Singapore Institute of Power and Gas Low Voltage Cable Identification Course Code: ECL13 OBJECTIVES Upon completion of this course, participants will be able to: • Gain the knowledge, practical skills and techniques of low voltage cable identification that are necessary for carry out LV cable works MAIN CONTENTS • Types of works that require cable identification – cable diversion, cable replacement, cable fault repair • Safety precautions to be taken while carrying out LV cable identification • Application of electro-magnetic induction theory • Methods of LV cable identification • Identification of wire ends • Continuity tests METHODOLOGY Lecture and Practical training TARGET AUDIENCE Engineers, technical officers and technicians who are working in the electricity utility industry COURSE DETAILS Course Duration / Time Assessment 1 day (7 hours) / 8:30am – 5:30pm Yes Certification SIPG Certificate of Completion 1 PDU by PE Board 2 - Course Fee before Funding $700 w/o GST $749 w GST Course Fee after Funding 3 $210 w/o GST $224.70 w GST Trainee is required to wear PPE during Practical session. PPE 4 Requirement PPE includes: Safety Shoes, Rubber Gloves, Fire Retardant Clothing (FRC) and Face Shield. CLICK TO REGISTER 1 Participants must attain at least 75% attendance rate and pass the assessment. 2 Applicable to Professional Engineers registered in Professional Engineers Board (PEB) only. 3 Funding grant is available for Singapore Citizens and Permanent Residents only. 4 PPE: Personal Protective Equipment Note: SIPG reserves the right to amend any details relating to the course without prior notice. Contact Us: training-institute@spgroup.com.sg or +65 6916 9730 Ver 02.20 Singapore Institute of Power and Gas COURSE FEE FUNDING Individual Pricing (% grant) w/o GST w GST Original Course Fee (0%) $700.00 $749.00 After Enhanced Training Support (70%) $210.00 $224.70 After SkillsFuture Mid-Career Enhance Subsidy (90%) $70.00 $84.70 After Workfare Training Support (WTS) Scheme (95%) $35.00 $49.70 After Enhanced Training Support for SMEs (ETSS) (90%) $70.00 $84.70 Note: For SkillsFuture Mid-career Enhance Subsidy, WTS Scheme and Enhanced Training Support for SMEs, the GST amount is the same as the GST calculated from the Enhanced Training Support (70%) funding. Type of Funding Enhanced Training Support Enhanced Training Support for SMEs (ETSS)* SkillsFuture Mid-Career Enhance Subsidy Workfare Training Support (WTS) Scheme Eligibility Criteria Funding Amount* 1. Singapore Citizens and Permanent Residents 2. Aged 21 years and above 2. Aged 40 years and above 1. Singapore Citizens only 3. Aged 35 years and above 4. Monthly income of less than S$1,900 70% 90% 90% 95% * Funding amount is based on full course fee. ^ Enhanced Training Support for SMEs (ETSS) 1. Organisation must be registered or incorporated in Singapore. 2. At least 30% local shareholding by Singapore Citizens or Singapore Permanent Residents. 3. Employment size of not more than 200 (at group level) or with annual sales turnover (at group level) of not more than $100 million. 4. Trainees must be hired in accordance with the Employment Act and fully sponsored by their employers for the course. Note: SIPG reserves the right to amend any details relating to the course without prior notice. Contact Us: training-institute@spgroup.com.sg or +65 6916 9730 Ver 02.20

Consumption_Water Average consumption of Water (CuM) Premises Types Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 HDB 1-Room 8.3 7.9 8.1 7.8 7.8 7.8 7.2 7.8 7.8 8.1 7.8 8.1 HDB 2-Room 9.5 9.2 9.3 9.0 9.0 9.1 8.4 9.0 9.0 9.1 9.0 9.3 HDB 3-Room 12.5 12.2 12.2 12.0 11.9 12.0 11.2 12.0 12.0 12.1 11.8 12.2 HDB 4-Room 15.7 15.3 15.5 15.1 14.9 15.2 14.3 15.3 15.1 15.4 14.9 15.4 HDB 5-Room 17.1 16.7 17.0 16.4 16.1 16.7 15.8 16.8 16.5 16.8 16.2 16.9 HDB Executive 19.1 18.5 18.8 18.1 17.9 18.7 17.8 18.8 18.4 18.7 18.2 18.8 Apartment 13.8 13.8 13.8 13.3 12.8 13.0 12.7 13.7 13.5 13.4 12.8 13.3 Terrace 26.7 25.9 26.2 25.6 24.7 25.7 24.7 25.7 25.1 25.6 25.1 26.1 Semi-Detached 33.4 31.4 32.2 30.9 30.4 30.6 29.8 31.0 30.4 30.9 30.5 32.0 Bungalow 54.7 52.4 52.4 50.2 49.8 49.4 48.6 51.5 48.4 49.7 49.3 50.9

SP Group starts vehicle-to-grid technology trial � THU, JUL 08, 2021 - 9:24 PM | UPDATED THU, JUL 08, 2021 - 9:35 PM TAY PECK GEK � peckgek@sph.com.sg � @PeckGekBT Jimmy Khoo, chief executive of SP PowerGrid, with the V2G-capable Nissan LEAF and a V2G bi-directional charger that will be used in the Singapore trial. NATIONAL grid operator SP Group (SP) has started its trial of vehicle-to-grid (V2G) technology and has raised its investment in a V2G technology rm as Singapore progresses towards wider adoption of electric vehicles (EVs). The company aims to test the viability of tapping the energy stored in EVs in the trial to enhance the reliability of the grid, which will need to support more than 600,000 vehicles when Singapore phases out internal combustion engine vehicles by 2040, said SP in its media statement on Thursday. When charged, EVs store energy in their lithium-ion batteries, which serve as small energy storage systems that can transfer energy back to balance the power grid, such as when renewable energy sources such as solar power fluctuate due to weather conditions. If V2G technology is viable, owners of EVs can be paid for the use of their batteries when they are tapped to mitigate the intermittency problem in other energy sources. SP has stepped up its investment in the V2G technology rm The Mobility House (TMH), but did not provide the speci cs. SP only stated that TMH has a presence in Munich, Zurich and Belmont (in California) , and provides a non-proprietary software for integrating vehicle batteries into power grids using intelligent charging and storage solutions. SP is providing four V2G charging points at SP's premises for the trial, which will be completed in June 2022. V2G technology allows energy transfer between the batteries within an EV and the power grid, and so is more sophisticated than uni-directional charging of EVs.

Cents/kWh MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 JANUARY TO 31 MARCH 2021 Singapore, 30 December 2020 – For the period from 1 January to 31 March 2021, electricity tariff (before 7% GST) will decrease by an average of 3.2% or 0.67 cent per kWh compared with the previous quarter. This is due to lower energy costs compared with the previous quarter. For households, the electricity tariff (before 7% GST) will decrease from 21.43 to 20.76 cents per kWh for 1 January to 31 March 2021. The average monthly electricity bill for families living in four-room HDB flats will decrease by $2.39 (before 7% GST) (Appendix 3: Average monthly electricity bills of domestic consumers). 30.00 Quarterly Household Electricity Tariff* 25.00 20.00 22.79 24.22 23.43 24.24 23.02 19.60 21.43 20.76 15.00 10.00 5.00 0.00 Apr - Jun 19 Jul - Sep 19 Oct - Dec 19 Jan - Mar 20 Apr - Jun 20 Jul - Sep 20 Oct - Dec 20 Jan - Mar 21 *before 7% GST SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs shown in Appendix 2 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations. b) Network costs (paid to SP Group): This fee is reviewed annually. This is to recover the cost of transporting electricity through the power grid. c) Market Support Services Fee (paid to SP Group): This fee is reviewed annually. This is to recover the costs of billing and meter reading, data management, retail market systems as well as for market development initiatives. d) Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Q1 2021 TARIFF (before 7% GST) Market Admin & PSO Fee (No Change) 0.06¢/kWh (<1%) MSS Fee (No Change) 0.40¢/kWh (1.9%) Network %) Costs (No Change) 5.44¢/kWh (26.2%) Energy Costs (Decrease by 0.67¢/kWh) 14.86¢/kWh (71.6%) ELECTRICITY TARIFFS FROM 1 JANUARY 2021 LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh LOW TENSION SUPPLIES, NON-DOMESTIC All units, ¢/kWh HIGH TENSION SMALL (HTS) SUPPLIES Contracted Capacity Charge $/kW/month Existing Tariff (without GST) New Tariff (without 7% GST) Appendix 2 New Tariff (with 7% GST) 21.43 20.76 22.21 21.43 20.76 22.21 8.90 8.90 9.52 Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh HIGH TENSION LARGE (HTL) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh EXTRA HIGH TENSION (EHT) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh 13.35 13.35 14.28 18.63 17.88 19.13 11.67 11.20 11.98 0.59 0.59 0.63 8.90 8.90 9.52 13.35 13.35 14.28 18.41 17.66 18.90 11.66 11.19 11.97 0.59 0.59 0.63 7.87 7.87 8.42 11.81 11.81 12.64 17.54 16.81 17.99 11.57 11.11 11.89 0.48 0.48 0.51 Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 JANUARY 2021) (before 7% GST) Types of Premises Average monthly consumption per Customer Average Monthly Bill New Average Monthly Bill Average Change in Monthly Bill kWh $(a) $(b) $(b-a) % HDB 1 Room 136.36 29.22 28.31 (0.91) (3.1) HDB 2 Room 182.95 39.21 37.98 (1.23) (3.1) HDB 3 Room 261.41 56.02 54.27 (1.75) (3.1) HDB 4 Room 355.80 76.25 73.86 (2.39) (3.1) HDB 5 Room 412.01 88.29 85.53 (2.76) (3.1) HDB Executive 501.00 107.36 104.01 (3.35) (3.1) Apartment 519.63 111.36 107.88 (3.48) (3.1) Terrace 793.93 170.14 164.82 (5.32) (3.1) Semi-Detached 1,092.02 234.02 226.70 (7.32) (3.1) Bungalow 2,258.72 484.04 468.91 (15.13) (3.1) Average 398.58 85.41 82.74 (2.67) (3.1)

• • • • W V • • • • • • • • W BERITA ELEKTRIK JIMATKAN TENAGA DI RUMAH Gunakan kelalang termos untuk menyimpan air panas Simpan makanan dalam bekas kedap udara sebelum menyimpannya di dalam peti ais Saya menyimpan air panas di dalam kelalang termos daripada menguna pot udara atau cerek elektrik. Makanan yang tidak bertutup membebaskan lembapan yang mengakibatkan kompresor peti ais menggunakan lebih banyak tenaga. Itulah sebabnya saya menyimpan makanan berlebihan di dalam bekas. Cuci pakaian pada beban optimum mesin basuh Matikan punca kuasa utama yang tersambung ke perkakasan elektrik Masih ada ruang dalam mesin basuh. Biar saya menggunakan ruang yang sepenuhnya untuk menjimatkan lebih banyak tenaga tanpa lampau beban. Saya menjimatkan sehingga 10 peratus daripada penggunaan tenaga saya apabila saya mematikan punca kuasa perkakas yang tidak digunakan. V TENAGA AMAT PENTING PENJIMATAN TENAGA DI RUMAH ON OFF KECEKAPAN TENAGA • Matikan semua punca kuasa yang tersambung ke perkakas elektrik apabila tidak digunakan • Laraskan termostat peti sejuk dan penyaman udara ke tetapan yang disyorkan • Guna perkakas elektrik yang mempunyai pengkadaran kecekapan tenaga yang tinggi PENJIMATAN TENAGA DALAM KALANGAN KOMUNITI • Singapore Power dan Penguasa Pasaran Tenaga telah melancarkan kempen penjimatan tenaga yang dipanggil “Wira Tenaga: Andalah Yang Berkuasa” (Energy Heroes: It’s Your Power!) yang akan meliputi pameran interaktif. Ia akan berkunjung ke sekolahsekolah di seluruh negara pada tahun 2015 MEMANTAU PENGGUNAAN ELEKTRIK ANDA • Daftar akaun talian di www.spservices.com.sg dan log masuk ke akaun anda melalui Portal Utiliti Saya (My Utilities Portal) • Lihat penggunaan elektrik anda selama 6 bulan yang lalu daripada carta yang ditunjukkan pada bil utiliti anda • Bandingkan penggunaan elektrik terbaru anda dengan jiran anda • Muat turun aplikasi mudah alih SP Services untuk mendapatkan lebih banyak petua tentang penjimatan tenaga Untuk mengatur kunjungan ke Pusat Kecekapan Kuasa Singapura (Singapore Power Electricity Efficiency Centre) atau mengatur supaya pameran “Energy Heroes: It’s Your Power!” mengunjungi sekolah anda, sila hubungi kami di: Telefon: 6378 8293 E-mel: eec@singaporepower.com.sg Untuk mendapatkan maklumat lanjut, sila layari www.singaporepower.com.sg

Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/38-years-with-SP-Growing-through-Change SP Energy HubAnnual ReportReliabilitySustainabilityInnovation 38 Years with SP: Growing through Change RELIABILITY Maizan Binte Abdullah, Senior Technician from Condition Monitoring (CM), manages a team of 10 to perform health checks across substations in the north of Singapore. Her team collates and analyses recorded measurements and checks for anomalies in switchgears and transformers. Maizan Binte Abdullah performing condition monitoring checks. (Photo was taken before circuit breaker) When Maizan joined SP 38 years ago, she was doing something quite different. Learning and Adapting After completing her post-secondary education, Maizan started as an apprentice in the Electro Mechanical Maintenance Fitting department at the Public Utilities Board (PUB). Subsequently, she was posted to the Meters section to conduct meter maintenance activities. Maizan (in blue attire) and her former colleagues from Meters section enjoying a durian feast together. When PUB corporatised in 1995, she moved to SP where she continued with the Meters section for the next 14 years. She would have thought that would be her home for the rest of her career. However in 2019, she was seconded to CM. This change to field work seemed to be unsurmountable, having been in a deskbound administrative role for more than 20 years. “Given my age, I was very worried that I may not be able to cope with the demands of the new role. However, I recognised that I needed to move out of my comfort zone and acquire new skills to remain relevant,” shared Maizan. After going through training and with strong support from her team and the management, Maizan is settling so well at CM that she became the team lead for North Zone in the same year. A lifelong learner, Maizan completed her part-time Diploma in Engineering (Power Engineering) programme at Singapore Polytechnic in May 2020 under SP’s sponsorship. She soldiered on despite having to juggle her new role and studies. “There were times when I felt overwhelmed and felt like giving up. I am glad I had the support from my family, my boss and colleagues who encouraged me to persevere. This experience has been very enriching, and I look forward to continue growing!” exclaimed Maizan. Growing despite COVID-19 With this mindset, Maizan and her team continued to learn new ways of working to carry out their duties during the Circuit Breaker period. Maizan and her colleagues use handheld detectors to detect for abnormalities in the network. This is to prevent faults from developing and causing power disruptions. “Due to the need to minimise contact, we had to stagger our working hours. This is a challenge as CM relies heavily on teamwork. We also had to wear a mask when doing checks in the substation, which is an enclosed space and often hot and humid,” shared Maizan. However, Maizan takes it in her stride. She performs daily check-ins with her team members via instant messaging and tele-conferencing. With a sparkle in her eyes, she said, “Work is never the same every day. I take this as an opportunity to grow – to be stronger and better in managing change and future crises.” — 27 July 2020 TAGS LIFELONG LEARNERPEOPLE OF SPRELIABILITYCONDITION MONITORING YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/38-years-with-SP-Growing-through-Change SP Energy HubAnnual ReportReliabilitySustainabilityInnovation 38 Years with SP: Growing through Change RELIABILITY Maizan Binte Abdullah, Senior Technician from Condition Monitoring (CM), manages a team of 10 to perform health checks across substations in the north of Singapore. Her team collates and analyses recorded measurements and checks for anomalies in switchgears and transformers. Maizan Binte Abdullah performing condition monitoring checks. (Photo was taken before circuit breaker) When Maizan joined SP 38 years ago, she was doing something quite different. Learning and Adapting After completing her post-secondary education, Maizan started as an apprentice in the Electro Mechanical Maintenance Fitting department at the Public Utilities Board (PUB). Subsequently, she was posted to the Meters section to conduct meter maintenance activities. Maizan (in blue attire) and her former colleagues from Meters section enjoying a durian feast together. When PUB corporatised in 1995, she moved to SP where she continued with the Meters section for the next 14 years. She would have thought that would be her home for the rest of her career. However in 2019, she was seconded to CM. This change to field work seemed to be unsurmountable, having been in a deskbound administrative role for more than 20 years. “Given my age, I was very worried that I may not be able to cope with the demands of the new role. However, I recognised that I needed to move out of my comfort zone and acquire new skills to remain relevant,” shared Maizan. After going through training and with strong support from her team and the management, Maizan is settling so well at CM that she became the team lead for North Zone in the same year. A lifelong learner, Maizan completed her part-time Diploma in Engineering (Power Engineering) programme at Singapore Polytechnic in May 2020 under SP’s sponsorship. She soldiered on despite having to juggle her new role and studies. “There were times when I felt overwhelmed and felt like giving up. I am glad I had the support from my family, my boss and colleagues who encouraged me to persevere. This experience has been very enriching, and I look forward to continue growing!” exclaimed Maizan. Growing despite COVID-19 With this mindset, Maizan and her team continued to learn new ways of working to carry out their duties during the Circuit Breaker period. Maizan and her colleagues use handheld detectors to detect for abnormalities in the network. This is to prevent faults from developing and causing power disruptions. “Due to the need to minimise contact, we had to stagger our working hours. This is a challenge as CM relies heavily on teamwork. We also had to wear a mask when doing checks in the substation, which is an enclosed space and often hot and humid,” shared Maizan. However, Maizan takes it in her stride. She performs daily check-ins with her team members via instant messaging and tele-conferencing. With a sparkle in her eyes, she said, “Work is never the same every day. I take this as an opportunity to grow – to be stronger and better in managing change and future crises.” — 27 July 2020 TAGS LIFELONG LEARNERPEOPLE OF SPRELIABILITYCONDITION MONITORING YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/38-years-with-SP-Growing-through-Change SP Energy HubAnnual ReportReliabilitySustainabilityInnovation 38 Years with SP: Growing through Change RELIABILITY Maizan Binte Abdullah, Senior Technician from Condition Monitoring (CM), manages a team of 10 to perform health checks across substations in the north of Singapore. Her team collates and analyses recorded measurements and checks for anomalies in switchgears and transformers. Maizan Binte Abdullah performing condition monitoring checks. (Photo was taken before circuit breaker) When Maizan joined SP 38 years ago, she was doing something quite different. Learning and Adapting After completing her post-secondary education, Maizan started as an apprentice in the Electro Mechanical Maintenance Fitting department at the Public Utilities Board (PUB). Subsequently, she was posted to the Meters section to conduct meter maintenance activities. Maizan (in blue attire) and her former colleagues from Meters section enjoying a durian feast together. When PUB corporatised in 1995, she moved to SP where she continued with the Meters section for the next 14 years. She would have thought that would be her home for the rest of her career. However in 2019, she was seconded to CM. This change to field work seemed to be unsurmountable, having been in a deskbound administrative role for more than 20 years. “Given my age, I was very worried that I may not be able to cope with the demands of the new role. However, I recognised that I needed to move out of my comfort zone and acquire new skills to remain relevant,” shared Maizan. After going through training and with strong support from her team and the management, Maizan is settling so well at CM that she became the team lead for North Zone in the same year. A lifelong learner, Maizan completed her part-time Diploma in Engineering (Power Engineering) programme at Singapore Polytechnic in May 2020 under SP’s sponsorship. She soldiered on despite having to juggle her new role and studies. “There were times when I felt overwhelmed and felt like giving up. I am glad I had the support from my family, my boss and colleagues who encouraged me to persevere. This experience has been very enriching, and I look forward to continue growing!” exclaimed Maizan. Growing despite COVID-19 With this mindset, Maizan and her team continued to learn new ways of working to carry out their duties during the Circuit Breaker period. Maizan and her colleagues use handheld detectors to detect for abnormalities in the network. This is to prevent faults from developing and causing power disruptions. “Due to the need to minimise contact, we had to stagger our working hours. This is a challenge as CM relies heavily on teamwork. We also had to wear a mask when doing checks in the substation, which is an enclosed space and often hot and humid,” shared Maizan. However, Maizan takes it in her stride. She performs daily check-ins with her team members via instant messaging and tele-conferencing. With a sparkle in her eyes, she said, “Work is never the same every day. I take this as an opportunity to grow – to be stronger and better in managing change and future crises.” — 27 July 2020 TAGS LIFELONG LEARNERPEOPLE OF SPRELIABILITYCONDITION MONITORING YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/38-years-with-SP-Growing-through-Change SP Energy HubAnnual ReportReliabilitySustainabilityInnovation 38 Years with SP: Growing through Change RELIABILITY Maizan Binte Abdullah, Senior Technician from Condition Monitoring (CM), manages a team of 10 to perform health checks across substations in the north of Singapore. Her team collates and analyses recorded measurements and checks for anomalies in switchgears and transformers. Maizan Binte Abdullah performing condition monitoring checks. (Photo was taken before circuit breaker) When Maizan joined SP 38 years ago, she was doing something quite different. Learning and Adapting After completing her post-secondary education, Maizan started as an apprentice in the Electro Mechanical Maintenance Fitting department at the Public Utilities Board (PUB). Subsequently, she was posted to the Meters section to conduct meter maintenance activities. Maizan (in blue attire) and her former colleagues from Meters section enjoying a durian feast together. When PUB corporatised in 1995, she moved to SP where she continued with the Meters section for the next 14 years. She would have thought that would be her home for the rest of her career. However in 2019, she was seconded to CM. This change to field work seemed to be unsurmountable, having been in a deskbound administrative role for more than 20 years. “Given my age, I was very worried that I may not be able to cope with the demands of the new role. However, I recognised that I needed to move out of my comfort zone and acquire new skills to remain relevant,” shared Maizan. After going through training and with strong support from her team and the management, Maizan is settling so well at CM that she became the team lead for North Zone in the same year. A lifelong learner, Maizan completed her part-time Diploma in Engineering (Power Engineering) programme at Singapore Polytechnic in May 2020 under SP’s sponsorship. She soldiered on despite having to juggle her new role and studies. “There were times when I felt overwhelmed and felt like giving up. I am glad I had the support from my family, my boss and colleagues who encouraged me to persevere. This experience has been very enriching, and I look forward to continue growing!” exclaimed Maizan. Growing despite COVID-19 With this mindset, Maizan and her team continued to learn new ways of working to carry out their duties during the Circuit Breaker period. Maizan and her colleagues use handheld detectors to detect for abnormalities in the network. This is to prevent faults from developing and causing power disruptions. “Due to the need to minimise contact, we had to stagger our working hours. This is a challenge as CM relies heavily on teamwork. We also had to wear a mask when doing checks in the substation, which is an enclosed space and often hot and humid,” shared Maizan. However, Maizan takes it in her stride. She performs daily check-ins with her team members via instant messaging and tele-conferencing. With a sparkle in her eyes, she said, “Work is never the same every day. I take this as an opportunity to grow – to be stronger and better in managing change and future crises.” — 27 July 2020 TAGS LIFELONG LEARNERPEOPLE OF SPRELIABILITYCONDITION MONITORING YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-And-SP-Group-Launch-Next-Generation-Solar-Car-For-World-Solar-Challenge-2017 Media Release Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5 [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= MEDIA RELEASE Singapore Polytechnic and SP Group launch next-generation solar car for World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5 Searchhttps://www.spgroup.com.sg/search?tag=sunspec Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5 [20170721] Media Release Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. SP Group has been SunSPEC’s presenter and main sponsor since Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-say-die” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 is the only team from a polytechnic Searchhttps://www.spgroup.com.sg/search?tag=solar Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5 [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=solar Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5 Searchhttps Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-Students-Rebuild-Solar-Car-After-Setback--Supported-By-Singapore-Power all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-say-die” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs cars to compete in the biennial World Solar Challenge. The latest edition of the car, SunSPEC5, was launched in July 2017. It features advanced solar and energy storage capabilities close to commercially viable vehicles. We are also offering SunSPEC polytechnic and university sponsorships for students Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng SP Group Annual Report FY1516https://www.spgroup.com.sg/dam/spgroup/pdf/annual-reports/SP-Group-Annual-Report-FY1516.pdf and logistical support from SP, as well as our undertaking to air freight the SunSPEC4 to save time, both the team and their car were at the starting line on time to be flagged off. SP’s staff, who are also alumni of the polytechnic, travelled with the SunSPEC team to provide additional support and advice 1 2 Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/38-years-with-SP-Growing-through-Change SP Energy HubAnnual ReportReliabilitySustainabilityInnovation 38 Years with SP: Growing through Change RELIABILITY Maizan Binte Abdullah, Senior Technician from Condition Monitoring (CM), manages a team of 10 to perform health checks across substations in the north of Singapore. Her team collates and analyses recorded measurements and checks for anomalies in switchgears and transformers. Maizan Binte Abdullah performing condition monitoring checks. (Photo was taken before circuit breaker) When Maizan joined SP 38 years ago, she was doing something quite different. Learning and Adapting After completing her post-secondary education, Maizan started as an apprentice in the Electro Mechanical Maintenance Fitting department at the Public Utilities Board (PUB). Subsequently, she was posted to the Meters section to conduct meter maintenance activities. Maizan (in blue attire) and her former colleagues from Meters section enjoying a durian feast together. When PUB corporatised in 1995, she moved to SP where she continued with the Meters section for the next 14 years. She would have thought that would be her home for the rest of her career. However in 2019, she was seconded to CM. This change to field work seemed to be unsurmountable, having been in a deskbound administrative role for more than 20 years. “Given my age, I was very worried that I may not be able to cope with the demands of the new role. However, I recognised that I needed to move out of my comfort zone and acquire new skills to remain relevant,” shared Maizan. After going through training and with strong support from her team and the management, Maizan is settling so well at CM that she became the team lead for North Zone in the same year. A lifelong learner, Maizan completed her part-time Diploma in Engineering (Power Engineering) programme at Singapore Polytechnic in May 2020 under SP’s sponsorship. She soldiered on despite having to juggle her new role and studies. “There were times when I felt overwhelmed and felt like giving up. I am glad I had the support from my family, my boss and colleagues who encouraged me to persevere. This experience has been very enriching, and I look forward to continue growing!” exclaimed Maizan. Growing despite COVID-19 With this mindset, Maizan and her team continued to learn new ways of working to carry out their duties during the Circuit Breaker period. Maizan and her colleagues use handheld detectors to detect for abnormalities in the network. This is to prevent faults from developing and causing power disruptions. “Due to the need to minimise contact, we had to stagger our working hours. This is a challenge as CM relies heavily on teamwork. We also had to wear a mask when doing checks in the substation, which is an enclosed space and often hot and humid,” shared Maizan. However, Maizan takes it in her stride. She performs daily check-ins with her team members via instant messaging and tele-conferencing. With a sparkle in her eyes, she said, “Work is never the same every day. I take this as an opportunity to grow – to be stronger and better in managing change and future crises.” — 27 July 2020 TAGS LIFELONG LEARNERPEOPLE OF SPRELIABILITYCONDITION MONITORING YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Category: Reliability New learning centre opens in Toa Payoh to empower children who learn differentlyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/New-learning-centre-opens-in-Toa-Payoh-to-empower-children-who-learn-differently Media Release New learning centre opens in Toa Payoh to empower children who learn differently SP Group donates S$300,000 to support students from lower-income families with undiagnosed learning challenges, advancing DAS’ “Going Beyond Dyslexia” initiative SINGAPORE, 22 FEBRUARY 2025 — The Dyslexia Association of Singapore (DAS) officially opened its second largest learning centre at Toa Payoh today, expanding support for students who learn differently. This brings the total number of centres providing interventional services across Singapore to 12, reflecting DAS’ growing commitment to empowering struggling learners, including those without formal diagnosis, to achieve their true potential. Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Adviser to Bishan-Toa Payoh Grassroots Organisations, graced the event as the guest-of-honour. The DAS Bursary Fund also received a S$300,000 boost from SP Group, extending vital support to learners from lower-income families, who do not have a formal diagnosis of special educational needs such as dyslexia but are impacted similarly by learning differences, to access intervention services. Since April 2024, DAS has taken the transformative step towards inclusive education by opening up its services to enroll students without formal diagnosis of a learning difference, with many coming from lower-income families and requiring financial assistance. This effort to extend support beyond formal diagnosis exemplifies the “Going Beyond” culture at DAS to constantly strive to make a greater impact on the lives of individuals with dyslexia. While dyslexia affects approximately 4 to 10 per cent of any population, the proportion of struggling learners as a whole is significantly higher, at about 20 per cent. Of every 10 students assessed for dyslexia at DAS, three do not receive a dyslexia diagnosis, yet half of them would benefit from targeted intervention and resources to bridge their learning gaps. One such student is eight-year-old Nur Evren Elveera, a Primary 2 student at Zheng Hua Primary School, who faced early challenges in writing and pronunciation. Concerned with her learning difficulties, her parents sought an assessment at DAS, where it was confirmed that while she does not have dyslexia, she would benefit from structured literacy support. Through proactive intervention, including DAS’ IReaCH Programme and additional tutoring, Evren has developed strategies to improve her reading and spelling. Her journey highlights the importance of accessible learning support for all children who face learning challenges, regardless of formal diagnosis. “The new Toa Payoh Learning Centre represents another step forward in our commitment to building an inclusive society where every learner can thrive, regardless of their family’s financial circumstances. Embracing our “Go Beyond” spirit, we are broadening our support for more children navigating learning challenges. We are extremely grateful to SP Group and all our donors for their unwavering support in advancing our cause,” said Mr Lee Siang, CEO of DAS. Mr Stanley Huang, Group CEO of SP Group, said, “As we work towards uplifting lives and fostering an inclusive community, we recognise that early and targeted intervention is instrumental in establishing a strong foundation for young learners with special education needs. SP Group is committed to empowering their sustained and holistic development, so that they can gain skills and opportunities to thrive. Our partnership with DAS aims to level the playing field for children and youth who learn differently, providing them hope and confidence to realise their potential.” Located at Block 240 Toa Payoh Lorong 1 and just a short walk from Braddell MRT Station, the DAS Toa Payoh Learning Centre aims to better serve students residing in central, central-east and north-east Singapore. Spanning close to 330 sqm with 11 classrooms, the centre will help to ease capacity constraints at existing DAS centres. Besides adjoining classrooms that can be used for large meetings, other facilities include a staff pantry with self-service facilities, virtual assistants and a library. Offering the Main Literacy Programme, along with Chinese, Preschool, PREP 2 PSLE, Science, Specialist Teaching and Maths programmes, the DAS Toa Payoh Learning Centre is supported by a team of highly-skilled Educational Therapists, Speech and Language Therapists and Specialist Psychologists. The DAS Main Literacy Programme (MLP) is part-funded by the Ministry of Education (MOE). Apart from SP Group, other key donors for the various DAS programmes not funded by MOE with contributions of above S$100,000 in the financial year 2024-2025, include Singapore Teochew Foundation, Lim Hoon Foundation, UOB, Ishk Tolaram Foundation and World Vision. DAS also received an in-kind contribution of LED lighting from Signify for the new Toa Payoh Learning Centre . SP Group Offers EV Full Charging In 30 Minuteshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-Offers-EV-Full-Charging-In-30-Minutes Media Release SP Group Offers EV Full Charging In 30 Minutes Singapore, 9 January 2019 – Electric vehicle (EV) users can now fully charge their vehicles in 30 minutes at SP Group’s (SP) island-wide charging network, with the largest number of fast direct current (DC) chargers. SP is building Singapore’s largest public EV charging network with 1,000 points, including 250 DC charging points, by 2020. SP’s first wave of 38 charging points are located at commercial buildings, industrial sites and educational institutions. (See Annex for the list of charging locations) The locations are close to amenities such as food centres, offering drivers greater convenience while waiting for their vehicles to be charged. There are 19 high-powered 50kW direct current (DC) charging points and the other 19 are 43kW alternating current (AC) charging points. These are among the fastest EV charging points in Singapore. The 50kW DC chargers can fully charge a car in 30 minutes. Over the next few years, SP will introduce more high-powered DC charging points of up to 350kW. Other than SP’s, there are six other DC chargers in Singapore. SP’s new additions will be a game-changer in improving the charging turnaround time for EV drivers in Singapore. EV drivers can also enjoy at least 50 per cent cost savings compared to typical Internal Combustion Engine (ICE) vehicles for every kilometre travelled. The cost of using SP charging points will be regularly adjusted, mainly influenced by the prevailing electricity costs in Singapore. “Our nation-wide public charging network offers EV drivers fast charging, with greater convenience and a seamless experience through our digital solution, at cost-competitive rates. This will encourage wider adoption of green mobility in Singapore, and enable drivers to save cost,” said Mr Wong Kim Yin, Group Chief Executive Officer of SP Group. EV drivers can use SP Group’s charging service through the SP Utilities mobile application where they can search for the nearest available charging points, receive updates on their charging sessions and make payment. This first wave of locations includes Singapore Polytechnic. The SP charging points there will also serve as an education and research platform, as part of Singapore Polytechnic’s engineering curriculum to train students and adult learners. Thought this collaboration, SP Group and Singapore Polytechnic aim to develop new skills related to EVs and related charging technologies for Singapore. SP Group is also showcasing its charging points at the Singapore Motorshow 2019 at Suntec City from 10 to 13 January 2019. They will be located at the BMW and Hyundai booths. About SP Group SP Group is a leading energy utilities 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. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.5 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG. ANNEX: List of charging locations Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. SP Group has been SunSPEC’s presenter and main sponsor since 2015, helping more than 70 students hone their engineering skills on their self-made solar car. A gruelling 3,000 km solar car race in blistering hot yet sometimes freezing conditions across the Australian desert will challenge a Singapore Polytechnic student team called SunSPEC. The team is out to prove that solar energy can effectively and efficiently power a car across this distance. The World Solar Challenge is arduous and the unexpected can happen – such as unpredictable climate conditions, strong winds, technical and mechanical faults and other incidents. Since February, the team has been working tirelessly to understand the workings of the solar car, SunSPEC 6, which has been entered for this year’s edition of the biennial race. They have picked up the baton from previous cohorts of the polytechnic’s final-year students. SunSPEC team members gaining hands-on experience under the tutelage of Singapore Polytechnic staff. Students are trained in mechanical systems, battery monitoring systems, solar panels, and electrical and electronic components. They also learn about the telemetry system which harnesses data analytics that serve as a health check for the solar car during the race. Eventually, their technical skills will be tested to the extreme as they have to fix all problems on the spot. Nothing will be left to chance, says Ng Qianhui, one of the 17 students in this year’s team. “Anything can go wrong. I’ve learnt to love this process of finding and fixing problems. It’s the way to be prepared,” she says. SP Group engineer, Lim Liang Yuan (in blue), a SunSPEC alumnus, returned to provide support to the team (in black) in the lead-up to the race. A comprehensive knowledge of the car is also necessary. “Even if something works, I want to know why it works,” says Roy Leung who is the telemetry expert. He will pull out connection points even if they are working because under them, there could be faults waiting to happen. “Battery queen” Effy Chang so known for being the most well-versed on battery monitoring systems, sees the car as a system, with the battery working in harmony with other components to perform optimally. Training future engineers can be expensive. The cost of materials can be substantial. Singapore Polytechnic lecturer and team manager Foo Fang Siong is very encouraged that SP Group is supporting the team with a $1 million sponsorship over five years, with the aim of grooming future engineers in creating sustainable solutions. “With this sponsorship, we are able to train and prepare the students as well as the staff for new industry trends and skills. This is since the SunSPEC 6 solar car is actually an Electric Vehicle and leverages similar technologies,” he says. Team participants, all final-year diploma students from various disciplines, can also apply for scholarships from SP Group. Alumni from previous SunSPEC teams who have joined SP are also returning to encourage and support the current group of participants. SP Group engineer, Lim Liang Yuan (in blue), a SunSPEC alumnus, returned to provide support to the team (in black) in the lead-up to the race. Meanwhile, the students are fast learners, absorbing as much as they can about solar technology and the workings of the car. They will solve problems quickly and leverage technology to give their solar car a strategic advantage in the race. Being on the team has made the students more aware that engineering and sustainability require more than just technical expertise. Endurance, persistence and problem solving are important skills to have. Says Qianhui, who is driving the solar car with Lau Lok Yee this year, “Don’t fear to fail. I might plan that one way might work. But there are faults, so amend and reiterate until you get it right.” To be a good engineer takes more than just problem-solving skills. It also means commitment, teamwork, the agility to adapt quickly. It sometimes even means taking a worldview to evolve with energy trends.   Effy, however, continues to toil hard for the solar car to perform optimally. After all, engineering is about reliability and creating real-world solutions to improve quality of life, she says.  This year’s SunSPEC team (in black tops) with staff from SP Group. More than 70 SunSPEC team members have been trained in engineering since 2015. — 6 July 2019 TAGS SUNSPEC YOU MIGHT BE INTERESTED TO READ SP Group expands sustainable energy operations in China with Chongqing Transport Hub project win STMicroelectronics enhances sustainability with chiller cooling system at Toa Payoh SP signs PPA with BASF for rooftop solar deployment Category: Sustainability SP donates S$1.35 million to ITE to set up inaugural SP Group Engineering Study Awardshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-donates-S-1.35-million-to-ITE-to-set-up-inaugural-SP-Group-Engineering-Study-Awards Media Release SP donates S$1.35 million to ITE to set up inaugural SP Group Engineering Study Awards 450 engineering school students to benefit from monthly financial support Singapore, 12 April 2022 – SP Group (SP) is donating S$1.35 million to the Institute of Technical Education (ITE) to establish the SP Group Engineering Study Awards. The funds will provide monthly financial support to 450 engineering school students from low-income families over the next three years. This initiative builds on SP’s sustained backing over the years, through book prizes for ITE’s electrical engineering students and job exposure as part of its commitment in nurturing the next generation of technical officers and engineers for Singapore. Amongst the first batch of students receiving the Study Award is Lim Jun Jie Jackie, a firstyear Nitec Mechatronics & Robotics student at ITE College West. Jackie, who works parttime at a supermarket to help with his family’s expenses said, “I am happy to receive the Study Award, because it means I do not need to keep thinking about having to work more hours and can instead focus more time on school.” At SP, more than 16 per cent of its 3,600 staff are ITE alumni and of this group, close to 60 per cent have pursued further education to attain their diploma or degree. Most begin their SP careers in roles that extend from being first responders attending to network incidents, to taking pre-emptive action against disruptions to critical infrastructure projects for the nation. In addition to the study awards, SP will work closely with ITE to enable their students to undergo work-study stints in power grid, sustainable energy, new technologies, and mentorship with SP’s experienced engineers. Group Chief Executive Officer of SP Group, Stanley Huang, said, “SP Group is committed to empowering youth with access to educational pathways to pursue their career aspirations, regardless of their socio-economic background. ITE has provided many of our technical officers and technicians a strong foundation to grow their engineering capabilities. They play an important role in upholding Singapore’s world-class electricity and gas reliability standards.” Chief Executive Officer of ITE, Low Khah Gek, said, “We are very appreciative of SP Group coming forward to sponsor study awards for our engineering students. With this Study Award, our financially needy students can take on less part-time jobs, and instead, focus more on their studies and excel. They can pursue their passion in engineering, optimise their potential and build their careers in the various engineering sectors.” Over the years, SP has awarded more than 450 education scholarships, sponsorships and book prizes amounting to S$10 million to inspire and level the playing field for students with a passion for engineering. About SP Group SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore, China 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 renewable and sustainable energy solutions including solar energy solutions, microgrids, cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG.   About Institute of Technical Education The Institute of Technical Education (ITE) was established as a post-secondary institution in 1992, under the Ministry of Education. ITE is a principal provider of career and technical education and a key developer of national skills certification and standards skilling Singapore for the future economy. It offers three key programmes - (1) Pre-Employment Training for youths after secondary education (2) Continuing Education and Training for adult learners and (3) Workplace Learning and Work-Study Programmes with employers. Under its 'One ITE System, Three Colleges' Governance Model, ITE has three Colleges - ITE College Central, ITE College East and ITE College West. For more information, please visit our website at https://www.ite.edu.sg - End - Appendix: Profiles of SP Group Engineering Study Awards Recipients Celeste Koh Xing En Nitec in Mechatronics & Robotics, First-year Student Celeste’s parents divorced while she was still an infant. Celeste’s mother single-handedly raised her and her older brother. The family is now living in a 2-room HDB rental flat. As a result of COVID-19, Celeste’s mother was jobless for a period of time. However, she took up a course to upskill herself and has since found a new job. Despite her family’s financial situation, Celeste carries the same resilient and positive attitude as her mother. Celeste is happy to receive the SP Group Engineering Study Award, as it will help ease the financial burden on her. Beyond this, she sees the Award as an affirmation and recognition of her hard work. The Award is a source of motivation for her to do better in school. Celeste said, “Initially, I was not confident that I could be do well in engineering. However, I still chose the Mechatronics and Robotics course, because I wanted to challenge myself to learn skills that may not be natural to me, and take the chance to expand my skill set even further. I am happy that the more I learned in my ITE course, the more I enjoy what I am doing. I hope to be able to work in the area of coding in future.” Lim Jun Jle Jackle Nitec in Mechatronics & Robotics, First-year Student Jackie comes from a single-parent family. His mother does part-time parcel delivery, while his grandmother works as a part-time cleaner. He has a baby sister. The family lives in a tworoom HDB rental flat. After his N-level examinations, Jackie started working at a supermarket twice a week during the school term and almost every day of the week during the holidays for extra income. Half of his salary goes towards supporting his family. Jackie has a positive learning attitude and is always eager to learn. The SP Group Engineering Study Award is a source of much-needed financial assistance for him and his family. The Award will help relieve his mental stress over finances and the need to work longer hours, so that he can focus better on his studies. Jackie said, "I chose to study Mechatronics & Robotics, because I enjoy engineering. I like how my course engages my mind to solve problems and gives me ample opportunities to do hands-on work." Muhammad Rayyan B Faiszal Nitec in Electrical Technology (Power and Control), First-year Student After his N-level examinations last year, Rayan started working once or twice weekly at a butchery in a wet market. A day of work usually starts early at 7.00 am and ends at about 3.00 pm. He spends his salary on necessities like groceries and food for his family. At times, he also has to give his younger brother pocket money, on top of his own expense. He continues his part-time job while pursuing his studies at ITE. Rayyan's mother works in sales, while his father is a Grab driver. As a result, the family's income is unpredictable. Rayyan is happy to be receiving the SP Group Engineering Study Award, as it means he can offer his family even more support financially. He feels assured knowing that he will be receiving a stable sum of money monthly. It helps relieve the pressure of having to think about putting in more hours at work and earning more for his family. Rayyan said, "Everyone uses electricity almost all the time, so I feel that the power sector will always be relevant in maintaining our quality of life. This means that my skills will remain important and I can be assured of a stable and rewarding job in the future." Huawei and SP Mobility unveil ultra-fast EV charging, integrating battery energy storage for high-power charging at locations with power limitationshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Huawei-and-SP-Mobility-unveil-ultra-fast-EV-charging Media Release Huawei and SP Mobility unveil ultra-fast EV charging, integrating battery energy storage for high-power charging at locations with power limitations SINGAPORE, 6 February 2026 – Huawei and SP Mobility have launched Singapore’s first ultra‑fast electric vehicle (EV) charging enabled with battery energy storage system (BESS), at Temasek Polytechnic. This marks a key step in strengthening Singapore’s public charging infrastructure. The launch event was officiated by Mr Baey Yam Keng, Minister of State, Ministry of Culture, Community and Youth & Ministry of Transport, and Mayor for North East District. The newly commissioned site integrates Huawei’s latest liquid‑cooled ultra‑fast direct current technology with a battery energy storage system. The BESS stores electricity when the charger is not in use, and discharges it back during EV charging, reducing demand on the grid, enabling faster and more reliable charging. The charger has a maximum power rating of 480kW, placing it among the highest rated capacity public chargers available in Singapore today. At this site, it is configured to operate at 400kW in line with on-site power availability, with actual charging speed determined by each vehicle’s compatibility. During high-power charging, the BESS provides supplemental buffering to support charging performance. It can add up to 200km of range in around five minutes for compatible vehicles, significantly reducing charging time to support the charging needs of commercial fleets, including electric heavy goods vehicles, and other high-mileage drivers. This complements SP Mobility’s partnership with Goldbell Group to support the electrification of commercial and heavy vehicles in Singapore. The integration enhances site feasibility and provides a future-fit model for deploying advanced chargers in urban locations where existing electrical infrastructure is unable to support high-charging loads. This enables safe, reliable high-power charging without extensive infrastructure upgrades – addressing practical implementation challenges as Singapore’s public network continues to expand. This deployment introduces SP Mobility’s fastest high-speed EV public chargers to date. It improves access to high‑performance charging in the eastern region for everyday EV drivers, high-usage fleets and electric heavy goods vehicles. It builds on the 2025 collaboration between SP Mobility, Huawei and EVe, reinforcing the partners’ shared commitment to support Singapore’s EV transition with accessible and high‑performance public charging solutions. Through this collaboration, Temasek Polytechnic (TP) becomes the first non-residential location in the eastern region to offer ultra-fast EV charging. This will provide convenient access for drivers and fleet operators with strong connectivity to the wider road network via nearby major expressways. Beyond supporting the wider EV ecosystem, the deployment also strengthens TP’s applied learning and workforce development efforts. Since November 2024, TP has trained close to 140 working adults in EV safety and maintenance through Continuing Education and Training (CET) programmes, while the Pre-employment Training (PET) students pursue Green Transportation and Storage as part of their Engineering diplomas, both leading to National EV Specialist Safety Certification. Mr Maxi Wang, CEO of Huawei International, emphasised the strategic importance of this launch: "As a global leader in liquid-cooled ultra-fast charging technology with a strong track record of advanced deployments worldwide, Huawei is proud to partner with SP Mobility with EVe’s support. This site is a game-changer; it demonstrates that we are prepared to scale up ultra-fast deployments across the island to meet Singapore’s surging demand for EVs. We are not only providing the best-in-class solution to residents but also ensuring that our infrastructure aligns seamlessly with the nation’s 2040 EV vision. We want to empower Charge Point Operators (CPOs) with highly reliable and scalable solutions that create real commercial value, and we invite more partners to join us in building a greener, more connected Singapore." Mr Dean Cher, Managing Director of SP Mobility: “These new charger reflect SP Mobility’s focus on building a high‑performance, reliable and future‑ready charging network. As our fastest public chargers to date, it offer more efficient charging for drivers, especially those with higher daily mileage. It is a welcome addition to the SP Mobility network, which is the largest fast-charging network in Singapore. Together with our valued partners, we will continue driving advancements in fast‑charging accessibility to support Singapore’s evolving e‑mobility landscape.” Ms. Stephanie Tan, CEO of EV-Electric (EVe): “EVe is delighted to bring together technology experts and EV charging operators to deliver this ultra-fast charging infrastructure for Singapore. We will continue to orchestrate more of these partnerships to build a future ready public charging network to support a growing EV population in Singapore.” Mr. Patrice Choong, Principal and CEO of Temasek Polytechnic: “Temasek Polytechnic is proud to partner SP Mobility and Huawei to host Singapore’s first liquid-cooled ultra-fast EV charging station. As a future-ready institution, TP is committed to supporting the accelerated adoption of EVs by developing a skilled, future-ready workforce. The introduction of advanced charging facilities on campus also provides learners with hands-on exposure to next-generation EV technologies. Beyond the campus, TP is also strengthening global industry exposure in EV technology with Shenzhen Polytechnic University. Through meaningful collaborations, TP aims to build the talent and capabilities needed to support the Singapore Green Plan 2030 and advance a sustainable, resilient land transport ecosystem." According to Land Transport Authority (LTA), electric vehicles accounted for nearly half of all new car registrations in Singapore in 2025, reflecting a robust growth in adoption. As more drivers transition to EVs, the availability of faster and more convenient charging becomes increasingly important. High‑speed chargers help enable this shift by reducing charging times and supporting the needs of both public and commercial users across Singapore’s growing e‑mobility ecosystem.   About Huawei Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We have 208,000 employees and we operate in more than 170 countries and regions, serving more than three billion people around the world. Our vision and mission is to bring digital to every person, home and organization for a fully connected, intelligent world. To this end, we will work towards ubiquitous connectivity and inclusive network access, laying the foundation for an intelligent world; provide diversified computing power where you need it, when you need it, to bring cloud and intelligence to all four corners of the earth; build digital platforms to help all industries and organizations become more agile, efficient, and dynamic; and redefine user experience with AI, making it smarter and more personalized for people in all aspects of their life, whether they're at home, on the go, in the office, having fun, or working out. For more information, please visit Huawei online at www.huawei.com or follow us on: http://www.linkedin.com/company/Huawei  http://www.twitter.com/Huawei http://www.facebook.com/Huawei http://www.youtube.com/Huawei About Huawei Digital Power Technologies Co., Ltd. Huawei Digital Power Technologies Co., Ltd. (Huawei Digital Power for short) is a leading global provider of digital power products and solutions. We are committed to integrating digital and power electronics technologies, developing clean power, and enabling energy digitalization to drive energy revolution for a better, greener future. In the clean power generation sector, we help create new power systems that primarily rely on renewable energy. In the green ICT power infrastructure sector, we help build green, low-carbon, and intelligent data centers and communications networks. In the green transportation sector, we redefine consumer driving and safety experiences in electric vehicles, accelerating transportation electrification. Huawei Digital Power continues innovating through open collaboration with global partners to promote carbon neutrality. For more information, please visit Huawei online at https://digitalpower.huawei.com/en/ or follow us on: https://www.youtube.com/@huaweidigitalpower610 About SP Group SP Group is a leading utilities provider in Asia Pacific, empowering the future of energy through low-carbon, smart solutions. It owns and operates electricity and gas transmission and distribution networks in Singapore and Australia. As Singapore’s national grid operator, SP Group serves approximately 1.7 million industrial, commercial, and residential customers with world-class transmission, distribution, and market support services. Beyond traditional utilities, SP Group delivers integrated sustainable energy solutions across Singapore, China, Thailand, and Vietnam. These solutions include district cooling and heating, renewable energy, EV charging infrastructure, and digital energy platforms tailored for districts, communities, and commercial and industrial customers. For more information, please visit spgroup.com.sg or follow us on Facebook, LinkedIn and Instagram. About EVe: EVe is all about Empowering Journeys. As a subsidiary of the Land Transport Authority (LTA), EVe works with Electric Vehicle Charging Point Operators (EVCOs) and the authorities to orchestrate the roll-out of Singapore’s largest public EV charging network. Ensuring that #EVeryone who needs it is able to power their green vehicle #EVerywhere, #EVeryday, #EVerytime. Let us empower your journey, and follow us on our Facebook, LinkedIn and Instagram. SP Group launches SG60 Journeys from the Heart and 30th anniversary outreach at inaugural Community Festivalhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-SG60-Journeys-from-the-Heart-and--30th-anniversary-outreach-at-inaugural-Community-Festival Media Release SP Group launches SG60 Journeys from the Heart and 30th anniversary outreach at inaugural Community Festival · SP volunteers host 600 seniors, youths, children on electric bus excursions · SP to match staff donations by three-fold and sustains 10,000 Power Packs distribution · SP’s total donation to be further matched by SG Gives grant for SG60 SINGAPORE, 4 JUNE 2025 — SP Group (SP) today held its inaugural Community Festival, rallying its 3,800 employees in new community service initiatives, as the national grid and energy solutions operator marks SG60 and the 30th anniversary of SP’s corporatisation (SP30). At the event, SP launched SG60 Journeys from the Heart excursions aboard an electric bus for 600 beneficiaries, increased its matching of staff donations to its SP Heartware Fund, and flagged off its signature volunteer initiative, SP Power Packs, where staff will deliver 10,000 care packs to lower-income households. Group CEO of SP Group Mr Stanley Huang, said, “SP Group’s services impact every household and business. As we celebrate our progress as a company and as a nation, we are also focused on uplifting individuals and families in need, from different age segments in the community. Our employees have been a strong driving force of our corporate growth and social service outreach. Through these initiatives, we aim to strengthen our culture of giving and our efforts in sustainable programmes.” Bringing joyful and sustainable experiences on electric bus excursions SG60 Journeys from the Heart are excursions to Singapore landmarks, with customised itineraries for 600 seniors, youths and children and their families. Aligned with SP’s focus on sustainability, they will travel on an electric bus to places of interest such as the iconic Singapore Flyer, Merlion Park and Sentosa island. They will be hosted by staff volunteers, known as SP Heart Workers, in interactive experiences to suit the interests of each age group. These excursions will run from the June school holidays to the National Day month of August. Ms Jocelyn Toh, Head of Senior Service at Allkin Singapore, which saw 40 of its elderly beneficiaries join the launch excursion, added: “Excursions like these allow the individuals and families we serve, many whom are from lower-income backgrounds, to explore Singapore with renewed wonder, meet new friends, and create shared memories they might not otherwise get the chance to experience. It’s a unique way to celebrate SG60 and SP’s anniversary, and a welcome extension of the SP Heart Workers’ activities with us.” Nuhsyafiq Bin Razak Effendi, Senior Engineer of Electricity Operations, who has been part of the team organising SP’s volunteer activities, shared, “Volunteerism is very much part of our company’s DNA. More colleagues are coming forward to give their time and energy in carrying out our diverse range of activities, which also helps in team bonding. Having participated in several excursions with seniors and kids, I’ve seen how simple gestures can make a big difference and create a lasting impact.” Enhanced donation-matching through SP Heartware Fund and SGSHARE To commemorate SP30, the company also announced an enhanced donation-matching initiative through its SP Heartware Fund, in support of programmes funded by Community Chest. From now until 31 December 2025, staff donations will be matched threefold by SP, up to a total of S$1 million. This initiative aims to encourage employees to contribute to community causes, amplifying the impact of their generosity and fostering a culture of giving within the organisation. This year, as part of the SG60 campaign SGSHARE, all donations to the SP Heartware Fund will also be matched dollar-for-dollar under the SG Gives matching grant. This means that for every dollar that an SP staff donates, eight dollars will go towards helping service users of social and community programmes in Singapore. Established in 2005, the SP Heartware Fund has since raised over S$30 million to date, supporting critical social service programmes, enabling seniors to age with dignity and empowering children and youth to realise their potential by enhancing their social mobility. SP underwrites all fund-raising and operational costs of the Fund and programmes, so that all donations will go fully to the social service agencies the Fund supports. Celebrating corporate volunteerism and community spirit The festival at SP’s head office also saw the flag-off of SP Power Packs – the company’s largest annual volunteer initiative – where employees will deliver care packs worth S$300,000 of essential items to 10,000 lower-income households throughout the year. At the festival, SP staff also spoke about their volunteer experiences to inspire more colleagues to participate in SP’s outreach activities. SP staff enjoyed a carnival-like atmosphere, learning about SP’s community efforts at activity booths of social service partners Allkin Singapore, Care Corner Singapore, Dyslexia Association of Singapore, KidSTART Singapore, St. Andrew’s Autism Centre, TOUCH Community Services, and Youth Guidance Outreach Services. SP is honoured to be recognised for its commitment to sustained giving over the years. The company received the Pinnacle Award, the highest accolade at the Community Chest Awards, for two consecutive years in 2023 and 2024. Additionally, SP has received Community Chest’s Charity Platinum Award, Volunteer Partner Award and the Enabler Award, and was conferred as a Champion of Good by the National Volunteer & Philanthropy Centre. - Ends - Annex A – Quotes from SP Group’s social service partners Community Chest “For two decades, SP Group has been an exemplary partner of Community Chest. They have been uplifting the lives of seniors in need, as well as children and youth from lower income families through their Heartware Fund. On top of matching employee donations to the Heartware fund threefold, SP Group is also encouraging its employees to participate in regular giving through SGSHARE. Their commitment to sustainable philanthropy brings predictability to longer term program funding and measurables outcomes with far-reaching impact on individuals and families.” Mr Jack Lim, Managing Director, Community Chest Care Corner Singapore "We are deeply grateful for SP Group’s steadfast support and meaningful contributions to our beneficiaries, especially the children from lower-income families being cared for in our Student Care Centres. Over the years, SP has exemplified what it means to go beyond corporate giving, consistently demonstrating a strong commitment to social responsibility. We are also excited by their volunteering plans with us — a meaningful step that will further deepen their impact on the communities we serve. As we celebrate the SP Community Festival in conjunction with SG60 and SP’s 30th anniversary, we warmly congratulate SP on this significant milestone. Thirty years of dedication and innovation in Singapore’s energy sector is a remarkable achievement. We are honoured to journey alongside SP and look forward to many more years of purposeful collaboration in building stronger, more resilient communities.” Mr Christian Chao, CEO, Care Corner Singapore Dyslexia Association of Singapore (DAS) “At DAS, we are committed to building an inclusive society where every learner can thrive, regardless of their learning differences or financial circumstances. Embracing our ‘Go Beyond’ spirit, we’re broadening support for children navigating learning challenges. We are extremely grateful to SP Group for their unwavering support in advancing our mission.” Mr Lee Siang, CEO, DAS KidSTART Singapore “SP Group has been a treasured partner of KidSTART since 2021, when SP Group launched its SP Kids at Heart programme to support lower-income families in their learning journey. To date, with SP Group support, we have launched Green Adventures to share principals of sustainability and the environment, and PowerUP Playtime to highlight the importance of meaningful and interactive play between parent and child in their early childhood learning and development. A total of over 4,100 families will benefit from the programmes by March 2026. This is made possible through the heart and hard work of SP Heart Workers and SP Group's generous donations which we celebrate at the SP Community Festival.” Mr Joel Tan, CEO, KidSTART Singapore Ltd St. Andrew’s Autism Centre (SAAC) ”Our collaboration with SP Group has been invaluable in our journey to serve persons with autism. SP Group's contribution has helped empower SAAC significantly to provide more opportunities for persons with autism, by kickstarting the Dignity of Work programme, helping us revamp our kitchens for our students and clients, and providing financial assistance to families of our Home residents. We are also deeply grateful for the SP Power Packs, which have brought meaningful support to our beneficiaries. We look forward to continuing to deepen our partnership with SP Group, working together to bless families affected by autism with gifts of time and treasure." Mr Bernard Chew, CEO, SAAC TOUCH Community Services “SP Group has been a valued partner of TOUCH for many years, rallying their staff to volunteer and bring cheer to our seniors and funding critical programmes in support of children from lower-income families to give them a good head start in life. We are heartened by our continued partnership with SP Group to uplift the community and look forward to inspiring hope and impacting more lives together.” Mr James Tan, CEO, TOUCH Community Services Youth Guidance Outreach Services “YGOS is very honoured to be part of the SG60 and SP30 celebrations. We are grateful for SP Group’s continuous collaboration and support for children and youths. Through the provision of practical help such as Power Packs, as well as co-creating activities for the youths, SP has displayed flexibility and willingness to accommodate the needs of the youth, and we value this ongoing partnership.” Mr Wilson Tan, Executive Director, Youth Guidance Outreach Services   [20210623]+Media+Release+-+SP+Group+launches+SP+Kids+at+Heart+to+boost+childrens+learning.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/f16e3a53-7bd9-4d60-923c-5df418fd2e39/%5B20210623%5D+Media+Release+-+SP+Group+launches+SP+Kids+at+Heart+to+boost+childrens+learning.pdf?MOD=AJPERES&CVID= News Release SP Group launches SP Kids at Heart to boost children’s learning New programme kickstarts with S$1 million donation to benefit 2,000 KidSTART children Singapore, 23 June 2021 – SP Group (SP) has launched SP Kids at Heart to support young children from low-income families in their learning journey. Kickstarting the initiative, SP is donating S$1 million to benefit KidSTART children aged 0-6 years old from low-income families. The SP Kids at Heart funds will provide educational tools, books and toys in the form of learning and development packs for about 2,000 KidSTART children for a year. The funds will also enable these children to receive electronic devices such as tablets and internet routers to support their online engagement and learning during the pandemic. In addition, SP will provide grocery vouchers and other financial assistance packages including tools and equipment that enable a more conducive home learning environment. SP’s S$1 million donation will go to Community Chest which will administer the funds and disburse them to KidSTART to support its learning and assistance packages. Speaking at the virtual launch of SP Kids at Heart, Minister for Social and Family Development and Chairman of the Growing Together (GT) with KidSTART Council, Mr Masagos Zulkifli said, “We launched the Growing Together with KidSTART initiative in 2019 to help us achieve greater impact for our families through deeper government and community partnerships. SP Group has shown us how corporates can play their part in building a society of opportunities together even amid a pandemic, sustaining a culture where those who have done well give back for the betterment of society. I look forward to many more meaningful initiatives in our partnership.” SP Group Chairman Tan Sri Hassan Marican said, “We are expanding our community outreach to help children, who are the future of Singapore. Through SP Kids at Heart, we can give them the best possible start in their formative years, with access to the right developmental and educational materials. This includes digital tools to ensure their learning is not disrupted during the pandemic. For parents, we aim to equip them with soft skills to help them connect better with their children and support them in their holistic education.” SP Kids at Heart complements SP’s existing programmes for seniors through the SP Heartware Fund and sustained volunteer activities throughout the year. 1 SP’s staff volunteers, known as SP Heart Workers, will assemble and deliver the welcome and learning packs to the families. The Heart Workers will also help install the routers for families who need assistance, and produce instructional videos to work around safe management guidelines. When physical interaction permits, SP Heart Workers will be involved on-site to engage the children while their parents attend sessions with the facilitators. Madam Shariffah Dayana Binte Syed Hassan Al-Yahya, mother of three-year-old Rumi, who is part of the KidSTART programme, shared, “Since Rumi joined the programme, he has become more confident and grown more interested in learning new things. The materials we have received helped Rumi to expand his vocabulary and become more expressive. As a parent, the most important thing is for our children to grow up well. With SP Kids at Heart, I am grateful that he can get the support he needs for a better future.” Mr Brennan Lee, father of three-year-old Shaya, said, “Through the KidSTART programme, the time we spent with the facilitator was well planned and well structured. There was an outcome in mind and we had quality bonding with our child, that has helped her development. Because of her heart condition, her motor skills were limited, and she couldn’t say many words initially. After attending the programme, we can see the difference. She is more lively, her motor skills and vocabulary have improved, she is more sociable and smiles more too.” Amidst the COVID-19 pandemic, SP continues to give back to the community in a sustained manner. Since 2005, more than S$17 million has been raised for the SP Heartware Fund in aid of programmes for seniors under Community Chest. SP has also provided over 7,200 meals for seniors in Toa Payoh West – Balestier since 2018. This year, SP Heart Workers continued with its annual Power Packs charity drive to bring bags of daily essential food items to seniors in need. The SP Charity Golf event in April raised S$500,000 for the SP Heartware Fund. -Ends- 2 About SP Group SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. 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 world-wide. Beyond traditional utilities services, SP Group provides a suite of renewable and sustainable energy solutions including solar energy solutions, microgrids, cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. About KidSTART KidSTART Singapore Ltd. is a dedicated agency that provides upstream support to eligible children up to 6 years old and their families. We seek to give children a good start in life by empowering low-income families to build strong foundations for their children and fostering positive child development outcomes. Research has shown that experiences in a child’s early years can significantly influence his physical, cognitive and social development, and these have an impact on his lifelong outcomes. Under KidSTART, we provide support for child development, coordinate and strengthen holistic services for families where needed, and monitor the developmental progress of children from birth onwards. Parents on KidSTART will be guided with skills and knowledge where their children can benefit from warm and nurturing relationships, achieve ageappropriate and holistic child development, and have a safe and secure home environment to grow up in. Click here for more information on KidSTART. About Growing Together with KidSTART In 2019, the “Growing Together with KidSTART” initiative was launched to invite corporates and individuals to partner specific local KidSTART communities over a sustained period, through regular volunteering and/or contributions. Building sustained partnerships with the community play a big part in bringing about better outcomes for KidSTART children and our families. Click here for more information on Growing Together with KidSTART. 3 Annex A Photos and Captions Note: Hi-Resolution photos are within the Digital Media Kit in the Google Drive folder Photo Caption 1 Launch of SP Kids at Heart and cheque presentation. 2 SP Kids at Heart will benefit families like Mr and Mrs Brennan Lee, and their three-year-old daughter Shaya, to have quality learning and bonding time. 3 Mdm Shariffah Dayana and Mr Andri Panusunan Sagala with their sons, three-yearold Rumi (2 nd from left) and one-year old Aria. 4 Our staff volunteers – known as SP Heart Workers – like engineer Rachel Low, help keep the kids engaged with activities like reading and art and craft while their parents attend KidSTART sessions. 4 5 SP Heart Workers preparing the items in the welcome and learning packs for the children under the SP Kids at Heart programme. These items include educational tools, books and toys. 5 KidSTART Stories to help parents build children’s language foundation through storytellinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/KidSTART-Stories-to-help-parents-build-children-s-language-foundation-through-storytelling Media Release KidSTART Stories to help parents build children’s language foundation through storytelling KidSTART Singapore, SP Group and Etonhouse Community Fund support 1,800 families with resources (From left to right) KidSTART parents Mdm Jayavalli Shanmugam, Mdm Junaida Binte Jasuni and Mdm Jasleasha Ong at the official launch of the KidSTART Stories initiative with their children. Photo credit: KidSTART Singapore Singapore, 15 October 2022 – Under the Growing Together with KidSTART partnership, KidSTART Singapore, SP Group and EtonHouse Community Fund (ECF) have launched KidSTART Stories to equip more than 1,800 families with resources to support parents in the early childhood development of their children through storytelling and reading. This is another initiative in KidSTART Singapore’s ongoing #AGoodStart initiative to create awareness on the importance of child development in the early years. KidSTART families will be gifted with a mini-library comprising a bookshelf and a set of specially selected age-appropriate books sponsored by SP Group and ECF. The mini-library will facilitate families to create a conducive space at home for children to explore books and enjoy reading sessions with parents. Parents will have access to a series of videos produced by KidSTART Singapore to guide them on techniques for storytelling and conversational reading to infants and young children and how they can inject fun and learning in the activities through pictures, songs and dance. Mdm Jasleasha Ong, mother of a 2-year-old, shared that through the encouragement of her KidSTART practitioner and the resources provided by KidSTART Stories, she now enjoys reading with her child and looks forward to discovering more about her child’s learning abilities through their reading sessions. “Before attending KidSTART, I thought my daughter was not interested in books. I tried reading to her, but she would flip through the pages quickly. I was surprised she was so engaged when the KidSTART facilitator read books during the KidSTART Group sessions. I learnt that it was about choosing age-appropriate books and I am grateful for the set of books and the bookshelf given as part of KidSTART Stories where we now have our very own family reading corner. My daughter is now always so excited when it is reading time, and even comes up to me to request for me to join her at the reading corner. She is very imaginative and it’s such a joy to see her pretend to be part of the story.” Another KidSTART mother, Madam Junaida, also shared that the KidSTART Stories resources have been useful in helping her son learn about shapes and colours. “I didn’t read many books when I was young, and I was really happy to receive the mini library from KidSTART. The video guides were also very useful as I learnt different ways of telling the stories to my son. We now spend more time reading together as a family, which has been rewarding as he really enjoys looking at the colourful animals in his favourite book. I look forward to exploring more books with him.” Madam Rahayu Buang, Chief Executive Officer, KidSTART Singapore said, “We want the newly launched KidSTART Stories initiative to give families the confidence to engage their young children in reading adventures that will spark their language abilities and at the same time cultivate a lifelong love for reading. We are grateful to our ‘Growing Together with KidSTART’ partners SP Group and EtonHouse Community Fund for their generosity in providing the books and bookshelves, as well as the volunteer manpower to distribute the reading materials to KidSTART families. We look forward to more collaborations with corporate and community partners to further sustain and expand the KidSTART Stories, so that more children can have a good start in life.” Group CEO of SP Group Mr Stanley Huang said, “SP Group has been working closely with KidSTART to provide children access to suitable educational resources in their early years and establish a strong foundation in their learning. As part of our $1.1 million donation to KidSTART this year, we are pleased to go further, in creating a conducive home environment to cultivate good reading habits, hone healthy curiosity and foster strong family bonds. These will empower them with skills for enriching and holistic growth in their formative years.” Mrs Ng Gim Choo, Founder of EtonHouse Community Fund, says, “Reading should be a joyful experience, and books should be perceived as toys. When children love to read, they excel academically. Reading enhances concentration and cognitive development, it strengthens language and creative thinking skills, and opens the world to children. Reading offers adults a precious opportunity to bond with children. It is also a sustainable way to bridge the gap between lower and higher-income children. ECF is delighted to support this project with KidSTART and play its part in impacting the community.” KidSTART Stories was launched today at Keat Hong Community Club, with Ms Sun Xueling, Minister of State, Ministry of Home Affairs and Ministry of Social and Family Development in attendance as a Guest of Honour. Approximately 320 KidSTART and eligible parents and their children enjoyed an interactive storytelling session by the Minister, along with stage performances that brought storytelling to life and post-show arts and crafts and play activities. Moving forward, KidSTART is looking to collaborate with various partners to create more video reading guides and sponsorship of new books in the pipeline. Recently, KidSTART had also launched an interactive play KidSTART Sea Adventures, adapted from a storybook written by KidSTART’s early childhood specialist. The KidSTART Sea Adventures play will be restaged across different neighbourhoods around Singapore to reach out to more families. The event images can be found here, and for more information, please visit the KidSTART website here. About KidSTART KidSTART Singapore is a dedicated agency that provides upstream support to eligible pregnant mothers and children up to 6 years old. As a national programme, KidSTART empowers lowincome families to build strong foundations for their children and foster positive child development outcomes by supporting caregivers with guidance on child development and monitoring the developmental progress of children from birth onwards. Click here for more information on KidSTART. 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, and sustainable energy solutions in Singapore, China, Vietnam and Thailand. 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 world-wide. Beyond traditional utilities services, SP Group provides a suite of renewable and sustainable energy solutions including solar energy solutions, microgrids, cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. About EtonHouse Community Fund The EtonHouse Community Fund (ECF) is an independent charity launched by EtonHouse International Education Group in 2015 based on the organisation’s strong belief in the importance of education and that every child regardless of his or her background should have access to good quality education. Today, it is an IPC charity and a member of the National Council of Social Service (NCSS). The ECF has over the years championed causes that have benefitted children and youth from low-income families and received the MSF Cares Award in 2019 for many of its initiatives. ECF is also a partner of KidSTART and has helped to set up playgroup sites around Singapore, providing families with access to learning resources, learning kits, and excursions. This year, in support of the Year of Celebrating SG Families, ECF has launched Treasure Quest - a series of 10 challenges outdoors to reconnect families with the beautiful green spaces in their neighbourhood.   StraitsTimes#SUT#19-03-2023#Default#1#SUN-007#4#ccihttps://www.spgroup.com.sg/dam/jcr:11d161a3-59ee-4ff9-a932-24554428b067 | SUNDAY, MARCH 19, 2023 | THE SUNDAY TIMES | A7 FEATURE TITLE In partnership with “ One need not approach volunteering with the mindset that they have to invest lots of time, effort or money. No contribution is too small. One of the biggest hurdles to overcome is simply taking that first step. — Mr Giles Ee, executive engineer, SP Group, and a member of the company’s staff volunteer arm, SP Heart Workers Helping kids starts from the heart National grid operator SP Group expands its CSR efforts to give children from lower-income families a stronger start, and provide more opportunities for staff to volunteer By RACHEL CHIA Atypical work day for Mr Giles Ee, 28, goes something like this: Even as he spends most of his time as executive engineer spearheading gas transmission projects at SP Group, he carves out a few hours planning activities for children. Just last year, Mr Ee helped organise the launch of an interactive play at Aliwal Arts Centre for lower-income families, featuring music, handcrafted sea animal headgears, and a mini carnival. Named KidStart Sea Adventures, the production is one of several corporate social responsibility (CSR) efforts supported by Singapore’s national grid operator and sustainable energy solutions provider SP Group, through its initiative for children, SP Kids at Heart. KidStart Singapore is a non-profit organisation supporting children under six years old from lower-income families in early child development. “We were pleasantly surprised by the zest with which the children tackled the craft activities with their parents,” says Mr Ee who, beyond coordinating the event, also helped out at a prop-crafting station as one of 20 staff volunteers on-site. “Many parents shared that this was the first theatre production for their children, and to watch them dance and sing brought lots of joy,” he adds. “It was a heartwarming reminder of the importance of family bonding. This truly touched me, as we may have taken many things in life for granted.” Mr Ee began volunteering when he was in secondary school, spring cleaning rental flats, collecting newspapers, and doing grocery runs for the elderly. Today, his systematic nature and attention to detail are being put to use as a member of the SP Heart Workers committee, SP’s staff volunteer arm, where he oversees event logistics and partnerships with social service agencies. The company provides its employees with opportunities to participate in volunteering activities all year round, often during work hours. “Beyond being able to engage with colleagues from other departments whom I normally do not interact with, I am also able to sharpen my organisational skills through working with various stakeholders to execute events,” says Mr Ee. Joining hands for good Most customers of SP Group may be familiar with its longest-running charity initiative – the SP Heartware Fund, which benefits vulnerable seniors – from its donation appeals on utilities bills twice a year. But SP Kids at Heart, a new initiative, was born amid the Covid-19 pandemic as the organisation looked to expand its outreach to more lower-income families. “Despite the challenges brought on by the pandemic, we scaled up our efforts to fulfil long-standing commitments and set up new programmes to benefit a wider range of social service users, from seniors, to children and youth,” Celebrating Social Service Partners The Ministry of Social and Family Development has designated 2023 as its Year of Celebrating Social Service Partners to recognise the contributions of corporates, social service agencies, professionals, academics, social enterprises, and volunteers. To make a significant impact on the lives of those in need, Singaporeans and companies are encouraged to volunteer, donate, or join the social service sector. says Mr Stanley Huang, group CEO, SP Group. The company has since contributed $2.1 million to benefit more than 5,000 KidStart children and their families. SP Group has been working with the non-profit organisation since 2021. SP Group has sponsored and distributed books, toys and tech tools to about 2,000 Kid- Start families, to improve their home learning environments and ensure that the children’s learning was not disrupted during the pandemic. “For parents, we aim to equip them with soft skills to help them connect better with their children and support them in their holistic education,” Mr Huang adds. “By working with KidStart Singapore, which shares this common vision, it allows us to deliver targeted assistance to the community and achieve greater impact for the beneficiaries.” Last year, apartfrom the marine-themedplay, the company – together with KidStart and independent charity EtonHouse Community Fund – provided books and bookshelves to some 3,000 children to create a conducive space at home to foster strong family bonds. Focusing on bonding SP Kids at Heart’s efforts aim to enhance the social mobility and long-term prospects of children SP Group executive engineer Giles Ee (above) helps plan activities for children as part of the company’s CSR initiative, SP Kids at Heart. The initiative is a partnership with KidStart Singapore, to empower parents like Mdm Jasleasha Ong (left) with skills to better engage their children. PHOTOS: SP GROUP, KIDSTART SINGAPORE from vulnerable backgrounds. Why is the focus on bonding? Research has shown that parent-child bonds significantly influence how a child’s brain develops, and this has an impact on lifelong outcomes, explains Kid- Start Singapore CEO Rahayu Buang. “The parent-child bond is created by applying techniques in nurturing positive interactions and enriched caregiving.” While parents from lower-income families want the best for their child, they may face resource constraints and lack know-how. “Empowering parents with the skills to engage their children builds up their confidence in taking care of them, which in turn helps foster positive developmental outcomes,” adds Mdm Rahayu. That’s been so for Mdm Jasleasha Ong, whose daughter, aged three, was previously not interested in books. “I tried reading to her, but she would flip through the pages quickly,” Mdm Ong, 43, says. But after setting up a reading corner at home with the books from SP-funded KidStart Stories, the little girl’s attitude changed. “I learnt that it was about choosing age-appropriate books,” says Mdm Ong. “My daughter is now so excited when it is reading time, and even asks me to join her. She dances and uses songs to express herself. I now know how to use our interactions to develop her language skills better, and we have a strongbond.” Small things like these can create a great impact, says Mr Ee, who helped pack and deliver the books to families. “Something as simple as lending a listening ear to the beneficiaries, or organising engagement activities, can impact them in a positive manner and effecta difference in their lives.” Everybody has unique skills that can be channelled towards volunteering, he adds. “One need not approach volunteering with the mindset that they have to invest lots of time, effort or money. No contribution is too small. “One of the biggest hurdles to overcome is simply taking that first step.” Foster a culture of giving Volunteerism is an integral part of SP Group’s DNA, says the company, with close to 400 staff volunteering in SP Kids at Heart activities alone. Staff are encouraged to not only participate in volunteering activities during work hours, but are also accorded official leave for volunteering, says group CEO Stanley Huang. Members of senior management play an active role in communicating supportfor and participating in corporate giving, adds Mr Huang. This is something that Mr Giles Ee, an executive engineer at SP Group, can testify to, having witnessed department heads spearheading activities. “Various departments leverage volunteering events as team bonding opportunities,” he says. “I believe the emphasis on the culture of giving is also a point of pride for many staff,” says Mr Ee, who is also part of the SP Heart Workers organising committee. In 2021, SP Group’s CSR contributions – in donations, sponsorships and manpower – totalled $4.5 million. It has a wide range of programmes to support vulnerable groups across ages, from young children under the age of six to tertiary students, and seniors. To Mr Huang, pursuing a common good unifies staff, fosters team building, and cultivates a giving spirit. “We believe that by participating in volunteering efforts, our staff gain a sense of fulfilment, are more engaged in their jobs, and can influence their families and friends to similarly give back to the community in meaningful ways,” he says. By the numbers $2.1m Amount donated by SP Group over the past 2 years to benefit young children from lower-income families 5,000 Number of families that benefited from the SP Kids at Heart programme to date 8,000 Total volunteering hours clocked by SP Group staff in 2022 For more information on how to contribute, visit https://go.gov. sg/YCPartners Searchhttps://www.spgroup.com.sg/search?tag=condition-monitoring Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/38-years-with-SP-Growing-through-Change SP Energy HubAnnual ReportReliabilitySustainabilityInnovation 38 Years with SP: Growing through Change RELIABILITY Maizan Binte Abdullah, Senior Technician from Condition Monitoring (CM), manages a team of 10 to perform health checks across substations in the north of Singapore. Her team collates and analyses recorded measurements and checks for anomalies in switchgears and transformers. Maizan Binte Abdullah performing condition monitoring checks. (Photo was taken before circuit breaker) When Maizan joined SP 38 years ago, she was doing something quite different. Learning and Adapting After completing her post-secondary education, Maizan started as an apprentice in the Electro Mechanical Maintenance Fitting department at the Public Utilities Board (PUB). Subsequently, she was posted to the Meters section to conduct meter maintenance activities. Maizan (in blue attire) and her former colleagues from Meters section enjoying a durian feast together. When PUB corporatised in 1995, she moved to SP where she continued with the Meters section for the next 14 years. She would have thought that would be her home for the rest of her career. However in 2019, she was seconded to CM. This change to field work seemed to be unsurmountable, having been in a deskbound administrative role for more than 20 years. “Given my age, I was very worried that I may not be able to cope with the demands of the new role. However, I recognised that I needed to move out of my comfort zone and acquire new skills to remain relevant,” shared Maizan. After going through training and with strong support from her team and the management, Maizan is settling so well at CM that she became the team lead for North Zone in the same year. A lifelong learner, Maizan completed her part-time Diploma in Engineering (Power Engineering) programme at Singapore Polytechnic in May 2020 under SP’s sponsorship. She soldiered on despite having to juggle her new role and studies. “There were times when I felt overwhelmed and felt like giving up. I am glad I had the support from my family, my boss and colleagues who encouraged me to persevere. This experience has been very enriching, and I look forward to continue growing!” exclaimed Maizan. Growing despite COVID-19 With this mindset, Maizan and her team continued to learn new ways of working to carry out their duties during the Circuit Breaker period. Maizan and her colleagues use handheld detectors to detect for abnormalities in the network. This is to prevent faults from developing and causing power disruptions. “Due to the need to minimise contact, we had to stagger our working hours. This is a challenge as CM relies heavily on teamwork. We also had to wear a mask when doing checks in the substation, which is an enclosed space and often hot and humid,” shared Maizan. However, Maizan takes it in her stride. She performs daily check-ins with her team members via instant messaging and tele-conferencing. With a sparkle in her eyes, she said, “Work is never the same every day. I take this as an opportunity to grow – to be stronger and better in managing change and future crises.” — 27 July 2020 TAGS LIFELONG LEARNERPEOPLE OF SPRELIABILITYCONDITION MONITORING YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everythin

SingaporePower Limitedandits subsidiaries AnnualReport Yearended31March2023 RegistrationNumber:200302108D Annual Report Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents Table of Contents Directors’ statement 1 Independent Auditor’s Report 7 Balance sheets 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 31 3.8 Inventories 32 3.9 Accrued revenue 32 3.10 Contract balances 32 3.11 Employee benefits 33 3.12 Provisions 33 3.13 Government grant 34 3.14 Deferred construction cost compensation 34 3.15 Deferred income 34 3.16 Regulatory deferral account (“RDA”) debit or credit balances 34 3.17 Price regulation and licence 34 3.18 Revenue recognition 35 3.19 Leases 36 3.20 Finance income and costs 37 3.21 Tax expense 38 3.22 Segment reporting 39 3.23 New standards and interpretations not yet adopted 39 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents 4 Property, plant and equipment 40 5 Right-of-use assets/ Lease liabilities 42 6 Intangible assets 44 7 Investment property under development 46 8 Subsidiaries 46 9 Associates and joint ventures 48 10 Other non-current assets 51 11 Deferred taxation 53 12 Derivative assets and liabilities 55 13 Investments in debt and equity securities 60 14 Inventories 60 15 Trade and other receivables 61 15a Trade receivables 61 15b Other receivables, deposits and prepayments 64 15c Balances with subsidiaries, associate and joint venture (non-trade) 64 16 Cash and cash equivalents 64 17 Regulatory deferral accounts 65 18 Share capital 67 19 Reserves 67 20 Debt obligations 69 21 Other non-current liabilities 71 21a Deferred income 71 21b Deferred construction cost compensation 71 21c Provisions 72 22 Trade and other payables 72 22a Other payables and accruals 73 23 Revenue 73 24 Other income 74 25 Finance income 74 26 Finance costs 75 27 Tax expense 76 28 Profit for the year 77 29 Acquisition of subsidiaries 78 30 Related parties 79 31 Operating segments 80 32 Financial risk management 83 33 Fair values 92 34 Commitments 96 35 Dividends 97 36 Subsequent events 97 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 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 2023. Opinion of the Directors In our opinion, (a) 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 2023 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 (b) 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: Ms Leong Wai Leng Mr Ong Yew Huat Mr Timothy Chia Chee Ming Ms Goh Swee Chen Mr Lee Kim Shin Prof Yaacob Bin Ibrahim Mr Antonio Volpin (appointed 1 April 2023) Mr Ching Wei Hong (appointed 1 June 2023) 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: 1 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Ms Leong Wai Leng Holdings at beginning of the year Holdings at end of the year CapitaLand Investment Limited 40,000 40,000 CapitaLand Integrated Commercial Trust – units 695,886 695,886 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) – units 39,057 52,000 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) - 3.11% Notes due 24 August 2026 S$250,000 S$250,000 Mapletree Industrial Trust – units 500 500 Mapletree Real Estate Advisors Pte. Ltd. – units - Great Cities Logistics (US) Trust 371 371 - Great Cities Logistics (Europe) Trust 371 371 - Mapletree Global Student Accommodation Pte Trust - USD – Class A units 1,685 1,685 - GBP – Class B units 1,685 1,685 Mapletree Treasury Services Limited - 3.4% Notes due 3 September 2026 – S$250,000 - 3.58% Bonds due 13 March 2029 S$250,000 S$250,000 - 3.15% Notes due 3 September 2031 S$250,000 S$250,000 Singapore Airlines Limited 9,800 9,800 Singapore Airlines Limited - Mandatory Convertible Bonds SIA MCBZ300608 17,000 – - SIA MCBZ 2021 20,482 20,482 Singapore Airlines Limited - 3.16% Notes due 2023 S$250,000 S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 S$250,000 S$250,000 - STT GDC 3.13% Bonds due 28 July 2028 S$500,000 S$500,000 Singapore Telecommunications Limited 22,027 22,027 StarHub Limited 36,000 36,000 2 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held 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 Holdings at beginning of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Holdings at end of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in Vertex Master Fund II Commitment amount of USD500,000 Commitment amount of USD500,000 CapitaLand Ascendas Real Estate Investment Trust (formerly known as Ascendas Real Estate Investment Trust) - 2.47% Notes due 10 August 2023 1 S$250,000 S$250,000 Astrea IV Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 14 June 2028 S$336,000 S$336,000 - 6.75% Class-B Secured Bonds due 14 June 2028 USD200,000 USD200,000 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 S$214,000 S$214,000 - 4.50% Class-A2 Secured Bonds due 20 June 2029 USD200,000 USD200,000 Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 S$105,000 S$105,000 - 3.25% Class-A2 Secured Bonds due 18 March 2031 USD200,000 USD200,000 - 4.35% Class-B Secured Bonds due 18 March 2031 USD400,000 USD400,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 – S$525,000 - 4.125% Class-A1 Secured Bonds due 27 May 2032 1 – S$250,000 - 6% Class-B Secured Bonds due 27 May 2032 – USD500,000 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units 5,000 5,000 - Fullerton USD Income Fund Class A (SGD hedged) S$500,000 S$500,000 Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond S$30,000 S$30,000 1 Held jointly with spouse. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mr Ong Yew Huat Holdings at beginning of the year Holdings at end of the year Sembcorp Marine Ltd # 500,000 – Mr Timothy Chia Chee Ming Singapore Telecommunications Limited 2,070 2,070 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Commitment amount of USD250,000 Commitment amount of USD250,000 Vertex Venture Holdings Ltd - 3.30% Notes due 28 July 2028 S$250,000 S$250,000 Ms Goh Swee Chen CapitaLand Investment Limited 46,709 46,709 CapitaLand Integrated Commercial Trust – units 7,224 7,224 Singapore Telecommunications Limited 5,000 5,000 Singapore Airlines Limited 18,550 18,550 Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 42,604 42,604 Mr Lee Kim Shin Singapore Telecommunications Limited 190 194 Singapore Airlines Limited 26,000 32,000 Singapore Airlines Limited - SIA MCBZ 2021 41,382 41,382 CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 4,644 4,644 4 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Prof Yaacob Bin Ibrahim Holdings at beginning of the year Holdings at end of the year CapitaLand India Trust (formerly known as Ascendas India Trust) – units CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 100,000 100,000 26,208 26,208 Singapore Airlines Limited 5,000 5,000 Mr Stanley Huang Tian Guan Paragon REIT (formerly known as SPH REIT) ^ - units – 323,000 CapitaLand China Trust – units – 100,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 (units) – 40,000 Singapore Airlines Limited – 10,000 SIA Engineering Company Limited – 10,000 ^ Related corporation with effect from 29 April 2022 and therefore holdings at beginning of the year, if any, is not reflected # Ceased to be a related corporation with effect from 28 February 2023 and therefore holdings at end of the year, if any, is not reflected 5 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 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) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and (ii) 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 ──────────────────────── MS LEONG WAI LENG Chairman ──────────────────────── MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 15 June 2023 6 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 Independent Auditor’s Report For the financial year ended 31 March 2023 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 2023, 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 2023 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. 7 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 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. • 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. 8 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 • 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 15 June 2023 9 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Balance sheets As at 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 14,092.8 13,828.7 26.2 23.4 Intangible assets 6 147.9 111.3 10.3 14.9 Investment property under development 7 865.0 765.0 – – Subsidiaries 8 – – 5,159.6 5,043.7 Associates and joint ventures 9 1,509.8 1,622.3 45.4 45.4 Other non-current assets 10 326.1 343.7 – – Deferred tax assets 11 19.6 21.7 – – Derivative assets 12 159.2 133.6 – # – # Investments in debt and equity securities 13 95.5 56.0 – – 17,215.9 16,882.3 5,241.5 5,127.4 Current assets Inventories 14 60.4 47.4 – – Trade and other receivables 15 955.4 795.7 3,922.1 4,095.2 Derivative assets 12 8.7 113.6 0.1 5.0 Cash and cash equivalents 16 1,373.9 4,207.8 39.4 1.3 Investments in debt and equity securities 13 614.2 413.9 – – 3,012.6 5,578.4 3,961.6 4,101.5 Total assets 20,228.5 22,460.7 9,203.1 9,228.9 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 290.8 499.5 – – Total assets and RDA debit balances 20,519.3 22,960.2 9,203.1 9,228.9 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (301.3) (97.2) (0.2) – # Accumulated profits 9,706.2 11,143.9 6,230.2 6,246.6 Equity attributable to owner of the Company 12,316.8 13,958.6 9,141.9 9,158.5 Non-controlling interests 9.0 – – – Total equity 12,325.8 13,958.6 9,141.9 9,158.5 Non-current liabilities Debt obligations 20 3,066.1 3,377.9 – – Derivative liabilities 12 366.1 160.5 – # – # Deferred tax liabilities 11 1,739.0 1,699.7 1.6 1.4 Other non-current liabilities 21 466.3 479.7 – – Lease liabilities 5 45.5 32.2 6.4 – 5,683.0 5,750.0 8.0 1.4 Current liabilities Debt obligations 20 0.8 908.2 – – Derivative liabilities 12 10.1 143.0 0.3 5.1 Current tax payable 423.3 645.6 7.8 0.4 Trade and other payables 22 1,872.3 1,484.6 39.3 57.6 Lease liabilities 5 6.9 5.8 5.8 5.9 2,313.4 3,187.2 53.2 69.0 Total liabilities 7,996.4 8,937.2 61.2 70.4 Total equity and liabilities 20,322.2 22,895.8 9,203.1 9,228.9 RDA credit balances and related deferred tax liabilities 17 197.1 64.4 – – Total equity, liabilities and RDA credit balances 20,519.3 22,960.2 9,203.1 9,228.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 10 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Income statements Year ended 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Revenue 23 7,250.9 5,213.5 2,526.1 1,040.1 Other income 24 224.6 1,683.7 0.7 1.0 Expenses - Purchased power (4,528.5) (2,806.7) – – - Depreciation of property, plant and equipment 4 (823.5) (790.3) (10.4) (9.9) - Amortisation of intangible assets 6 (52.9) (55.7) (6.0) (5.6) Maintenance (148.6) (141.1) (10.5) (10.5) Staff costs (330.4) (324.7) (77.3) (73.9) Property taxes (84.9) (93.9) (0.3) (0.3) Other operating expenses (192.4) (191.4) (23.8) (37.2) Operating profit 1,314.3 2,493.4 2,398.5 903.7 Finance income 25 77.6 58.6 63.6 19.4 Finance costs 26 (62.9) (85.0) – # (0.1) Share of profits of associates, net of tax 111.6 164.0 – – Share of losses of joint ventures, net of tax (2.3) (5.7) – – Profit before taxation 1,438.3 2,625.3 2,462.1 923.0 Tax (expense)/credit 27 (205.8) (660.3) (8.5) 0.8 Profit for the year 28 1,232.5 1,965.0 2,453.6 923.8 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 (199.9) 37.9 – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Profit and net movements in RDA balances attributable to: Owner of the Company 1,032.6 2,002.9 2,453.6 923.8 Non-controlling interests – # – – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 11 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of comprehensive income Year ended 31 March 2023 Group Company 2023 2022 2023 2022 $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates (0.5) 10.1 – – (0.5) 10.1 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (242.2) (86.7) – – Effective portion of changes in fair value of cash flow hedges, net of tax 63.7 41.0 (0.1) – # Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (43.8) (5.3) – – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.5 0.6 (0.1) – # Share of hedging reserves of associates 16.9 211.1 – – Disposal of interest in an associate – 195.9 – – (203.9) 356.6 (0.2) – # Other comprehensive income for the year, net of tax (204.4) 366.7 (0.2) – # Total comprehensive income for the year, attributable to: Owner of the Company 828.2 2,369.6 2,453.4 923.8 Non-controlling interests – # – – – Total comprehensive income for the year 828.2 2,369.6 2,453.4 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 12 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 --------------------Attributable to owner of the Company---------------- Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2021 2,911.9 (363.4) (89.8) 28.9 9,491.4 11,979.0 – 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 – 2,002.9 Other comprehensive income Translation differences relating to financial statements of foreign operations – (86.7) – – – (86.7) – (86.7) Effective portion of changes in fair value of cash flow hedges, net of tax – – 41.0 – – 41.0 – 41.0 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (5.3) – – (5.3) – (5.3) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 0.6 – – 0.6 – 0.6 Share of other comprehensive income of associates – – 211.1 10.1 – 221.2 – 221.2 Disposal of interest in an associate – 231.9 (36.0) (39.6) 39.6 195.9 – 195.9 Total other comprehensive income – 145.2 211.4 (29.5) 39.6 366.7 – 366.7 Total comprehensive income for the year – 145.2 211.4 (29.5) 2,042.5 2,369.6 – 2,369.6 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (390.0) (390.0) – (390.0) Total transactions with owner – – – – (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 – 13,958.6 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 13 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 ----------------Attributable to owner of the Company------------------ Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 – 13,958.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,032.6 1,032.6 – # 1,032.6 Other comprehensive income Translation differences relating to financial statements of foreign operations – (242.2) – – – (242.2) – (242.2) Effective portion of changes in fair value of cash flow hedges, net of tax – – 63.7 – – 63.7 – 63.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (43.8) – – (43.8) – (43.8) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 1.5 – – 1.5 – 1.5 - Transfer of reserve – – – 0.3 (0.3) – – – Share of other comprehensive income of associates – – 16.9 (0.5) – 16.4 – 16.4 Total other comprehensive income – (242.2) 38.3 (0.2) (0.3) (204.4) – (204.4) Total comprehensive income for the year – (242.2) 38.3 (0.2) 1,032.3 828.2 – # 828.2 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (2,470.0) (2,470.0) – (2,470.0) Acquisition of shares in subsidiaries (Note 29) – – – – – – 9.0 9.0 Total transactions with owner – – – – (2,470.0) (2,470.0) 9.0 (2,461.0) At 31 March 2023 2,911.9 (460.4) 159.9 (0.8) 9,706.2 12,316.8 9.0 12,325.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 14 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 Company Share capital Hedging reserve Accumulated profits Total $ million $ million $ million $ million 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 35) – – (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 At 1 April 2022 2,911.9 – # 6,246.6 9,158.5 Total comprehensive income for the year Profit for the year – – 2,453.6 2,453.6 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.1) – (0.1) 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 – (0.2) 2,453.6 2,453.4 Total other comprehensive income for the year – (0.2) 2,453.6 2,453.4 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (2,470.0) (2,470.0) Total transactions with owner – – (2,470.0) (2,470.0) At 31 March 2023 2,911.9 (0.2) 6,230.2 9,141.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,032.6 2,002.9 Adjustments for: Finance income 25 (77.6) (58.6) Finance costs 26 62.9 85.0 Share of profits of associates and joint ventures, net of tax (109.3) (158.3) Deferred income (20.2) (20.0) RDA debit or credit balances and related deferred tax assets or liabilities 17 199.9 (37.9) Depreciation and amortisation 876.4 846.0 Write-down of inventory 14 6.7 8.4 (Reversal of)/allowance for expected credit loss on trade receivables, net 15a (6.5) 14.7 Impairment loss on intangible assets and property, plant and equipment 1.0 2.4 Loss on disposal of property, plant and equipment and intangible assets 1.4 11.7 Change in fair value of investment property under development 24 (52.6) – Gain on disposal of interest in an associate 24 – (1,532.0) Exchange (gain)/loss, unrealised (19.3) 0.9 Tax expense 27 205.8 660.3 Others 4.4 5.0 2,105.6 1,830.5 Changes in working capital: Inventories (19.5) (9.1) Trade and other receivables and contract assets (176.7) (304.5) Balances with related parties (trade) 0.3 6.1 Trade and other payables 373.9 214.9 Funding for regulatory deferral accounts 17 144.2 – Cash generated from operations 2,427.8 1,737.9 Interest received 57.2 34.3 Net tax paid (363.4) (30.0) Net cash generated from operating activities 2,121.6 1,742.2 The accompanying notes form an integral part of these financial statements. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows (continued) Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from investing activities Purchase of property, plant and equipment (991.1) (1,006.2) Purchase of intangible assets (12.1) (18.1) Additions to investment property (47.4) (36.9) Proceeds from disposal of property, plant and equipment and intangible assets 7.5 6.3 Dividends received from associates and joint venture 45.6 153.8 Proceeds from disposal of interest in an associate – 3,154.1 Loans to a joint venture (53.5) (46.4) Repayment of loan by joint venture 77.8 – Proceeds from redemption of debt securities 640.0 – Payments for investments in debt securities (830.3) (413.4) Acquisition of other investments (24.3) (21.3) Acquisition of interest in associates and joint venture (12.7) (24.4) Acquisition of subsidiaries, net of cash acquired 29 (160.6) – Net cash (used in)/generated from investing activities (1,361.1) 1,747.5 Cash flows from financing activities Proceeds from shares issued to non-controlling interest of subsidiaries 9.0 – Repayment of debt obligations (973.9) (176.5) Proceeds from loans – 83.2 Proceeds from termination of derivatives – 19.5 Upfront fees paid for credit facilities – (2.6) Payment of principal portion of lease liabilities (6.5) (6.2) Dividends paid to owner of the Company (2,470.0) (390.0) Interest paid (70.9) (81.8) Net cash used in financing activities (3,512.3) (554.4) Net (decrease)/increase in cash and cash equivalents (2,751.8) 2,935.3 Cash and cash equivalents at beginning of the year 4,207.8 1,187.2 Effect of exchange rate changes on balances held in foreign currencies (82.1) 85.3 Cash and cash equivalents at end of the year 16 1,373.9 4,207.8 The accompanying notes form an integral part of these financial statements. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 15 June 2023. 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 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 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. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 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 33 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. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. Valuation of investment property under development The Group carries its investment property under development at fair value with changes in fair value being recognised in the profit or loss, determined annually by an independent professional valuer on the highest and best use basis. In determining the fair value, the valuer has used valuation techniques which involves certain estimates. The key assumptions to determine the fair value of investment property under development include the gross development value, estimated construction costs to complete and market-corroborated capitalisation rate. In relying on the valuation reports, management has exercised judgment to ensure that the valuation methods and estimates are reflective of current market conditions. The carrying amount of investment property under development and the key assumptions used to determine the fair value of the investment property are disclosed in Notes 7 and 33. 2.5 Changes in accounting policies Accounting and measurement for investment property under development On 1 April 2022, the Group changed its accounting policy with respect to the subsequent measurement of investment property under development from cost model to the fair value model, with changes in fair value recognised in profit and loss. The Group believes that subsequent measurement using the fair value model provides more relevant information about the financial performance of the asset and is consistent with the industry practice in relation to investment property. The change in accounting policy was applied retrospectively. The Group assessed that the effects of changing its accounting policy has no material impact to the Group’s prior years consolidated balance sheets, profit or loss and comprehensive income. Accordingly, the comparative figures were not restated. Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2022. The adoption of these standards did not have any material effect on the financial performance or position of the Group. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3 Significant accounting policies 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, except as explained in Note 2.5, which addresses changes in accounting policies. 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. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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 equityaccounted 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 equityaccounted 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. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 noncontrolling 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. Nonmonetary 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. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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-whollyowned subsidiary, then the relevant proportionate share of the translation difference is allocated to the noncontrolling 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 derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 Over the term of the lease, ranging from 3 – 99 years Buildings, office and tunnels 2 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 10 – 30 years - Mains (Gas) 5 – 50 years or the lease term, if shorter - Transformers and switchgear 20 – 30 years - Solar plants and related equipment 10 – 20 years Other plant and equipment 2 – 40 years (principally gas storage plant, remote control and meters) Motor vehicles and office equipment 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. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 23 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. Feed-in tariff contracts represent the fair value of power purchase agreements acquired from business acquisitions and are carried at cost less accumulated amortisation and accumulated impairment losses. Feed-in tariff contacts are amortised on a straight-line basis over the remaining period of the contract, which ranges from 16 to 17 years. 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 and subsequently at fair value with any change therein recognised in profit and loss. 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 fair value. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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) 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. (ii) 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. (iii) 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. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 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. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 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, or upon transmission to the power grid. 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. 35 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 rightof-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. 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. 36 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 insubstance 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. 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. 37 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 repor

Cents/kWh MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 JULY TO 30 SEPTEMBER 2018 Singapore, 29 June 2018 – For the period from 1 July to 30 September 2018, electricity tariffs will increase by an average of 6.9% or 1.50 cents per kWh compared to the previous quarter. The increase is mainly due to the higher cost of natural gas for electricity generation compared to the previous quarter. For households, the electricity tariff will increase from 22.15 to 23.65 cents per kWh for 1 July to 30 September 2018. The average monthly electricity bill for families living in four-room HDB flats will increase by $5.61 (see Appendix 3 for the average monthly electricity bill for different household types). 25.00 24.00 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 Quarterly Household Electricity Tariff 23.65 22.15 21.39 21.56 20.72 20.20 20.30 19.13 Oct - Dec '16 Jan - Mar '17 Apr - Jun '17 Jul - Sep '17 Oct - Dec '17 Jan - Mar '18 Apr - Jun '18 Jul - Sep '18 SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs given in Appendix 1 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 ELECTRICITY TARIFFS FROM 1 JULY 2018 Existing Tariff (without GST) New Tariff (without GST) New Tariff (with 7% GST) LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh LOW TENSION SUPPLIES, NON-DOMESTIC All units, ¢/kWh HIGH TENSION SMALL (HTS) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh HIGH TENSION LARGE (HTL) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh EXTRA HIGH TENSION (EHT) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh 22.15 23.65 25.31 22.15 23.65 25.31 8.58 8.58 9.18 12.87 12.87 13.77 19.56 21.27 22.76 11.77 12.65 13.54 0.59 0.59 0.63 8.58 8.58 9.18 12.87 12.87 13.77 19.34 21.05 22.52 11.76 12.64 13.52 0.59 0.59 0.63 7.68 7.68 8.22 11.52 11.52 12.33 18.44 20.12 21.53 11.66 12.54 13.42 0.48 0.48 0.51 Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of power generation. b) Network costs (paid to SP PowerAssets): This fee is reviewed annually. c) Market Support Services Fee (paid to SP Services): This fee is reviewed annually. d) Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Q3 2018 TARIFF Market Admin & PSO Fee (No Change) 0.05¢/kWh (<1%) MSS Fee (No Change) 0.40¢/kWh (1.7%) Network Costs (No Change) 5.31¢/kWh (22.5%) Energy Costs (Increase by 1.50¢/kWh) 17.89¢/kWh (75.6%) Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 JULY 2018) Types of Premises Average monthly consumption per Customer Average Monthly Bill New Average Monthly Bill Average Change in Monthly Bill kWh $(a) $(b) $(b-a) % HDB 1 Room 136.44 30.22 32.27 2.05 6.8 HDB 2 Room 184.98 40.97 43.75 2.78 6.8 HDB 3 Room 276.60 61.27 65.42 4.15 6.8 HDB 4 Room 373.88 82.81 88.42 5.61 6.8 HDB 5 Room 432.44 95.79 102.27 6.48 6.8 HDB Executive 529.80 117.35 125.30 7.95 6.8 Apartment 555.91 123.13 131.47 8.34 6.8 Terrace 919.17 203.60 217.38 13.78 6.8 Semi-Detached 1,217.99 269.78 288.05 18.27 6.8 Bungalow 2,523.36 558.92 596.77 37.85 6.8 Average 448.12 99.26 105.98 6.72 6.8

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 HDB 1-Room 152 147 145 143 146 144 135 126 126 132 150 152 149 140 151 148 139 142 128 127 121 119 128 136 HDB 2-Room 202 190 190 189 190 188 176 164 167 173 199 199 195 183 198 192 183 186 166 168 161 156 169 181 HDB 3-Room 288 271 272 269 274 269 247 236 241 250 292 285 277 264 283 277 266 266 243 238 231 231 250 265 HDB 4-Room 391 371 371 367 374 370 342 321 330 342 398 396 383 360 385 381 363 365 338 327 320 309 341 363 HDB 5-Room 456 437 434 427 437 436 401 367 381 399 463 466 448 416 447 446 427 429 397 379 374 359 399 425 HDB Executive 561 531 536 528 541 530 478 456 474 489 575 568 544 515 546 548 520 523 481 462 458 445 495 522 Apartment 585 546 514 515 537 541 483 430 435 486 578 573 543 500 513 539 523 519 486 446 419 417 476 516 Terrace 902 868 866 859 890 881 804 740 794 821 957 900 872 838 847 885 851 851 785 747 744 714 775 823 Semi-Detached 1,233 1,159 1,134 1,150 1,187 1,174 1,065 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 974 960 1,031 1,080 Bungalow 2,482 2,320 2,219 2,298 2,308 2,358 2,075 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 1,872 1,904 2,016 2,154

Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 HDB 1-Room 81.09 78.98 79.00 78.86 80.17 80.39 77.86 77.18 78.99 81.28 87.54 87.29 HDB 2-Room 96.52 91.92 92.92 92.62 94.12 94.79 90.73 89.63 91.78 94.78 103.49 102.84 HDB 3-Room 119.49 114.80 116.91 116.30 118.85 118.49 112.22 112.11 115.94 120.33 132.29 128.10 HDB 4-Room 139.94 134.96 137.64 137.70 140.19 140.04 133.47 131.31 137.04 142.66 156.01 153.34 HDB 5-Room 147.54 142.78 145.35 145.56 148.64 148.87 141.61 136.79 144.16 151.97 165.19 162.85 HDB Executive 164.05 158.23 162.29 161.77 166.18 164.43 154.00 153.21 160.98 168.72 184.59 180.19 Apartment 175.53 167.39 164.61 167.46 175.43 177.46 164.16 156.19 163.04 179.66 198.71 191.52 Terrace 267.44 262.12 265.22 265.40 276.88 276.46 260.00 252.25 270.34 290.38 311.38 286.03 Semi-Detached 340.32 333.05 332.47 336.34 351.53 349.78 325.65 324.20 335.52 370.67 392.95 372.29 Bungalow 666.12 646.66 633.47 662.99 688.41 699.45 627.26 650.18 619.13 718.02 776.44 731.30 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 HDB 1-Room 72.46 71.03 70.38 70.28 71.48 71.86 69.16 67.69 69.30 71.92 78.05 78.52 HDB 2-Room 87.55 83.48 84.15 83.90 85.46 85.94 81.99 80.46 82.23 85.21 93.42 93.59 HDB 3-Room 107.51 103.13 104.73 104.06 106.59 106.15 100.27 99.66 102.84 107.06 118.11 115.38 HDB 4-Room 125.27 120.86 122.70 122.47 125.06 124.99 118.78 116.20 120.97 126.03 138.53 137.64 HDB 5-Room 131.50 127.51 129.05 128.83 131.93 132.27 125.43 120.56 126.60 133.43 145.81 145.63 HDB Executive 147.11 141.81 144.94 144.02 148.42 146.81 137.03 135.88 142.35 149.14 163.91 161.79 Apartment 157.00 149.45 145.14 146.83 154.44 156.79 144.07 135.03 140.09 155.96 175.31 171.33 Terrace 244.04 239.52 241.71 240.94 251.32 251.12 235.05 227.31 243.21 259.98 282.50 262.69 Semi-Detached 313.22 305.01 304.96 308.47 323.21 319.99 297.18 295.56 305.12 337.24 359.90 342.81 Bungalow 621.34 599.37 589.03 615.12 636.98 650.72 578.80 597.47 570.77 662.48 717.39 678.65 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Going Green while Staying at Home with My Carbon Footprint SUSTAINABILITY Each of us can actively reduce the harmful effects of global warming and combat climate change. SP has launched its Carbon Footprint calculator - My Carbon Footprint, available now on the SP Utilities App.  The upgraded calculator promotes behaviour and lifestyle changes to reduce carbon emissions through greater awareness of the environmental impact from everyday habits such as transportation, use of electrical appliances and even food consumption. Designed and built in-house, My Carbon Footprint comes with additional features from the original version that was launched in December. Users can now track their emissions from not just electricity, but also from water and gas. They can also calculate the total amount of carbon emissions of their daily activities, according to their household profile, mode and duration of commute, frequency of holiday travel, as well as spending and dining habits. This is useful especially with a Singapore household consuming an average of seven per cent more electricity during the months of April to August, due to the hotter months when there is higher usage of air conditioning. With an increase of people staying at home, it also points to higher electricity and water consumption. On average, a consumer in Singapore emits more than eight tonnes of carbon emissions annually due to their lifestyle and consumption patterns. More than 400 rain trees are required to absorb this impact on the environment. What’s your carbon footprint?  Download the SP Utilities app and find out now! —  5 May 2020 TAGS SUSTAINABILITYCARBON FOOTPRINT TRACKER YOU MIGHT BE INTERESTED TO READ SP Group expands sustainable energy operations in China with Chongqing Transport Hub project win STMicroelectronics enhances sustainability with chiller cooling system at Toa Payoh SP signs PPA with BASF for rooftop solar deployment

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.