Equity Share capital Reserves Accumulated profits Total equity, attributable to owner of the Company 18 19 2,911.9 (97.2) 11,143.9 2,911.9 (424.3) 9,491.4 2,911.9 – # 6,246.6 2,911.9 – 5,712.8 13,958.6 11,979.0 9,158.5 8,624.7 Non-current liabilities Debt obligations Derivative liabilities Deferred tax liabilities Other non-current liabilities Lease liabilities Current liabilities Debt obligations Derivative liabilities Current tax payable Trade and other payables Lease liabilities Total liabilities Total equity and liabilities RDA credit balances and related deferred tax liabilities Total equity, liabilities and RDA credit balances 20 12 11 21 5 20 12 22 5 17 3,377.9 160.5 1,699.7 479.7 32.2 5,750.0 908.2 143.0 645.6 1,484.6 5.8 3,187.2 8,937.2 22,895.8 64.4 22,960.2 4,369.7 101.3 1,748.4 498.8 34.9 6,753.1 173.6 7.6 67.0 1,314.4 5.9 1,568.5 8,321.6 20,300.6 57.5 20,358.1 – – # 1.4 – – 1.4 – 5.1 0.4 57.6 5.9 70.4 9,228.9 – 9,228.9 – – 1.4 – – 1.4 – – 0.6 47.0 – 69.0 47.6 49.0 8,673.7 – 8,673.7 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 11 Income statements As at 31 March 2022 Group Company Note 2022 $ million 2021 $ million 2022 $ million 2021 $ million Revenue Other income Expenses - Purchased power - Depreciation of property, plant and equipment - Amortisation of intangible assets - Maintenance - Staff costs - Property taxes - Other operating expenses Operating profit Finance income Finance costs Share of profits of associates, net of tax Share of losses of joint ventures, net of tax Profit before taxation Tax (expense) / credit Profit for the year attributable to owner of the Company Net movement in RDA balances related to profit or loss and the related deferred tax movement Profit for the year and net movements in RDA balances, attributable to owner of the Company 23 24 5,213.5 1,683.7 (2,806.7) 3,574.1 188.9 (1,473.1) 1,040.1 11.0 – 754.8 9.5 – 4 (790.3) (757.4) (9.9) (8.3) 6 (55.7) (56.1) (5.6) (3.5) (141.1) (126.4) (10.5) (9.0) (324.7) (319.9) (73.9) (72.7) (93.9) (99.2) (0.3) (0.3) (191.4) (145.3) (37.2) (61.0) 2,493.4 785.6 903.7 609.5 25 26 58.6 (85.0) 164.0 45.3 (79.7) 180.0 19.4 (0.1) – 33.9 (0.1) – (5.7) (6.0) – – 2,625.3 925.2 923.0 643.3 27 28 17 (660.3) 1,965.0 37.9 (197.8) 727.4 249.3 0.8 923.8 – 5.3 648.6 – 2,002.9 976.7 923.8 648.6 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 12 Statements of comprehensive income Year ended 31 March 2022 Group Company 2022 $ million 2021 $ million 2022 $ million 2021 $ million Profit for the year and net movements in RDA balances 2,002.9 976.7 923.8 648.6 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 10.1 10.1 9.3 – – 9.3 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (86.7) 446.7 – – Effective portion of changes in fair value of cash flow hedges, net of tax 41.0 31.7 – # (0.2) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (5.3) 10.2 – – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 0.6 2.1 – # (0.1) Share of hedging reserves of associates Disposal of interest in an associate Other comprehensive income for 211.1 148.9 – – 195.9 – – – 356.6 639.6 – # (0.3) the year, net of tax 366.7 648.9 – # (0.3) Total comprehensive income for the year, attributable to owner of the Company 2,369.6 1,625.6 923.8 648.3 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 13 Statements of changes in equity Year ended 31 March 2022 Group Share capital $ million Currency translation reserve $ million Hedging reserve $ million Other reserves $ million Accumulated profits $ million Total equity, attributable to owner of the Company $ million At 1 April 2020 Total comprehensive income for the year Profit for the year and net movement in RDA balances Other comprehensive income Translation differences relating to financial statements of foreign operations Effective portion of changes in fair value of cash flow hedges, net of tax Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax Share of other comprehensive income of associates Total other comprehensive income Total comprehensive income for the year 2,911.9 (810.1) (282.7) 19.6 8,920.7 10,759.4 – – – – 976.7 976.7 – 446.7 – – – 446.7 – – 31.7 – – 31.7 – – 10.2 – – 10.2 – – 2.1 – – 2.1 – – 148.9 9.3 – 158.2 – 446.7 192.9 9.3 – 648.9 – 446.7 192.9 9.3 976.7 1,625.6 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) Total transactions with owner At 31 March 2021 – – – – (406.0) (406.0) – – – – (406.0) (406.0) 2,911.9 (363.4) (89.9) 28.9 9,491.4 11,979.0 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 14 Statements of changes in equity Year ended 31 March 2022 Group Share capital $ million Currency translation reserve $ million Hedging reserve $ million Other reserves $ million Accumulated profits $ million Total equity, attributable to owner of the Company $ million At 1 April 2021 2,911.9 (363.4) (89.8) 28.9 9,491.4 11,979.0 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 2,002.9 2,002.9 Other comprehensive income Translation differences relating to financial statements of foreign operations – (86.7) – – – (86.7) Effective portion of changes in fair value of cash flow hedges, net of tax Net change in fair value of: – – 41.0 – – 41.0 - Cash flow hedges reclassified to profit or loss, net of tax – – (5.3) – – (5.3) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 0.6 – – 0.6 Share of other comprehensive income of associates – – 211.1 10.1 – 221.2 Disposal of interest in an associate – 231.9 (36.0) (39.6) 39.6 195.9 Total other comprehensive income – 145.2 211.4 (29.5) 39.6 366.7 Total comprehensive income for the year – 145.2 211.4 (29.5) 2,042.5 2,369.6 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) Total transactions with owner – – – – (390.0) (390.0) – – – – (390.0) (390.0) At 31 March 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 15 Statements of changes in equity Year ended 31 March 2022 Share capital $ million Hedging reserve $ million Accumulated profits $ million Total $ million Company At 1 April 2020 2,911.9 0.3 5,470.2 8,382.4 Total comprehensive income for the year Profit for the year – – 648.6 648.6 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.2) – (0.2) Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.1) – (0.1) Total other comprehensive income – (0.3) – (0.3) Total other comprehensive income for the year – (0.3) 648.6 648.3 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – (406.0) (406.0) Total transactions with owner – – (406.0) (406.0) At 31 March 2021 2,911.9 – 5,712.8 8,624.7 At 1 April 2021 2,911.9 – 5,712.8 8,624.7 Total comprehensive income for the year Profit for the year – – 923.8 923.8 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – – # – – # Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – # – – # Total other comprehensive income – – # – – # Total other comprehensive income for the year – – # 923.8 923.8 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – (390.0) (390.0) Total transactions with owner – – (390.0) (390.0) At 31 March 2022 2,911.9 – # 6,246.6 9,158.5 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 16 Consolidated statement of cash flows Year ended 31 March 2022 Note 2022 $ million 2021 $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 2,002.9 976.7 Adjustments for: Deferred income (20.0) (23.9) RDA debit or credit balances and related deferred tax assets or liabilities (37.9) (249.3) Depreciation and amortisation 846.0 813.5 Finance costs 26 90.3 83.5 Finance income 25 (58.6) (45.3) Exchange loss / (gain), net 28 0.9 (14.7) Loss on disposal of property, plant and equipment and intangible assets 11.7 1.2 Impairment loss on intangible assets and property, plant and equipment 2.4 5.0 Gain on disposal of interest in an associate 24 (1,532.0) – Share of profit of associates and joint ventures, net of tax (158.3) (174.0) Tax expense 27 660.3 197.8 Write-down of inventory 14 8.4 5.3 Allowance for expected credit loss on trade receivables, net 15a 14.7 13.9 Net fair value gain on equity investments at FVTPL 26 (5.3) (3.8) Others 5.0 3.4 1,830.5 1,589.3 Changes in working capital: Inventories (9.1) (2.6) Trade and other receivables and contract assets (304.5) 4.3 Balances with related parties (trade) 6.1 10.6 Trade and other payables 214.9 (10.4) Cash generated from operations 1,737.9 1,591.2 Interest received 34.3 64.7 Net tax paid (30.0) (63.4) Net cash generated from operating activities 1,742.2 1,592.5 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 17 Consolidated statement of cash flows (continued) Year ended 31 March 2022 Note 2022 $ million 2021 $ million Cash flows from investing activities Purchase of property, plant and equipment (1,006.2) (986.4) Purchase of intangible assets (18.1) (40.7) Proceeds from disposal of property, plant and equipment and intangible assets 6.3 5.5 Proceeds from disposal of interest in an associate 3,154.1 – Dividends received from associates and joint venture 153.8 146.9 Proceeds from redemption of other investment – 5.0 Acquisition of interest in associates and joint venture (24.4) (42.7) Loans to a joint venture (46.4) – Payments for investments in debt securities (413.4) – Acquisition of other investments (21.3) (14.4) Additions to investment property (36.9) (6.6) Net cash generated from / (used in) investing activities 1,747.5 (933.4) Cash flows from financing activities Proceeds from loans 83.2 156.0 Proceeds from termination of derivatives 19.5 – Repayment of debt obligations (176.5) (797.1) Dividends paid to owner of the Company (390.0) (406.0) Interest paid (81.8) (108.9) Commitment fees paid – (1.5) Upfront fees paid for credit facilities (2.6) – Payment of principal portion of lease liabilities (6.2) (5.9) Net cash used in financing activities (554.4) (1,163.4) Net increase / (decrease) in cash and cash equivalents 2,935.3 (504.3) Cash and cash equivalents at beginning of the year 1,187.2 1,673.4 Effect of exchange rate changes on balances held in foreign currencies 85.3 18.1 Cash and cash equivalents at end of the year 16 4,207.8 1,187.2 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 18 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 2 June 2022. 1 Domicile and activities Singapore Power Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in the Republic of Singapore. The principal activities of the Company are that of investment holding and provision of management support services. Its subsidiaries are engaged principally in the transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures (collectively referred to as “Group entities”). 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 2.3 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. Functional and presentation currency These financial statements are presented in Singapore dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 19 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Taxation The Group is subject to taxes mainly in Singapore and Australia. Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in Note 11 and Note 27. Impairment of associates Impairment reviews in respect of associates are performed at least annually or when there is any indication that the investment in associates may be impaired. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Group uses the present value of future cash flows to determine the recoverable amounts of the underlying cash generating units in the associates. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Estimating fair values of financial assets and financial liabilities The fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Note 31 sets out the basis of valuation of financial assets and liabilities. Accrued revenue Revenue accrual estimates are made to account for the unbilled period between the end-user’s last billing date and the end of the accounting period. The accrual relies on detailed analysis of customers’ historical consumption patterns, which takes into account base usage and sensitivity to consumption growth. The results of this analysis are applied for the number of days over the unbilled period. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 20 Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.18) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered, sale and volume of electricity and gas delivered to consumers. Note 3.16 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The Group has applied the Amendments to SFRS(I) 9, SFRS(I) 1-39, SFRS(I) 7, SFRS(I) 4, SFRS(I) 16: Interest Rate Benchmark Reform – Phase 2 which is effective for annual financial periods beginning on or after 1 April 2021. The Phase 2 amendments provide practical relief from certain requirements in SFRS(I) Standards. The amendment most relevant to the Group is where it provides for a series of temporary exceptions from certain hedge accounting requirements when a change required by the interest rate benchmark reform occurs to a hedge item and / or hedging instrument that permit the hedge relationship to be continued without interruption. The Group applies the following reliefs as and when uncertainty arising the from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument: • the Group amends the designation of a hedging relationship to reflect changes that are required by the reform without discontinuing the hedging relationship; and • when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the hedging reserve is deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. The details of the accounting policies and related disclosures on financial risk management are disclosed in Note 3.6 and 31. There was no significant financial impact to the Group as a result of these amendments. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 21 3 Significant accounting policy The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Group entities, which addresses changes in accounting policies due to the adoption of new and revised standards. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 22 Loss of control Upon the loss of control, the Group de-recognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an equity investment at fair value through other comprehensive income depending on the level of influence retained. Joint arrangements A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the arrangement is a joint venture. The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognised initially at cost. The Group’s investments in equity-accounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equity-accounted investees with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee’s operations or has made payments on behalf of the investee. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 23 Acquisition of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting for subsidiaries and joint ventures by the Company Investments in subsidiaries and joint ventures are stated in the Company’s balance sheet at cost less accumulated impairment losses. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. The functional currencies of the Group entities are mainly Singapore dollars, Australian dollars and Chinese Yuan Renminbi. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective, an equity investment at fair value through other comprehensive income, or qualifying cash flow hedges which are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 24 Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, and the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is de-recognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 25 Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings, office and tunnels Plant and machinery - Mains (Electricity) - Mains (Gas) - Transformers and switchgear Other plant and equipment (principally gas storage plant, remote control and meters) Motor vehicles and office equipment Over the term of the lease, ranging from 3 – 99 years 2 – 40 years or the lease term, if shorter 10 – 30 years 5 – 50 years or the lease term, if shorter 20 – 30 years 2 – 40 years 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. 3.4 Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets and represents the excess of: - the fair value of the consideration transferred; plus - the recognised amount of any non-controlling interests in the acquiree; plus - if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree, over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 26 Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. Software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 2 to 5 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Research costs are expensed as incurred. Capitalised development costs arising from development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Following initial recognition of the capitalised development costs as an intangible asset, it is carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is complete and the asset is available for use. Capitalised development costs have a finite useful life and are amortised over the period of 5 years on a straight line basis. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Investment property under development Investment property under development is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property under development is measured at cost on initial recognition. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property under development to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property under development (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting. Property that is being constructed for future use as investment property under development is accounted for at cost less accumulated depreciation and accumulated impairment losses. Investment property under development is not depreciated. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 27 3.6 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories for classification of debt instruments are: (i) (ii) (iii) Amortised cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are de-recognised or impaired, and through the amortisation process. Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is de-recognised. Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss in the period in which it arises. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 28 Investments in equity instruments On initial recognition of an investment in equity instrument that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. Dividends from such investments are to be recognised in profit or loss when the Group’s right to receive payments is established. For investments in equity instruments which the Group has not elected to present subsequent changes in fair value in OCI, changes in fair value are recognised in profit or loss. De-recognition The Group de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are de-recognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 29 De-recognition A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. On de-recognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheets when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Group applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 30 Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform. The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the contractual cash flow of the respective item or instrument or (ii) when the hedging relationship is discontinued. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 31 For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Group amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Group amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 32 Intra-group financial guarantees in the separate financial statements Financial guarantees are financial instruments issued by the Group that require the issuer to make specified payments to reimburse the holder for the loss it incurs because a specified debtor fails to meet payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantees issued are initially measured at fair value and the initial fair value is amortised over the life of the guarantees. Subsequent to initial measurement, the financial guarantees are measured at the higher of the amortised amount and the amount of loss allowance. Expected credit losses are a probability-weighted estimate of credit losses. Expected credit losses are measured for financial guarantees issued as the expected payments to reimburse the holder less any amounts that the Group expects to recover. 3.7 Impairment Non-derivative financial assets The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 33 Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. The Group’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in an associate or a joint venture may be impaired. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 34 3.8 Inventories Spare parts, accessories and other consumables are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.9 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.10 Contract balances Progress billings to customers are based on a payment schedule in the contract and are typically triggered upon achievement of specified contractual milestones. A contract asset is recognised when the Group has performed under the contract but has not yet billed the customer. Conversely, a contract liability is recognised when the Group has not yet performed under the contract but has received advanced payments from the customer. Contract assets are transferred to receivables when the rights to consideration become unconditional. Contract liabilities are recognised as revenue as the Group performs under the contract. Contract assets are subject to impairment assessment. Note 3.7 sets out the accounting policy on impairment of financial assets. 3.11 Employee benefits Provision is made for the accrued liability for employee entitlements arising from services rendered by employees up to the reporting date. The provision represents the Group’s total estimated liability at the reporting date for employee entitlements. Long service leave The liability for long service leave is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date, including on-costs. Consideration is given to expected future salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates on government guaranteed bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 35 Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.12 Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.13 Government grant Capital grant is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grant is taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.14 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.13 sets out the government grant accounting policy. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 36 3.15 Deferred income Deferred income comprises (i) government grants for the purchase of depreciable assets, (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009 and (iii) compensation received to defray operating expenses. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 3.16 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges, transportation of gas, district cooling services and Market Support Services fees Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.17 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee, Electricity Licence for Market Support Services Licensee, Gas Licence, and the District Cooling Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. Allowed revenue to be earned from the supply and transmission of electricity, transportation of gas and the provision of market support services is regulated based on certain formulae and parameters set out in those licences, relevant acts and codes. Allowed revenue for district cooling corresponds to the quantum which the Group is entitled to under Condition 13 (Economic Regulation) of its District Cooling Services Licence issued by the Energy Market Authority of Singapore. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to revenue or volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Group becomes entitled to the recovery or liable for the refund. The Group’s capital expenditure may vary from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 37 The use of system charges, transportation of gas charges and allowed revenue to be recovered from Market Support Services fees are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.18 Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Sale of electricity Revenue from the sale of electricity is recognised over time when electricity is delivered to consumers. Use of system charges and transportation of gas Revenue from use of system charges and transportation of gas is recognised over time based on tariff billings to customers when the volume of electricity and gas is delivered. Revenue from take-or-pay arrangements relating to the transportation of gas is recognised when it is probable that such revenue is receivable. District cooling service income Income from services is recognised over time when the services are rendered. Agency fees and Market Support Services fees Agency fees from acting as billing agent and fees for services provided as the Market Support Services Licensee are recognised over time when the services are rendered. Dividend income Dividend income is recognised on the date that the Group’s right to receive payment is established. Rental income Rental income is recognised in profit or loss on a straight-line basis over the term of the lease. Support service income and management fees Support service income and management fees are recognised when the services are rendered. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 38 Meters supply and installation fees The Group entered into a contract with customer to provide meters and installation services. Management has considered that the meters have no alternative use for the Group due to contractual restrictions, and the Group has enforceable rights to payment for performance completed to date, arising from the contractual terms. Accordingly, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of the performance obligation. The measure of progress is determined based on the proportion of costs incurred to date to the estimated total contract costs (“input method”). Costs incurred that are not related to the contract or that do not contribute towards satisfying the performance obligation are excluded from the measure of progress and instead are expensed as incurred. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the profit or loss in the period in which the circumstances that give rise to the revision become known by management. 3.19 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. Where assets are leased under a finance lease, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return. Contingent rental income is recognised in profit or loss in the accounting period in which they are incurred. As lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 39 If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.7 for the accounting policy. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. Covid-19-related rent concessions The Group has applied Amendment to SFRS(I) 16 Covid-19-Related Rent Concessions. The Group applies the practical expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the Covid-19 pandemic are lease modifications. The Group applies the practical expedient consistently to contracts with similar characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease modification. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 40 3.20 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.21 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is

Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2026 Registration No: 199406577N Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2026 Table of Contents Annual Report Table of Contents Directors’ statement Independent Auditor’s Report Balance sheets Consolidated income statement Consolidated statement of comprehensive income Statements of changes in equity Consolidated statement of cash flows Notes to the financial statements 1 Domicile and activities 2 Basis of preparation 2.1 Statement of compliance 2.2 Basis of measurement 2.3 Functional and presentation currency 2.4 Use of estimates and judgements 2.5 Changes in accounting policies 3 Material accounting policy information 3.1 Basis of consolidation 3.2 Foreign currencies 3.3 Property, plant and equipment 3.4 Intangible assets 3.5 Investment property 3.6 Financial instruments 3.7 Impairment 3.8 Accrued revenue 3.9 Contract balances 3.10 Provisions 3.11 Government grant 3.12 Deferred construction cost compensation 3.13 Deferred income 3.14 Regulatory deferral account (“RDA”) debit or credit balances 3.15 Price regulation and licence 3.16 Revenue recognition 3.17 Leases 3.18 Finance income and costs 1 7 10 11 12 13 16 18 18 18 18 18 18 19 20 21 21 23 24 25 27 27 31 32 32 33 33 33 33 34 34 35 36 37 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2026 Table of Contents Annual Report Table of Contents 3.19 Tax expense 3.20 Segment reporting 3.21 New standards and interpretations not yet adopted 4 Property, plant and equipment 5 Right-of-use assets/ Lease liabilities 6 Intangible assets 7 Investment property 8 Subsidiaries 9 Associates and joint ventures 10 Other non-current assets 11 Deferred taxation 12 Derivative assets and liabilities 13 Investments in debt and equity securities 14 Inventories 15 Trade and other receivables 15a Trade receivables 15b Other receivables, deposits and prepayments 16 Cash and bank balances 17 Regulatory deferral accounts 18 Share capital 19 Reserves 20 Debt obligations 21 Other non-current liabilities 21a Deferred income 21b Deferred construction costs compensation 21c Provisions 22 Trade and other payables 22a Other payables and accruals 23 Revenue 24 Other income 25 Finance income 26 Finance costs 27 Tax expense 28 Profit for the year 37 39 39 40 42 44 46 46 48 51 53 55 60 60 61 61 63 64 64 66 67 68 71 71 71 72 73 73 74 75 75 76 77 78 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2026 Table of Contents Annual Report Table of Contents 29 Acquisition of subsidiaries 30 Related parties 31 Operating segments 32 Financial risk managemen 33 Fair values 34 Commitments 35 Dividends 79 83 84 87 94 98 98 Singapore Power Singapore Power Limited Power Limited Power and Limited and its its and Limited its subsidiaries and its its subsidiaries its and its subsidiaries Director’s Director’s Director’s statement Director’s statement statement statement Year Year Year ended Year ended 31 31 Year ended March 31 31 31 ended March 31 2026 March 2026 31 2026 March 2026 2026 Directors’ statement We are pleased to to submit this this annual report to to the to the to the the member of of of of of Singapore Power Power Limited Limited (the (the (the “Company”) (the “Company”) together with the audited financial statements for for for the for the the the financial financial year year year ended ended 31 31 31 31 March 31 2026. March 2026. 2026. 2026. Opinion of the Directors In our opinion, (a) (b) (b] the financial statements are are drawn up up up so up so so as so as to as to as to give to a give true a a true true a and true and and fair and fair view fair view fair view of of view of the of the of the financial the financial position of of position of the of the the of the of the Company and its its subsidiaries (the (the “Group”) as as at as at at as 31 at 31 31 at 31 March 31 March 2026 2026 and 2026 and and the and the the financial the financial performance, changes changes in equity and cash flows of of of of the the Group and and the the the the changes in in in in equity in equity of of of the of the of the Company the Company for for for the the for the year for the year ended the year ended year ended on on ended on on on that date in in accordance with with the the provisions of of the of the of the the Companies Act Act 1967 Act 1967 Act 1967 (the 1967 (the “Act”) (the “Act”) (the “Act”) and “Act”) and and Singapore and Singapore Finan- Finan- Finan- Financial Reporting Standards (International) (“SFRS(I)”); and and and and at the date of of this statement, there there are are are reasonable grounds grounds to to to to believe to believe that that the that the that the Company the Company will will will be be will be able will be able to to be able to to able to to pay its debts as as and when they they fall fall fall due. due. Directors The directors in in office at at at the the date of of of of this this statement are are are as as are as as follows: as follows: Ms Leong Wai Leng Mr Timothy Chia Chee Ming Mr Lee Kim Shin Ms Goh Swee Chen Prof Yaacob Bin Ibrahim Mr Antonio Volpin Mr Ching Wei Hong Mr Ong Pang Thye Mrs Ow Foong Pheng Mr Stanley Huang Tian Guan Directors’ interests According to the register kept by by the the Company for for for the for the the the purposes of of of of Section of Section 164 164 of 164 of of the 164 of the Act, of the Act, the Act, particulars Act, particulars of of of of of of interests of directors who held office at at at the at the the end end of of the of the of the the financial financial year year year year (including (including those those held those held by held by by held their by their by their spouses their spouses and infant children) in in shares, debentures, warrants and and and share share options options in in in the in the in the Company the Company and and in in and in related in and related in in related corporations are as as follows: 1 1 1 11 1 Name of director and related corporations in which interests Name of (fully director paid and ordinary related shares corporations unless otherwise in which stated) Name interests of are (fully director held paid and ordinary related shares corporations unless otherwise in which interests stated) Name of are (fully director held paid and ordinary related shares corporations unless otherwise in which Ms stated) interests Leong are (fully Wai held paid Leng ordinary shares unless otherwise Ms stated) Leong are Wai held Leng CapitaLand Ms Leong Wai Investment Leng Limited CapitaLand Ms Leong Wai Investment Leng Limited Singapore CapitaLand Airlines Investment Limited Limited Singapore CapitaLand Airlines Investment Limited Limited Singapore Airlines Telecommunications Limited Limited Singapore Telecommunications Airlines Limited Limited StarHub Singapore Limited Telecommunications Limited StarHub Singapore Limited Telecommunications Limited CapitaLand StarHub Limited Integrated Commercial Trust – units CapitaLand StarHub Limited Integrated Commercial Trust – units CapitaLand Ascott Integrated Trust Commercial – units Trust – units CapitaLand Ascott Integrated Trust Commercial – units Trust – units Mapletree CapitaLand Pan Ascott Asia Trust Commercial – units Trust – units Mapletree CapitaLand Pan Ascott Asia Trust Commercial – units Trust – units Mapletree Pan Real Asia Estate Commercial Advisors Pte. Trust Ltd. – – units Mapletree - Great Real Pan Cities Asia Estate Logistics Commercial Advisors (US) Pte. Trust Ltd. – – units Mapletree - Great Real Cities Estate Logistics Advisors (US) (Europe) Trust Pte. Trust Ltd. – units Mapletree - Mapletree Great Real Cities Estate Global Logistics Advisors Student (US) (Europe) Trust Pte. Accommodation Trust Ltd. – units Pte Trust - Mapletree Great - USD Cities – Class Global Logistics A units Student (Europe) (US) Trust Accommodation Trust Pte Trust - Mapletree Great - GBP USD Cities – Class Global Logistics B A units Student (Europe) Accommodation Trust Pte Trust - Mapletree - USD GBP – Class Global B A units Student Accommodation Pte Trust Mapletree - GBP USD Pan – Class Asia B A Commercial units Trust Mapletree - 3.11% - GBP Notes Pan – Class Asia due B Commercial units 24 August 2026 Trust Mapletree - 3.11% Notes Pan Asia due Commercial 24 August 2026 Trust Mapletree - 3.11% Notes Pan Treasury Asia due Commercial Services 24 August Limited 2026 Trust Mapletree - 3.4% 3.11% Notes Treasury due Services 3 24 September August Limited 2026 2026 Mapletree - 3.58% 3.4% Notes Treasury Bonds due Services 3 13 September March Limited 2029 2026 Mapletree - 3.15% 3.4% 3.58% Notes Treasury Bonds due Services 3 13 September March Limited 2029 2026 2031 - 3.58% 3.15% 3.4% Notes Bonds due 3 13 September March 2029 2026 2031 STT - GDC 3.15% 3.58% 3.13% Notes Bonds Bonds due 3 due 13 September March 28 July 2029 2028 2031 STT - GDC 3.15% 3.13% Notes Bonds due 3 due September 28 July 2028 2031 Altrium STT GDC Private 3.13% Equity Bonds Fund due 28 I GP July Limited 2028 Altrium STT - GDC Interest Private 3.13% as Equity Bonds limited Fund due partner 28 I GP July in Limited the 2028 Altrium PE Fund I F&F L.P. Fund Altrium - Interest Private as Equity limited Fund partner I GP in Limited the Altrium PE Fund I F&F L.P. Fund Altrium - Interest Private as Equity limited Fund partner I GP in Limited the Altrium PE Fund I F&F L.P. Fund Altrium - Interest Private as Equity limited Fund partner II GP in Limited the Altrium PE Fund I F&F L.P. Fund Altrium - Interest Private as Equity limited Fund partner II GP in Limited the Altrium PE Fund II F&F L.P. Fund Altrium - Interest Private as Equity limited Fund partner II GP in Limited the Altrium PE Fund II F&F L.P. Fund Altrium - Interest Private as Equity limited Fund partner II GP in Limited the Altrium PE Fund II F&F L.P. Fund Vertex - Interest Master as Fund limited II (GP) partner Pte. Ltd. in the Altrium PE Fund II F&F L.P. Fund Vertex - Interest Master as Fund limited II (GP) partner Pte. Ltd. in Vertex Master Fund II Vertex - Interest Master as Fund limited II (GP) partner Pte. Ltd. in Vertex Master Fund II Vertex - Interest Master as Fund limited II (GP) partner Pte. Ltd. in Vertex Master Fund II Astrea - Interest VI Pte. as Ltd. limited partner in Vertex Master Fund II Astrea - 3.00% VI Pte. Class-A1 Ltd. Secured Bonds due 18 March 2031 Astrea - 3.25% 3.00% VI Pte. Class-A2 Class-A1 Ltd. Secured Bonds due 18 March 2031 Astrea - 4.35% 3.00% 3.25% VI Pte. Class-A2 Class-A1 Class-B Ltd. Secured Bonds due 18 18 March 2031 - 3.25% 4.35% 3.00% Class-A2 Class-A1 Class-B Secured Bonds due 18 18 March 2031 - 4.35% 3.25% Class-A2 Class-B Secured Bonds due 18 18 March 2031 - 4.35% Class-B Secured Bonds due 18 March 2031 Singapore Power Limited and its subsidiaries Singapore Power Limited Director’s and its subsidiaries statement Singapore Power Limited Year ended Director’s and its 31 March subsidiaries statement 2026 Singapore Power Limited Year ended Director’s and its 31 March subsidiaries statement 2026 Year ended Director’s 31 March statement 2026 Holdings Year ended 31 Holdings March 2026 at Holdings beginning Holdings at end of at of Holdings beginning the year Holdings at the end year of at of Holdings beginning the year Holdings at the end year of at of beginning the year at the end year of of the year the year 40,000 40,000 40,000 40,000 40,000 9,800 40,000 9,800 40,000 9,800 40,000 9,800 22,027 9,800 22,027 9,800 22,027 9,800 22,027 9,800 36,000 22,027 26,000 22,027 36,000 22,027 26,000 22,027 734,855 36,000 736,098 26,000 734,855 36,000 736,098 26,000 734,855 2,346 736,098 2,346 734,855 2,346 736,098 2,346 52,000 2,346 52,000 2,346 52,000 2,346 52,000 2,346 52,000 371 52,000 371 52,000 371 52,000 371 371 371 371 1,685 371 1,685 371 1,685 371 1,685 1,685 1,685 1,685 S$250,000 1,685 S$250,000 1,685 S$250,000 1,685 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$250,000 S$500,000 S$250,000 S$500,000 S$250,000 S$500,000 S$500,000 Commitment S$500,000 Commitment S$500,000 Commitment amount S$500,000 of Commitment amount S$500,000 of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of USD1,000,000 Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 Commitment amount of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of Commitment USD500,000 amount of USD500,000 amount of USD500,000 amount of USD500,000 S$605,000 USD500,000 – USD200,000 S$605,000 – USD400,000 USD200,000 S$605,000 USD136,000 – USD400,000 USD200,000 S$605,000 USD136,000 – USD400,000 USD200,000 USD136,000 – USD400,000 USD136,000 2 2 2 2 Singapore Power Limited and its subsidiaries Director’s statement Year ended 31 March 2026 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 - 4.125% Class-A1 Secured Bonds due 27 May 2032 1 - 6% Class-B Secured Bonds due 27 May 2032 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 - 6.35% Class-A2 Secured Bonds due 19 July 2039 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units - Fullerton USD Income Fund Class A (SGD hedged) Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond Mr Timothy Chia Chee Ming Singapore Telecommunications Limited Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Vertex Venture Holdings Ltd - 3.30% Notes due 28 July 2028 Mr Lee Kim Shin Singapore Telecommunications Limited Singapore Airlines Limited CapitaLand Ascott Trust – units Ms Goh Swee Chen CapitaLand Investment Limited Singapore Telecommunications Limited Singapore Airlines Limited CapitaLand Ascott Trust – units CapitaLand Integrated Commercial Trust – units S$1,000,000 S$250,000 USD525,000 S$480,000 USD220,000 5,000 S$500,000 S$30,000 2,070 Commitment amount of USD250,000 S$250,000 194 45,200 4,644 41,709 5,000 45,650 2,377 6,451 S$1,000,000 S$250,000 USD525,000 S$480,000 USD220,000 5,000 S$500,000 S$30,000 2,070 Commitment amount of USD250,000 S$250,000 194 45,200 4,644 41,709 5,000 53,550 2,377 7,747 1 Held jointly with spouse. 3 Singapore Power Limited and its subsidiaries Director’s statement Year ended 31 March 2026 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Prof Yaacob Bin Ibrahim CapitaLand India Trust – units CapitaLand Ascott Trust – units Mapletree Industrial Trust – units Mr Ching Wei Hong CapitaLand Investment Limited Singapore Technologies Engineering Limited Singapore Telecommunications Limited CapitaLand Ascendas REIT – units CapitaLand Ascott Trust – units CapitaLand China Trust – units CapitaLand Integrated Commercial Trust – units Mapletree Industrial Trust – units Mapletree Pan Asia Commercial Trust – units Paragon REIT – units Ascott REIT MTN Pte Ltd - 5% Fixed Rate Bond due 18 May 2026 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 CapitaLand Ascendas REIT - 2.343% Green Notes due 2032 CapitaLand Ascott Trust - 3.07% Perpetual Bond - 4.20% SGD Perpetual Bond Mapletree North Asia Commercial Trust - 3.5% Perpetual Bond Mapletree Treasury Services Limited - 3.95% SGD Variable Subordinated Bond Olam International Limited - 5.375% SGD Perpetual Bond Mapletree US and EU Logistics Private Trust - Structured Note (EU) - Structured Note (USD) 100,000 26,208 10,000 – 2,900 190 153,893 87,645 23,700 109,084 261,100 – 59,100 S$250,000 S$50,000 – S$250,000 – S$250,000 S$250,000 S$250,000 EUR61,000 USD200,000 – – 10,000 36,600 2,900 190 153,893 15,145 – 234,434 232,800 27,200 – S$250,000 S$50,000 S$250,000 – S$250,000 S$250,000 S$250,000 S$250,000 EUR61,000 USD200,000 4 Singapore Power Limited and its subsidiaries Director’s statement Year ended 31 March 2026 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Singapore Technologies Telemedia Pte Ltd - 4.1% SGD Variable Subordinated Bond - 5.5% SGD Variable Subordinated Bond Singtel Group Treasury Pte. Ltd. - 3.3% SGD Variable Subordinated Bond Starhub Limited - 3.95% SGD Perpetual Bond Mrs Ow Foong Pheng Singapore Airlines Limited Singtel (Special Discounted Shares) CapitaLand Ascendas REIT - units CapitaLand Ascott Trust – units CapitaLand India Trust – units CapitaLand Integrated Commercial Trust - units Mapletree Industrial Trust – units Mapletree Logistic Trust - units Mapletree Australia Commercial Private Trust – units Mapletree Europe Income Trust – units CapitaLand Treasury Limited - 3.8% Euro Medium Term Notes due 26 June 2031 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 Astrea 9 Pte Ltd - 3.40% Class A-1 Secured Bonds due 8 August 2040 Mr Stanley Huang Tian Guan Singapore Airlines Limited SIA Engineering Company Limited CapitaLand China Trust – units Mapletree Industrial Trust – units Paragon REIT – units Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 (units) Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 S$250,000 S$250,000 S$250,000 S$250,000 55,000 1,388 – 22,638 56,000 – 87,200 100,730 679,758 394 S$250,000 S$180,000 − 10,000 10,000 100,000 150,000 323,000 40,000 S$38,000 S$250,000 S$250,000 S$250,000 – 55,000 1,388 6,717 22,638 56,000 6,630 137,200 100,730 679,758 394 S$250,000 S$180,000 S$96,000 10,000 10,000 100,000 350,000 – 40,000 S$38,000 5 Singapore Power Limited and its subsidiaries Singapore Power Limited and its subsidiaries Director’s statement Singapore Power Limited Director’s and its subsidiaries statement Year ended 31 March 2026 Year ended Director’s 31 March statement 2026 Singapore Power Limited and its subsidiaries Year ended Director’s 31 March statement 2026 Year ended 31 March 2026 Except as disclosed in this statement, no director who held office at the end of the financial year had interests Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the Except in shares, as debentures, disclosed in warrants this statement, or share no options director of who the held Company, office or at the of related end of corporations, the financial year either had at interests the beginning of the financial year, or at the end of the financial year. beginning Except shares, as debentures, disclosed of the financial warrants this year, statement, or share the no options end director of the of who the financial held Company, office year. or at the of related end of corporations, the financial year either had at interests the beginning shares, debentures, of the financial warrants year, or at share the options end of the of the financial Company, year. or of related corporations, either at the Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement Neither beginning at the of the end financial of, nor at year, any or time at the during end the of the financial year, year. was the Company party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by Neither whose objects at the end are, of, or nor one at of any whose time objects during the is, to financial enable year, the directors was the of Company the Company a party to to acquire any arrangement benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. whose means Neither of objects at the acquisition end are, of, or nor one of at of shares any whose time or objects debentures during the is, to financial of enable the Company year, the directors was the any of Company other Company body a party corporate. to to acquire any arrangement benefits by means whose of objects the acquisition are, or one of of shares whose or objects debentures is, to of enable the Company the directors any of other Company body corporate. to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share options Share options Share options During the financial year, there were: During Share options the financial year, there were: During the financial year, there were: (i) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the (i) During no the options financial granted year, there by the were: Company or its subsidiaries to any person to take up unissued shares in the Company; and (i) Company; no options and granted by the Company or its subsidiaries to any person to take up unissued shares in the (i) Company; no options and granted by the Company or its subsidiaries to any person to take up unissued shares in the (ii] no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its (ii] Company; no shares issued and by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. (ii] subsidiaries. no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its (ii] subsidiaries. no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under As at the subsidiaries. end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. As option. at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under On behalf of the Board of Directors On option. behalf of the Board of Directors On behalf of the Board of Directors On behalf of the Board of Directors 11 June 2026 11 June 2026 6 6 6 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 7 Independent Auditor’s Report For the financial year ended 31 March 2026 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2026, the consolidated income statement, statement of comprehensive income, statement of changes in equity and consolidated statement of cash flows of the Group and statement of changes in equity of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 and of the consolidated financial performance, statement of changes in equity and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2026 8 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override o

DISTRIBUTED ENERGY RESOURCE (DER) SYSTEM: CHECKLIST AND DECLARATION OF COMPLIANCE TO SP POWERGRID’S (SPPG) TECHNICAL REQUIREMENTS (To be submitted together with CS1 application) PART I: INSTALLATION DETAILS Consumer Name: Installation/Premises Address: For official use only Application No. Electrical Installation License No.: Installation Intake Voltage: Existing Site Approved Load: kVA / kW (to delete accordingly) PART II: DER SYSTEM DETAILS Total Short Circuit Current Contribution: Amps Metering Point Existing DER System Details Description of Metering Point kWp/kWh kWac 1,3 System Type Location ☐PV ☐BESS ☐Others:___ ☐PV ☐BESS ☐Others:___ ☐PV ☐BESS ☐Others:___ Total Existing Generation Capacity Metering Point Description of Metering Point Location Total Applied Generation Capacity Total Generation Capacity Applied DER System Details kWp/kWh kWac 1,3 System Type Owner of DER system 2 kWp/kWh kWac ,1.3 ☐PV ☐BESS ☐Others:___ ☐PV ☐BESS ☐Others:___ ☐PV ☐BESS ☐Others:___ ☐ Consumer ☐ 3 rd party ☐ Consumer ☐ 3 rd party ☐ Consumer ☐ 3 rd party 1. Based on inverter rated AC capacity. 2. If DER is owned by 3 rd party, please state Company Name: 3. The Consumer shall declare if the Owner of the applied DER system has an aggregated Generation Capacity of ≥ 1MWac installed in this premise. If yes, the Owner of the applied DER system shall furnish the Wholesaler/Generation License at point of Turn-On. ☐ No ☐ Yes New DER Inverter(s) Information: S/N Brand Model Rated Power (kWac) Quantity PART III: DOCUMENT CHECKLIST Please check the boxes to acknowledge that you have submitted the following documents: � Letter of Consent � Single Line Diagram (SLD) (from DER System to Point of Common Coupling (PCC)) Page 1 of 3 Ver 6.0 � PQ Compliance Report � Short Circuit Current Contribution Report � Inverter(s) Specifications � Voltage and Frequency Protection Settings � Inverter(s) Type Test Reports (Harmonics, Voltage Unbalance, Flicker, DC Injection) � Solar panel(s)/Batteries Specifications � Isolation Transformer Specifications (if used) � Dynamic Simulation Model (for aggregated capacity as per Transmission Code C7.2 ) � Other Supporting Documents (if any) Please submit the following documents to the respective Distribution Network (DN) sections upon commissioning of the DER system. 1) Certificate of Compliance 2) Commissioning Declaration of DER System PART IV: TECHNICAL REQUIREMENTS We confirm that the application complies with the following requirements at PCC: 1) Power Quality Harmonics Voltage at PCC (kV) 0.23 / 0.4 6.6 / 22 66 230 / 400 Total harmonic voltage distortion, VTHD < 5% < 4% < 3% < 1.5% Individual harmonic voltage (odd) < 4% < 3% < 2% < 1% Individual harmonic voltage (even) < 2% < 2% < 1% < 0.5% DC Injection Max DC injection per phase < 0.5% of inverter rated output current DC injection is deprecated Voltage Fluctuation Flicker Voltage Unbalance The LEW shall submit technical justification in the PQ compliance report for consideration, if the DER system DC injection at the PCC deviates from this requirement. Percentage difference from nominal voltage < ±3% Short term flicker severity, PST < 1.0 Long term flicker severity, PLT < 0.8 Max ratio of negative phase sequence to positive phase sequence voltage < 1% 2) Protection Abnormal Voltage Response Minimum Holding Time (s) - requirement Maximum Tripping Time (s) - requirement Abnormal Voltage Range (% of nominal voltage) V < 50 50 ≤ V < 88 110 < V < 120 > 0.6 > 2.0 > 1.0 ≤ 1.6 ≤ 3.0 ≤ 2.0 The DER generating unit shall be capable of disconnecting from the transmission system if under or over voltage is detected at the connected person’s incoming switchboard or at the generating unit terminal. Depending on the abnormal voltage range, the generating unit shall remain in operation for a minimum holding time and disconnect before the maximum tripping time as specified above. Abnormal Frequency Response Operating Time Continuous operation Frequency Range (Hz) 47.5 ≤ f ≤ 52 47 ≤ f < 47.5 Remain in operation for at least 20s each time frequency falls below 47.5Hz. 3) Reconnection The DER system shall also cease to energize the transmission system for faults on the service connection between the DER system to the PCC. The DER system may reconnect to the transmission system 1 minute after the voltage and frequency at its connection point have recovered and remained within the ranges listed as follows: (a) Frequency within 49.8Hz and 50.2Hz; Page 2 of 3 Ver 6.0 (b) Transmission network voltage within ±3% of the nominal value or distribution network voltage within ±6% of the nominal value. 4) Inverter Specification Reactive power control mode: Q(V) Control 4 If other mode is selected, please indicate the details: _____________________________________________ 4. By signing below (Part IV), you agree that the above reactive power control mode will be set before inverter(s) energization, in compliance with the requirements stipulated in the Transmission Code. For more details on the settings, please refer to Transmission Code F12. PART V: CHOICE OF BACKUP SCHEME FOR EMBEDDED GENERATION (DER) (Must be filled for Intake Voltage at HT and above) We understand that consumers connected at HT and above with embedded generation (DER) are required to choose a backup scheme 5 for their service connection. Please prepare a Supplemental Agreement for Consumer based on the backup scheme of their choice (please tick one backup scheme): ☐ 1) Summation Scheme (please tick one metering option): ☐ Installation of Summation meters (Where there are no generation meters installed, summation meters will be provided by SPPA) ☐ Generation meters (If generation meters are already installed, there is no need to install additional summation meters as the generation meters can double up as summation meters) ☐ Solar Generation Profile (Applicable for contestable consumers who have embedded generation (PV) below 10 MWac and are registered with SPS/EMC) ☐ 2) Capped Capacity Scheme ☐ 3) Extended Capped Capacity Scheme 5. For more details on backup scheme, please refer to Handbook on “How to Apply for Electricity Connection” (Appendix 39). PART VI: DECLARATION OF COMPLIANCE TO SPPG’S TECHNICAL REQUIREMENTS I, (LEW No.: ), (Name) the undersigned Licensed Electrical Worker (LEW) for the DER installation at the above premises, declare that I have evaluated and confirmed that the DER system complies with the above, including requirements as per “Technical Requirements of Distributed Generation (DG) and New Extra High Tension (EHT) Connection”. Signature: Date: (DD/MM/YYYY) Page 3 of 3 Ver 6.0

08 2024 年 5 月 3 日 星 期 五 新 加 坡 职 总 表 扬 42 企 业 和 组 织 新 能 源 与 牧 野 亚 洲 获 劳 动 节 奖 最 高 荣 誉 今 年 有 42 家 企 业 、 机 构 和 组 织 获 得 职 总 颁 给 组 织 的 劳 动 节 奖 章 ;18 家 公 司 、 机 构 及 组 织 因 支 持 工 运 , 获 颁 工 运 合 作 伙 伴 奖 。 卢 慧 菁 报 道 fcloo@sph.com.sg 在 新 加 坡 能 源 集 团 工 作 超 过 15 年 的 技 术 员 沙 米 尔 积 极 进 取 , 把 握 公 司 提 供 的 培 训 机 会 提 升 技 能 , 如 今 是 集 团 内 九 名 获 认 证 的 无 人 机 操 作 员 之 一 , 日 常 工 作 包 括 负 责 操 作 无 人 机 检 查 电 力 站 , 确 保 设 施 完 好 无 损 。 新 能 源 因 重 视 员 工 培 训 和 福 祉 , 获 颁 今 年 全 国 职 工 总 会 劳 动 节 奖 章 组 织 类 别 中 的 最 高 荣 誉 —— 公 司 表 扬 奖 牌 ( 星 )。 另 一 家 获 同 样 荣 誉 的 公 司 , 是 精 密 器 材 制 造 商 牧 野 亚 洲 (Makino Asia)。 职 总 颁 给 组 织 的 劳 动 节 奖 章 共 分 四 个 类 别 : 公 司 表 扬 奖 牌 ( 星 )、 公 司 表 扬 奖 牌 ( 金 )、 公 司 表 扬 奖 牌 , 以 及 工 运 合 作 伙 伴 奖 。 今 年 有 42 家 企 业 、 机 构 和 组 织 获 表 彰 , 会 在 5 月 10 日 在 滨 海 湾 金 沙 会 展 中 心 举 行 的 颁 奖 仪 式 上 领 奖 。 为 员 工 培 训 与 发 展 新 能 源 已 投 资 5200 万 元 雇 用 3 7 0 0 名 员 工 的 新 能 源 , 自 2018 年 推 出 “ 每 個 人 的 未 來 技 能 ” 计 划 (Future Skills in Everyone, 简 称 FUSION), 为 员 工 制 定 结 构 化 的 职 业 和 发 展 路 能 源 集 团 技 术 员 沙 米 尔 把 握 机 会 提 升 技 能 , 目 前 是 集 团 内 九 名 获 认 证 的 无 人 机 操 作 员 之 一 。 新 能 源 因 重 视 员 工 培 训 和 福 祉 , 获 颁 公 司 表 扬 奖 牌 ( 星 )。( 能 源 集 团 提 供 ) 线 图 , 以 提 高 就 业 能 力 。 迄 今 集 团 已 投 资 5200 万 元 用 于 员 工 培 训 和 发 展 , 投 入 的 培 训 时 间 多 达 110 万 小 时 , 沙 米 尔 (Muhammad Shamil,43 岁 ) 是 受 益 者 之 一 。 除 了 提 升 员 工 技 能 , 新 能 源 也 与 电 力 与 煤 气 业 雇 员 联 合 会 密 切 合 作 , 持 续 改 善 员 工 福 利 , 这 包 括 让 较 低 薪 员 工 的 常 年 加 薪 翻 倍 , 及 通 过 银 色 计 划 , 提 前 鉴 定 资 深 员 工 在 职 场 所 面 临 的 潜 在 挑 战 , 并 提 出 解 决 方 案 。 新 能 源 集 团 总 裁 黄 天 源 表 示 很 荣 幸 获 得 这 项 最 高 荣 誉 , 并 感 谢 工 会 一 路 支 持 ,“ 它 证 明 我 们 长 久 以 来 工 会 与 管 理 层 合 作 伙 伴 的 关 系 良 好 , 致 力 于 打 造 一 支 充 分 准 备 的 团 队 , 以 满 足 这 个 行 业 多 样 及 不 断 变 化 的 需 求 。” 根 据 职 总 文 告 , 新 传 媒 和 日 本 贸 易 企 业 住 友 商 事 亚 洲 和 大 洋 洲 (Sumitomo Corporation Asia & Oceania) 获 颁 公 司 表 扬 奖 牌 ( 金 )。 另 有 20 家 企 业 及 机 构 , 包 括 公 共 巴 士 业 者 Go-Ahead 新 加 坡 得 到 公 司 表 扬 奖 牌 。 通 过 应 用 简 化 工 作 流 程 年 长 巴 士 车 长 也 适 应 Go-Ahead 新 加 坡 在 本 地 聘 用 超 过 1000 名 员 工 , 其 中 逾 800 人 是 巴 士 车 长 , 所 有 本 地 车 长 都 受 益 于 渐 进 式 薪 金 模 式 , 除 收 入 增 加 , 技 能 也 获 提 升 。 Go-Ahead 新 加 坡 也 响 应 职 总 号 召 , 成 立 企 业 培 训 委 员 会 。 公 共 巴 士 业 者 Go-Ahead 新 加 坡 获 颁 职 总 劳 动 节 奖 章 公 司 表 扬 奖 牌 。 公 司 执 行 总 监 李 则 隆 透 露 , 在 设 立 企 业 培 训 委 员 会 及 引 进 新 技 术 后 , 成 功 提 高 生 产 力 。( 梁 麒 麟 摄 ) 公 司 执 行 总 监 李 则 隆 受 访 时 告 诉 《 联 合 早 报 》, 他 们 采 取 技 术 创 新 方 式 , 来 与 巴 士 车 长 共 同 前 进 。 他 透 露 , 所 有 车 长 都 会 获 得 公 司 派 发 、 装 有 “BC Click” 应 用 的 智 能 手 机 , 这 款 应 用 数 码 化 和 简 化 车 长 日 常 工 作 流 程 , 比 如 可 网 上 提 交 车 辆 状 况 检 查 和 事 故 报 告 , 较 年 长 的 车 长 经 过 适 当 培 训 后 , 如 今 也 适 应 科 技 世 界 。 办 公 室 要 处 理 文 件 的 行 政 时 间 随 之 减 少 。 其 他 的 技 术 创 新 , 包 括 使 用 可 实 时 监 测 巴 士 “ 健 康 ”, 如 轮 胎 气 压 是 否 足 够 的 车 载 信 息 系 统 , 从 而 减 少 潜 在 的 车 辆 故 障 和 延 误 事 故 。 李 则 隆 说 , 自 企 业 培 训 委 员 会 成 立 及 引 进 新 技 术 后 , 生 产 力 有 所 提 升 。 随 着 新 加 坡 迈 向 更 清 洁 能 源 车 队 , 除 了 内 部 培 训 ,Go-Ahead 新 加 坡 也 持 续 派 员 到 新 加 坡 巴 士 学 院 、 陆 路 交 通 管 理 局 上 课 , 近 期 也 有 工 程 技 术 人 员 参 与 全 国 电 动 车 专 员 安 全 认 证 课 程 , 多 管 道 不 断 优 化 员 工 电 动 巴 士 相 关 的 知 识 。 此 外 , 合 格 保 安 代 理 协 会 、 新 加 坡 宿 舍 协 会 、 幼 儿 培 育 署 及 客 工 援 助 组 织 康 侍 等 18 家 公 司 、 机 构 及 组 织 , 也 因 支 持 工 运 , 获 颁 工 运 合 作 伙 伴 奖 。 除 了 颁 发 奖 章 给 组 织 , 职 总 也 会 颁 奖 给 贡 献 卓 著 的 工 运 领 袖 、 劳 资 政 三 方 合 作 伙 伴 及 模 范 工 友 , 个 人 得 奖 名 单 将 在 近 期 公 布 。

Singapore Institute of Power and Gas SS638: Code of Practice for Electrical Installations Course Code: ERG01 SFC-Eligible | Course Reference Number: TGS-2022011360 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Understand the SS638 Code of Practice for Electrical Installations • Learn the key changes with respect to CP5 • Familiarize with the reassigned codes on amendments made to suit local conditions MAIN CONTENTS • Overview of SS638 • Key changes from CP5 to SS638 • Scope, objectives and fundamental principles • Definitions • Assessment of general characteristics • Safety protection • Selection and erection of equipment • Inspection and testing • Special installations or locations requirements METHODOLOGY Lecture TARGET AUDIENCE Engineering and technical staff who are involved in design and installation of electrical wiring and systems COURSE DETAILS Duration : 14 hours Mode of Delivery : Face-to-face or Synchronous E-learning Certification : SIPG Certificate of Completion PDU by PE Board : Pending Additional Requirement/s : NIL COURSE FEES Full Course Fee : S$700 (before GST) For Singapore Citizens/PR/LTVP+ : S$210 (before GST) For Singapore Citizens (40 years old and above) : S$70 (before GST) Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.1_0922 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.1_0922

Contractor Performance Management System Introduction 1. With effect from 1 October 2016, Singapore Power Limited and its Singaporeincorporated subsidiaries (SP Group) has implemented the SP Group’s Contractor Performance Management System (CPMS) to strengthen its partnership with and improve the safety and quality performance of its contractors. 2. Through the CPMS, SP Group aims to take a holistic approach to the selection of its contractors as part of enhancing procurement process, by looking at the performance of its contractors at a quarterly and annual basis and not only based at performance at each individual contract basis. The previous demerit scheme in respect of each contract will be abolished while an incentive and mitigation scheme that goes towards enabling contractors to improve their performance on a longer term basis is now implemented. Objectives 3. The objectives of the CPMS are: (a) (b) (c) to adopt a more holistic approach in reviewing contractors’ overall performance; to work with contractors to raise safety and quality standards; and to encourage an environment of continuous improvement by contractors. 4. In order to achieve the above objectives, CPMS will utilise the following 3 main components: (a) (b) (c) Contractor Performance Assessment (CPA); Business Under Surveillance (BUS) Programme; and Tender Evaluation Framework (TEF). SP Group CPMS V6.0 19 Jul 2023 1 Applicability 5. The CPMS will be applicable for procurement in relation of the following services and works: (a) (b) (c) (d) (e) (f) cable installation, cable jointing and road reinstatement; gas pipe-laying; milling and patching; transmission cable-laying; building and construction; and other road opening-related works (e.g., manhole access works). SP Group intends to broaden the scope of the CPMS to eventually apply the CPMS for procurement of other engineering-related works and services. 6. The CPMS will apply to contracts awarded on or after 1 October 2016 and any ongoing contracts which fall in any of the above categories set out in paragraph 5. All aspects of the CPMS, such as the BUS Programme and rewards and mitigations, will apply to such contracts. Contractor Performance Assessment 7. For each contract, a contractor will be assessed by the relevant SP Group project team in the following four (4) areas: (a) (b) (c) (d) Safety. Quality of Work; Project & Risk Management; and Value Added Services. These scores for each contract (Contract Quarterly Score) will be tabulated at fixed quarterly basis. The individual Contract Quarterly Scores applicable for each contract will then be averaged to derive the Contractor Quarterly Score. SP Group CPMS V6.0 19 Jul 2023 2 The criteria have a direct impact on risk mitigation which helps to review the way work activities are planned and executed. The objective of the enhancements is to reduce risk and improve safety at work sites. The PSR shall review the risk identification and mitigation measures to be taken during the design & construction for all contracts within SP Group. Emphasis will be given to the PSR communication to workers through the Risk Management workshops on site. ABSIS will be used to engage with the worker level to improve work processes and create a safer environment to work in. SP Group will assess the contractors’ senior management engagement with their workers through various in-house activities. 8. Examples of the factors taken into consideration in determining the individual Contract Quarterly Score are as follows Safety • Safety Performance • Site Safety Management • Safety Engagement by Management • Project Safety Review (PSR) • Risk Management workshop • Activity Based Safety Improvement System (ABSIS) Quality of Work • Documentation • Workmanship • Any damage to properties Project & Risk Management • Incident management • Cooperativeness • Meeting schedules Value Added Services • Initiatives to improve productivity and efficiency SP Group CPMS V6.0 19 Jul 2023 3 9. In addition to the above criteria, SP Group will also take into account the occurrence of any Critical Incidents when determining the Contractor’s Quarterly Score by applying a corresponding adjustment factor to their score. (a) The Critical Incidents includes: Critical Incidents Smoking or open flame in gas installations and electricity transmission substations Not adhering strictly to isolation procedures for live electricity or gas equipment and machinery at site Damage to Transmission Cables / Gas Pipes Damage to Distribution Cables / Gas Pipes Not anchoring safety harness while working at heights exceeding 3 metres Working in a confined space without conducting mandatory gas check Working under suspended load during lifting or excavator operations Fatality or serious injury Where Serious Injury is defined as: Serious Injuries Loss of 2 limbs Loss of both hands or of all fingers and both thumbs Loss of both feet Total loss of sight, including the loss of sight to such extent as to render the employee unable to perform any work for which eyesight is essential Total paralysis Injuries requiring more than 20 days of hospitalization. (Hospitalization refers to the period where injured remains warded in a hospital) Loss of arm at shoulder Loss of arm between elbow and shoulder Injuries resulting in being permanently bedridden Loss of arm at elbow Loss of arm between wrist and elbow SP Group CPMS V6.0 19 Jul 2023 4 Loss of hand at wrist Loss of 4 fingers and thumb of one hand Loss of 4 fingers Loss of leg • At or above knee • Below knee Loss of foot Loss of sight of one eye Total loss of hearing (b) The Serious Incidents includes: Serious Incidents Damage to Distribution Cables/ Gas pipes affecting less than or equal to 300 customers Damage to Public assets (e.g., PUB pipes, streetlights) Note: Contractors shall not be penalised for damages to the public assets if it was unavoidable due to Authorities’ drawings that provided inaccurate factual information and the Contractor’s detection works did not provide better information. 10. At the end of each quarter, SP Group will provide each contractor a grade relative to their score to provide them timely information on their performance. The names and grades for each contractor scored in each quarter shall be available on the SP Group corporate website. 11. In the event the Contractor’s Quarterly Score is lower than 50, the contractor will be suspended from participating in any new procurement activities for the next 3 months. In the event of an occurrence of a fatality or serious injury at his work site, the main contractor and its subcontractor will be suspended from participating in any new procurement activities for 12 months from the incident date. The suspended contractors and their subsidiaries are also not allowed to apply to be sub-contractors for any SP Group contracts during the suspension period. SP Group CPMS V6.0 19 Jul 2023 5 12. The Contractor Quarterly Scores will be aggregated on an annual basis [Contractor Annual Score]. Contractors must have at least two (2) Contractor Quarterly Scores to be included for the Contractor Annual Score computation. 13. At the end of each Assessment Year, the 5 contractors with the highest Contractor Annual Score for the year will be given an incentive of 2% of the total annual value of their respective contracts capped at $100,000.00 per year per contractor. The annual value of each contract is computed as follows: where: ACV is the annual value of a contract; ACV = A X B A is the Contract Sum divided by the Contract Period [weeks]; and B is the number of weeks [or part thereof] where Works carried out in that year under that contract. 14. The 2 contractors with the lowest annual scores will be subjected to a penalty deduction to their PQS scores in all subsequent SP Group tenders published during the next Assessment Year. In addition, they would also have to comply with performance improvement requirements specified by SP Group to address areas of deficiency. SP Group CPMS V6.0 19 Jul 2023 6 Business Under Surveillance (BUS) Programme 15. The BUS Programme is an educational and correctional tool aimed to partner contractors to address safety and quality issues encountered by contractors in the course of their work for the SP Group and in the longer term help improve their safety and quality standards. The BUS Programme and will be activated in the following situations: (a) (b) Occurrence of any Critical Incident; and/or 3 or more safety inspections at the project sites where major safety-related non-conformances (safety non-conformance) are observed. 16. In the event of the activation of the BUS Programme, the Contractor will be required to undergo the activities as follows: 17. Stopping work at the affected site[s] during a BUS Programme is important to allow contractors to review its safety practices and focus on its operational methods and processes with the aim of preventing further incidents from occurring again. 18. If the contractor placed on a BUS Programme is unable to meet the exit requirements at the end of the 5 th week, a further 2 weeks extension will be granted. If the contractor is still unable to meet the exit requirements at the end of the 7 th week, the contractor will be placed on a second BUS Programme to address the failure of the first BUS Programme. SP Group CPMS V6.0 19 Jul 2023 7 19. In the event the contractor is placed on the BUS Programme more than 2 times in a calendar quarter, the contractor will be suspended from participating in any new procurement activities for the next three months. The suspended contractors and their subsidiaries are also not allowed to apply to be sub-contractors for any SP Group contracts during the suspension period. 20. From 1 Apr 2023, Contractor shall not be under MOM’s Business Under Surveillance programme (BUS) OR not accumulated 25 or more demerit points under MOM’s DPS as at the Tender Closing Date and before the Tender Award Date. Tender Evaluation Framework 21. The CPMS adopts a tender evaluation framework that comprises the following 3 Stages: 22. Stage 1 (SET) aims to inculcate a mindset of safety being the highest priority among our contractors, by selecting only likeminded contractors who have adequate safety management system and track records to work on our projects. Contractors who meet the SET requirements will be pre-qualified to participate in SP Group’s tenders for works described in paragraph 5 above. Once such pre-qualification is granted by SP to the contractors, it shall be valid for the entire Assessment Year. Any contractor which fails the Stage 1 assessment can apply for re-assessment at the start of new calendar quarter after being notified of its failure to pre-qualify. SP Group CPMS V6.0 19 Jul 2023 8 23. In the subsequent Stage 2 and 3 of the evaluation of bids submitted for CPMS applicable tenders, each bidder’s Contractor Quarterly scores over the past 2 years will be taken into account to determine the successful bidder. Where a bidder does not have sufficient records of past Contractor Quarterly Scores (e.g. new contractors) a default score will be used instead. Amendments and FAQs 24. SP Group may modify the CPMS at any time and such amendments shall be deemed immediately applicable to the contracts that are ongoing at the time of such amendments. Contractors are strongly encouraged to check https://www.spgroup.com.sg/doing-business-with-us/procurement for amendments, updates and FAQs relating to the CPMS. 25. If you have any questions, comments or suggestions regarding the CPMS, please email to us at the following address: CPMS@spgroup.com.sg SP Group CPMS V6.0 19 Jul 2023 9

Media Release SP GROUP ACQUIRES FIRST SOLAR FARM ASSETS OF 100MWP IN VIETNAM • The two solar farms located in the Phu Yen Province will generate 130 GWh of green electricity annually, amounting to an avoidance of 105,000 tonnes in carbon emissions each year. • This is part of SP Group’s ambition to invest and develop 1.5 Gigawatts (GW) of utility scale and rooftop solar projects in Vietnam by 2025. • The solar assets equip SP Group with the capability to be a one-stop provider of sustainable energy solutions that can meet 100 per cent of clean energy requirements of commercial and industrial (C&I) customers when the Direct Power Purchase Framework is established in Vietnam in the future. Vietnam, March 6, 2023 — SP Group (SP), a leading energy utilities group and sustainable energy solutions provider in Singapore and Asia Pacific, announced today that it acquired 100 Megawattspeak (MWp) of solar power assets in Vietnam. The two solar farms – the Europlast Phu Yen Solar Power Plant (50 MWp) and the Thanh Long Phu Yen Solar Power Plant (50 MWp) in Phu Yen Province, are both located in the south-central coast of Vietnam. The Europlast Phu Yen Solar Power Plant has been in operation since June 2019 and generates 60 Gigawatt-hours (GWh) of clean electricity annually, while the Thanh Long Phu Yen solar farm was established in December 2020 and has been generating 70 GWh of clean electricity annually. The two solar farms will provide a total of 130 GWh of clean electricity to the Vietnam Electricity (EVN) power grid annually and is able to power more than 36,000 households in Vietnam (approximately 28,800 four-room HDB households in Singapore). Combined, both solar farms will help Vietnam to reduce its carbon dioxide emissions by up to 105,000 tonnes annually. Despite global economic uncertainty, SP is confident of Vietnam’s continued long-term development. The deal marks SP’s first investment in solar farm assets in Vietnam and is part of SP Group’s green ambitions in Vietnam to invest and develop 1.5 Gigawatts (GW) of utility scale and rooftop solar projects by 2025. This is aligned with the company’s long-term vision to help Vietnam achieve its sustainability targets of reaching net-zero emissions by 2050. 1 With Vietnam in discussions on a Direct Power Purchase Framework, end-customers may be able to purchase renewable energy directly from solar farms to supply their clean energy demands in the future. SP currently designs, deploys, and operates rooftop solar solutions that generate clean energy to green part of customers’ energy mix. With this acquisition, SP will have the capability and expertise to help customers achieve 100% clean energy consumption when the Direct Power Purchase Framework is in place. This acquisition demonstrates SP’s long-term commitment to be a one-stop provider of sustainable energy services that enables commercial and industrial customers to achieve their net-zero ambitions. Mr. Brandon Chia, Managing Director, Sustainable Energy Solutions (SEA and Australia), SP Group, said, “This acquisition is a key milestone of our long-term ambitions to help Vietnam transition towards a cleaner and economically sustainable future by incorporating more renewable energy for the country. Through our solar power offerings in both rooftop and utility-scale solutions, SP Group will be a one-stop provider to help our Vietnam customers meet their decarbonisation goals. In addition to renewables, we aim to help businesses and cities in Vietnam go green by leveraging our capabilities in proven sustainable energy solutions such as district cooling and our in-house digital energy management tools to optimise energy demand and to increase energy efficiency for commercial buildings, manufacturing facilities and industrial parks.” Since 2021, SP has been developing rooftop solar projects across the country, through several partnerships and joint ventures, accumulating a total of more than 115 MW of rooftop solar assets to date. The ventures include a partnership agreement with CJ OliveNetworks to jointly invest, build, and develop up to 50 MWp of rooftop solar projects across Vietnam over the next two years. SP also inked an agreement to install up to 20 MWp of rooftop solar power at three mega factories for TKG Taekwang Vina – a manufacturing leader in Vietnam. - Ends - 2 About SP Group SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with lowcarbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand and Vietnam. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective worldwide. Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at spgrp.sg/facebook, LinkedIn at spgrp.sg/linkedin and Instagram at spgrp.sg/instagram 3

Media Release Singapore Power Centre Of Excellence Commences Collaboration With 5 Industry Partners Projects will draw on S$30 million programme set up by SP and EDB Singapore, 12 August 2016 – Singapore Power Centre of Excellence (SP CoE), an initiative supported by the Economic Development Board (EDB), commenced collaborations with 5 industry players to drive research and development of next-generation energy network technologies. The collaborations are part of the Singapore Power Energy Advanced Research and Development (SPEAR) programme, which is the CoE’s flagship programme. 1. The partnerships will draw approximately S$10 million – one-third of the overall S$30 million programme, which was launched in April 2015 to promote the development, pilot and integration of cutting-edge solutions and technologies in Singapore’s energy infrastructure network. 2. The projects and partnerships are as follows:  Grid Sensing with 3M Substation Digitalisation with GE’s Grid Solutions business Smart Energy Management Platform with IJENKO Energy Network Health Analytics with NEC and Space-Time Insight Big Data Analytics with OMNETRIC Group 3. Mr Brandon Chia, Head, SP CoE, said, "SP CoE is committed to driving research and innovation that translates into a future-ready national grid. This marks a significant milestone for the CoE as we begin our first partnerships with industry players to collaborate on developing and implementing next-generation solutions and technologies that will build up the resilience and reliability of our network. This brings us closer to providing sustainable solutions in meeting the evolving customer needs of the future." 4. Mr Goh Chee Kiong, Executive Director, Cleantech, Singapore Economic Development Board, said, “Through the Singapore Power CoE and its flagship SPEAR programme, Singapore is well positioned to become a reference model for smarter grids through the piloting of next-generation technologies to enhance Singapore’s core grid network, integrate renewables and improve demand-side consumer applications. The Singapore Power living lab platform will also catalyse demand-led innovation, and anchor new investments and capabilities from the energy industry.” 5. When completed by 2021, the projects are expected to strengthen the resilience, reliability and efficiency of Singapore’s energy network, supporting SP’s objective in building a future-ready network to enhance the economy and the quality of life. Projects such as Grid 2 Sensing and Energy Network Health Analytics will provide cutting-edge monitoring systems, predictive alerts and risk assessment analysis in accurate, real-time alerts. These will allow SP to further enhance our electricity supply reliability and reduce electrical disruptions to customers by anticipating and solving network incidents before they occur. 6. While strengthening the capabilities of our grid currently, the Substation Digitalisation project will deliver sustainable benefits. When implemented, this will relieve network constraints by accelerating renewable connections, providing customers with a greater choice in distributed energy sources (i.e. renewable energy) when connected to the network. 7. The Smart Energy Management Platform and Big Data Analytics projects will pilot applications that enable SP to analyse data to gain customer insights thus enhancing our understanding of end-user behaviour, in order to develop solutions that will help SP better engage our customers during service provision and help them better manage their energy consumption. More information about the various projects can be found in Annex A. For more enquires on SP CoE and its projects, please contact COE@singaporepower.com.sg.   About Singapore Power Singapore Power Group (SP) is a leading energy utility group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP’s world-class transmission, distribution and market support services. The networks in Singapore are amongst the most reliable and cost-effective worldwide. For more information, please visit www.singaporepower.com.sg. About SP Centre of Excellence The SP Centre of Excellence (CoE) is an initiative by Singapore Power (SP) to drive the innovation and commercialisation of next-generation energy network technologies for greater reliability and efficiency of Singapore’s energy network infrastructure. Supported by the Singapore Economic Development Board, the CoE aims to establish SP as a thought leader in the utility industry forefront and build future-ready energy networks and resource capabilities, to stay ahead of global trends such as the drive for smarter and greener performance, to sustainably meet the evolving customer needs of the future. Issued by: Singapore Power Limited 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Co. Reg No : 199406577N www.singaporepower.com.sg ANNEX A SP CoE, SPEAR Projects 1. Grid Sensing with 3M  This project provides the technologies and capabilities to better monitor, understand and control the low-voltage distribution network. This will facilitate our customers’ ability to “plug and play” distributed energy sources in the future to maximise the usage of sustainable but intermittent sources, such as solar and wind. Through the implementation of Grid Sensing, we can improve access to sustainable but intermittent energy sources. 2. Substation Digitalisation with GE Grid Solutions This project will bring us closer to achieving a full digitalisation of the Singapore electricity network by creating a single platform that integrates our existing technology and new intelligent electronic devices. This allows different devices to interoperate and communicate with each other to maximise efficiency of routing energy resources. When implemented, this will relieve network constraints by accelerating renewable connections, providing customers with a greater choice in distributed energy sources (i.e. renewable energy) when connected to the network. 3. Smart Energy Management with IJENKO This project will provide a platform to better understand our customers’ usage of electricity, paving the way to provide greater value to our customers. For example, through this technology, we can obtain information to provide our customers with practical advice in real time to help them increase energy efficiency and to achieve cost savings. 4. Energy Network Health Analytics with NEC and Space-Time Insight The solution derived from this project will help us optimise asset deployment and maintenance. It will offer the capability to analyse and predict when we need to reinforce and maintain our assets before they fail, thereby minimising disruption and inconvenience to our customers. 5. Big Data Analytics with OMNETRIC Group This project offers analytical insight for operations by providing action alerts when sensing potential damage to our underground assets at worksites, thereby preventing voltage dips or supply interruption to our customers. Besides implementing for operations, this project works on analysis to help us understand our customers better, allowing us to tailor the most appropriate communication mode to engage our customers, leading to an enhanced customer experience.

2025 OCTOBER Su Mo Tu We Th Fr Sa Course Dates Course Code Course Title Duration Course Fee Course Details and (hr) Course Fee (1) (after Funding) PDU (5) Registration 1 2 3 4 13 - 17 Oct EPG12 Power Plant Operations and Performance + 35 $3,500 $1,050 29 Click here 5 6 7 8 9 10 11 21 - 22 Oct PDC217 Masterclass - Ammonia and Hydrogen Power Generation (NEW COURSE) 14 $2,200 $660 Pending Click here 12 13 14 15 16 17 18 23 - 24 Oct ERG01 SS638 Code of Practice for Electrical Installations 14 $700 $210 13 Click here 19 20 21 22 23 24 25 27 - 29 Oct ECL05 High Voltage Cable Jointing Techniques 21 $3,250 N.A. 19 Click here 26 27 28 29 30 31 28 - 29 Oct EPG04 Power Plant Maintenance Principles and Strategies 14 $1,400 $420 13 Click here NOVEMBER 3 - 5 Nov ECL06 Low Voltage Distribution Cables, Joints and Terminations 21 $1,400 $420 19 Click here Su Mo Tu We Th Fr Sa 5 - 6 Nov ERG05 Lightning and Lightning Protection 14 $700 $210 13 Click here 1 10 Nov NGD03 Introduction to Microgrid Systems 7 $700 $210 4 Click here 2 3 4 5 6 7 8 12 - 13 Nov EPG05 Power Plant Reliability 14 $1,400 $420 Pending Click here 9 10 11 12 13 14 15 17 Nov ERG06 Electrical Earthing Principles and Practices 7 $350 $105 6 Click here 16 17 18 19 20 21 22 17 - 21 Nov EPG11 Power Plant Operations and Process Controls + 35 $3,500 $1,050 29 Click here 23 24 25 26 27 28 29 17 - 19 Nov EPG07 Requirements for Installation & Commissioning of Grid-Tied Photovoltaic System 21 $1,925 $578 20 Click here 30 17 - 18 Nov Assmt: 19 - 21 Nov ENO66 High Voltage Switching on Distribution Network 12.5 $1,650 N.A. Pending Click here 28 Nov NEV03 Requirements and Implementation of Electric Vehicle Charging System 7 $700 $210 6 Click here DECEMBER 28 Nov EPG17 Power Generation 101 (NEW COURSE) 7 $400 N.A Pending Click here Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 1 Dec ENO39 Electrical Testing and Inspection for Non-licensed Electrical Installation 7 $800 N.A. 7 Click here 7 8 9 10 11 12 13 2 - 3 Dec EPG09 Control and Protection of Generator and Turbines 14 $1,400 $420 11 Click here 14 15 16 17 18 19 20 4 - 5 Dec ESG06 Design, Installation and Testing of Electrical Switchboard and Supply Turn-On 14 $1,600 N.A. 13 Click here 21 22 23 24 25 26 27 28 29 30 31 All of our courses are conducted face-to-face *To be confirmed, please register your interest on our training portal + Courses conducted using the Centralised Power Plant Simulator # Courses EPG13 and EPG14 are part of the Advanced Certificate in Power Plant Operations and Performance and both courses must be taken together, following the training dates stated in this training calendar Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. (6) Minimim class size is required to be met to start the class. Updated: 1 Oct 2025 2026 JANUARY Su Mo Tu We Th Fr Sa 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Course Dates Course Code Course Title Duration Course Fee Course Details and (hr) Course Fee (1) (after Funding) PDU (5) Registration 1 2 3 19 - 23 Jan EPG12 Power Plant Operations and Performance + 35 $3,500 $1,050 29 Click here FEBRUARY Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 3 - 4 Feb EPG13 Managing Multiple Malfunctions in Power Plants +# 14 $1,400 $420 12 Click here 8 9 10 11 12 13 14 5 - 6 Feb EPG14 Best Practices for Power Plant Optimisation +# 14 $1,400 $420 13 Click here 15 16 17 18 19 20 21 22 23 24 25 26 27 28 MARCH Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 9 - 13 Mar EPG11 Power Plant Operations and Process Controls + 35 $3,500 $1,050 29 Click here 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 All of our courses are conducted face-to-face *To be confirmed, please register your interest on our training portal + Courses conducted using the Centralised Power Plant Simulator # Courses EPG13 and EPG14 are part of the Advanced Certificate in Power Plant Operations and Performance and both courses must be taken together, following the training dates stated in this training calendar Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. (6) Minimim class size is required to be met to start the class. Updated: 1 Oct 2025

Porsche, SP Group tie up to launch 3 new EV charging sites � WED, DEC 01, 2021 - 12:40 PM VIVIENNE TAY � vtay@sph.com.sg � @VivienneTayBT Porsche and SP Group will launch new charging sites at Gardens by the Bay, South Beach and Sembawang Country Club by January 2022. PHOTO: REUTERS PORSCHE Asia Pacific is partnering utility group SP Group to expand the sports car maker's charging network in Singapore for plug-in hybrid electric vehicles (EV) and battery EVs. As part of the tie-up, Porsche and SP Group will launch 3 new Porsche destination charging (PDC) network sites at Gardens by the Bay, South Beach and Sembawang Country Club by January 2022. The move adds 15 new charging points to the PDC network, Porsche and SP Group said in a joint press statement on Wednesday (Dec 1). Both parties have also partnered property developer City Developments Limited (CDL) to expand EV charging infrastructure at 4 CDL properties - City Square Mall, King's Centre, Palais Renaissance and Quayside Isle, adding another 15 charging points to the PDC network. Porsche aims to have 51 charging stations islandwide by mid-2022. At present, SP Group runs 10 PDC charging points at ONE15 Marina Sentosa Cove and Jewel Changi Airport. The PDC network is open to all EV drivers, but owners of Porsche plug-in EVs and battery EVs have additional benefits. SP Group operates over 450 charging points across more than 100 locations, including shopping malls, commercial buildings, business parks, industrial sites, residential and attractions islandwide.

Ground feedback, digital tools: How she helps 8,000 workers end their day safely RELIABILITY Yuan Yinxi (right), an SP Group safety manager works closely with site teams (seen here starting their day with a safety pledge), to champion ground-up safety practices and ensure everyone returns home safely. Behind Singapore's reliable energy networks is a dedicated team ensuring that every technical officer, engineer and contractor returns home safely after a day’s work.   ​From supervising a team that monitors site activities to holding regular dialogues with contractors, SP’s Senior Manager Yuan Yinxi and Group Safety and Health team help to instil a strong safety culture and ensure strict safety protocols are uphelp, in order to protect our people, customers, contractors and the public. Yinxi and the team also collaborated with SP’s digital team to develop the SAFE365 app – streamlining daily site operations and further enhancing on-site safety. Read more here. - 30 Jul 2025 TAGS PEOPLE OF SP YOU MIGHT BE INTERESTED TO READ Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on

LICENSED ELECTRICAL TECHNICIAN PREPARATORY PROGRAMME (Programme Code: ENO33) LEARNING OUTCOMES The Licensed Electrical Technician Preparatory Programme will equip participants with the necessary theoretical foundation and practical application skills to carry out the work of a Licensed Electrical Technician. PRE-REQUISITES Applicants are required to have: o At least 5 years as a Practicing Licensed Electrician; or o Diploma in Electrical Power Engineering from Singapore Polytechnic or Ngee Ann Polytechnic, and at least 1 year of relevant hands-on experience after attainment of diploma (only required to complete the practical modules by SIPG) --- The programme is optional for applicants with: o Diploma in Electrical Power Engineering from Singapore Polytechnic or Ngee Ann Polytechnic, and o At least 2 years of relevant hands-on experience in electrical works after attainment of diploma --- Priority will be given to Licensed Electricians with 5 years of relevant hands-on experience. PROGRAMME CONTENTS Theoretical Foundation Conducted by Singapore Polytechnic/Ngee Ann Polytechnic No. Description Hours Total Module 1: Electrical Circuit Theory and Analysis 1.1 Basic Circuit Theory 3 1.2 AC Theory 13 1.3 Three Phase AC Circuits 12 1.4 Written Assessment 1 2 2 Module 2: Distribution System and Protection 2.1 Power Generation, Transmission and Distribution System 3 2.2 Fault calculation 5 2.3 Circuit Switching and Switchgears 3.5 2.4 Protection 7 2.5 Distribution Transformers 3 2.6 Cables and Wiring Systems 3 2.7 Substation Earthing and System Earthing 1.5 2.8 Testing and Commissioning 2 2.9 Written Assessment 2 2 2 28 28 Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 1 V13_042024 No. Description Hours Total Module 3: Electrical System Design 3.1 Electricity Distribution System & Related Regulations 6 3.2 Characteristics and Selection of Protective Devices 9 3.3 Design of Residential Electrical Installation 9 3.4 Design of Industrial and Commercial Electrical Installation 6.5 3.5 Standby Generators 3 3.6 Inspection and Testing 3 3.7 Temporary Electrical installation 6 3.8 Earthing System 1.5 3.9 Grid-connected PV System 9 3.10 EV Charging System 3 3.11 Written Assessment 3 2 2 Module 4: Electrical Machines and Control 4.1 Single-phase and Three Phase Transformers 2.5 4.2 Induction and DC Motors 3 4.3 Synchronous Motors & Generators 3 4.4 Semiconductor Devices for Motor Control 3 4.5 DC & AC Drives 5 4.6 Motor Starters 4.5 4.7 Written Assessment 4 2 2 Practical Application Conducted by Singapore Institute of Power and Gas 2 56 21 Total 141 No. Description Hours Total Module 5: Safety and Connection Requirements 5.1 Safety & Licensing Requirements 7 5.2 The Supply Connection Process 3.5 11 5.3 Assessment 0.5 Module 6: Commercial and Industrial Low Voltage Installation 6.1 Design for Commercial and Industrial Low Voltage Installation 14 6.2 Distribution Switchboard Maintenance for Commercial and Industrial Low Voltage Installation 7 22 6.3 Assessment 1 Module 7: Testing Methods 7.1 Inspection & Testing of Installations up to 500 kVA 14 7.2 Commissioning of Switchboard up to 500kVA 7 22 7.3 Assessment 1 Module 8: HV Switching Operations and Procedures 8.1 Protection Scheme 3.5 8.2 Operation and Maintenance of Distribution Transformer 3.5 8.3 Switching Operations and Procedures 3.5 11 8.4 Assessment 0.5 Total 66 ASSESSMENT For modules conducted by SP/NP, a written assessment will be conducted upon completion of each module. For modules conducted by SIPG, a practical assessment will be conducted upon completion of each module. V13_042024 PROGRAMME TIMING The programme will be conducted during weekday evenings (6.30pm – 10.00pm) and Saturdays (8.30am – 6.00pm). CERTIFICATE Participants who have successfully pass all theoretical and practical modules will be awarded a Certificate of Achievement jointly issued by SIPG and SP/NP. EMA LICENSING COMPETENCY ASSESSMENT The “Certificate of Achievement” is required by EMA for participants without the relevant educational qualification. Participants are required to ensure that they satisfy the relevant work experience and pass the “EMA Licensing Competency Assessment” to qualify for an Electrical Technician’s License. Please refer to EMA website for more information on application for Electrical Technician License: EMA Website PROGRAMME FEE Full Programme (Theoretical Foundation & Practical Applications) Programme Fee Singapore Citizens and Permanent Residents <40 years old Nett Fee after SSG Funding* Singapore Citizens ≥40 years old only Enhanced Training Support for SMEs # Without GST $11,460.00 $3,438.00 $1,146.00 $1,146.00 With 9% GST + $12,491.40 $3747.42 $1455.42 $1455.42 Practical Applications Only Programme Fee Singapore Citizens and Permanent Residents <40 years old Nett Fee after SSG Funding* Singapore Citizens ≥40 years old only Enhanced Training Support for SMEs # Without GST $4,800.00 $1,440.00 $480.00 $480.00 With 9% GST + $5,232.00 $1569.60 $609.60 $609.60 * Subjected to SSG’s approval and changes. + 9% GST applicable for intakes starting from 1 Jan 2024 # For more information on the Enhanced Training Support for Small & Medium Enterprises (SMEs) scheme, please click here. Self-sponsored applicants may use their relevant SkillsFuture Credit (SFC) to offset the programme fee. PROGRAMME SCHEDULE Full Programme Intake: May 2024 (Closed) / Feb 2025 Practical Only Intake: Jun 2024 (Closed) / Apr 2025 (Tentative) Registration closing date: 4 weeks before programme commencement Application will be considered upon submission of completed application form and all necessary supporting documents. SIPG will contact the applicant after confirmation that all admission criteria are met. For enquiries, contact SIPG at training-institute@spgroup.com.sg or 6916 7930 SIPG reserves the rights to amend any details relating to the programme without prior notice. 3 V13_042024 This page is intentionally left blank 4 V13_042024 Registration Form Licensed Electrical Technician Preparatory Programme PART A: PERSONAL PARTICULARS � Self-Sponsored Applicant � Company-Sponsored Applicant ** Full Name (As in NRIC/FIN) ** NRIC/FIN ID Expiry Date (dd/mm/yy) ** Nationality Gender M / F ** Monthly Salary 1 LE License No. (if applicable) Date of Birth (dd/mm/yy) Race: Chinese / Malay / Indian / Others: ___________________ Years of Relevant Experience as LE (if applicable) ** Contact Number Email Address Address (Residential address for self-sponsored applicants) FOR COMPANY-SPONSORED APPLICANTS ONLY Eligibility for Enhanced Training Support for SMEs: Determination will be based on SSG system. Applicant must have continued to receive full salary under the billing company (as below) and CPF entitlements during the entire duration of the funded course. Company Name UEN Company Address Contact Person Designation Contact Number PART B: PRE-REQUISITES Email Address 1. Please indicate your relevant hands-on electrical work experience: Employer Name Position Held Year of Joining Year of Leaving 2. Please indicate your educational qualifications: Qualification Title Name of Institute Year Completed Please attach relevant supporting documents. (Refer to Annex A for the list of supporting documents required.) 1 Salary range: a) Unemployed b) Below $1,000 c) $1,000 - $1,499 d) $1,500 - $1,999 e) $2,000 - $2,499 f) $2,500 - $2,999 g) $3,000 - $3,499 h) $3,500 and above ** Mandatory field 5 V13_042024 PART C: PROGRAMME TYPE Please tick the programme type that ☐ Full Programme - Theoretical Foundation & Practical Applications ☐ Practical Applications only (Applicable only to applicants with Diploma in Electrical Power Engineering from Singapore Polytechnic/Ngee Ann Polytechnic or higher qualifications that are recognised by EMA/PEB.) PART D: PAYMENT Payment is only required after the programme has been scheduled for the applicant and applicant has confirmed his/her availability. An invoice with the final amount (after funding, if any) and the available mode of payment will be sent to the applicant. PART E: DECLARATION By submitting this registration form: - I hereby declare that all information given is true and accurate; - I acknowledge that SIPG shall not be responsible should EMA rejects my application for licensing; and - I agree to the terms and conditions stated below. (i) For Self-Sponsored Application (ii) For Company-Sponsored Application Name: ______________________ Name of Authorised Personnel: _____________________ Signature: ______________________ Signature: _____________________ Company Stamp Date: ______________________ Date: _____________________ PART F: PERSONAL DATA PROTECTION ACT I/We acknowledge and agree that SIPG may collect, use and disclose to any third party any and all particulars relating to my/our personal information for the purposes of (i) providing the requested services in respect of the programme(s), (ii) billing and account management (including debt collection or recovery); (iii) conducting surveys or obtaining feedback; (iv) informing me/us of services and offers by SIPG, its related entities and business affiliates (unless I/we duly inform you otherwise); and (v) complying with all applicable laws and regulations, and business requirements. Name: Signature: Date: TERMS AND CONDITIONS: 1) The company and individual applicant have read and understood the terms of the programme information and registration form. 2) The information collected on this form is used for programme registration, account servicing of programme-related activities and/or for application of programmerelated funding to appropriate funding agencies. 3) This registration form must be submitted to SIPG at least 4 weeks before programme commencement. 4) Payment must be made to SIPG before programme commencement. 5) SIPG reserves the right to amend any details relating to the programme without any prior notice. 6) Request for withdrawal must be made in writing and are subject to approval by SIPG. >5 working days before programme commencement : 100% refund; Less than 5 working days before programme commencement : no refund. 7) Request for transfer/replacement must be made in writing at least 5 working days before programme commencement and is subject to approval by SIPG. SIPG reserves the right to impose an administration fee for such requests. 8) Trainee shall be bound by the terms and conditions of any applicable funding scheme as approved by SIPG. 9) In the event that the trainee fails to meet any of the requirements set under the funding scheme or has been granted funding for the same programme before, thereby resulting that his/her funding application is rejected, the trainee is liable to pay the balance of the full programme fee to SIPG. 10) Photographs of trainees may be taken at the event for SIPG’s marketing materials and other publications. Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 6 V13_042024 ANNEX A: LIST OF SUPPORTING DOCUMENTS REQUIRED Please submit all relevant supporting documents along with the application form via email. Note: SIPG reserves the right to reject any application due to incomplete submission of supporting documents. 1 Company Testimonial Letter (To clearly state the years and job scope of relevant hands-on electrical works experience) 2 Educational Certificates (For non-Licensed Electricians) Highest Qualification (Minimum of Diploma in Electrical Power Engineering from Singapore Polytechnic/Ngee Ann Polytechnic or higher qualifications that are recognised by EMA/PEB) 7 V13_042024