Consumption_Gas Average consumption of Gas (kWh) Premises Types Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 HDB 1-Room 36 38 38 37 38 35 34 33 35 35 34 35 HDB 2-Room 36 37 38 38 40 37 34 34 36 36 34 35 HDB 3-Room 49 50 52 53 56 50 48 47 51 51 49 50 HDB 4-Room 61 61 64 66 69 62 58 58 62 63 61 62 HDB 5-Room 67 65 70 73 77 68 64 63 69 70 68 69 HDB Executive 70 70 74 78 82 73 68 68 72 74 72 73 Apartment 83 85 91 94 93 80 76 77 82 86 88 88 Terrace 103 100 108 120 114 93 97 98 98 105 107 108 Semi-Detached 118 115 120 133 130 117 105 115 115 120 117 120 Bungalow 200 213 192 220 234 209 168 197 185 198 206 202

News Release Advisory on Recruitment and Impersonation Scams Singapore, 31 October 2023 – SP Group (SP) has been alerted to cases of parties fraudulently claiming affiliation with SP Group, and contacting members of the public with fictitious job offers and/or investment opportunities, including investments in the crypto or renewables industry. Such platforms may bear the SP logo and related images and information. We understand these parties may have reached out to the public through social media channels, including Facebook and Telegram. They may also share invitation links with requests for sums of money to be transferred for employment and investment opportunities in renewable energy. Members of the public may also be invited to download malicious applications and/or make monetary transfers after registering an account. These are scams, and such sites are not associated with SP Group or our operations. SP Group does not require candidates to pay any amount of money as part of the recruitment or job placement process. SP Group also does not market investment opportunities through social media. The public is advised to remain vigilant against such scams and not provide personal information, including bank account or credit card details, to suspicious or unknown parties. Individuals who encounter such websites, mobile apps and/or group chats claiming to be SP Group should: Visit our official websites - www.spgroup.com.sg, www.spgroup-asia.com or www.spgroup.com.cn - to verify information authenticity; and For career opportunities, check against our website and apply directly through  www.spgroup.com.sg/about-us/careers. Consider lodging a police report if monetary transactions have been made.  

Singapore Institute of Power and Gas Perform Polyethylene Pipes Joining Process Course Code: GPL10 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • List the Polyethylene Pipeline Systems, Plastic materials, PowerGas’ approval requirements, PE pipeline design, construction and the various types of assembly methods • Describe the special tools and equipment needed for electro & butt fusion jointing, PE Pipeline’s operation & maintenance, PE rehabilitation techniques applied in the gas industry and the future development of the PE resin MAIN CONTENTS • Understand the characteristics and properties of Polyethylene • Understand the PE pipe approval requirement • Get to know: MRS, SDR, Design formula, safety factor of PE pipeline systems • Design a PE gas pipeline system • Able to appreciate different types of fusion jointing techniques • Know how to carry out a house connection, or branch off • Know the PE hot-tapping techniques. • Understand the advantages in the construction of a PE pipeline system • Appreciate the PE quality assurance & traceability • Know varies PE pipeline rehabilitation techniques • Know about the future development of the PE resin METHODOLOGY Lecture and practical session TARGET AUDIENCE Engineering and technical staff who are required to carry out or supervise PE pipe joints or related work COURSE DETAILS Duration : 29.5 hours Mode of Delivery : Face-to-face Certification : SIPG Certificate of Completion PDU by PE Board : Pending Additional Requirement/s : Personal Protection Equipment (PPE) must be worn during practical session. PPE includes: • Safety shoes • Safety helmet • Safety vest • Palm-coated gloves COURSE FEES Full Course Fee : S$3,200 (before GST) For Singapore Citizens/PR/LTVP+* : Not applicable For Singapore Citizens (40 years old and above) : Not applicable Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Using Integrated Energy Solutions to Green Data Centres SUSTAINABILITY SP, CapitaLand and Sembcorp Industries (Sembcorp) have signed a Memorandum of Understanding (MOU) to jointly study the use of integrated energy solutions to power data centres. CapitaLand’s data centre is the first to pilot in Singapore under SP’s Energy Partnership Programme. The integrated energy solutions will potentially include a combination of solar photovoltaic, green hydrogen and energy storage amongst others. These will be further enhanced with smart technologies to increase energy efficiency and effectiveness.  The study covered under the MOU will initially focus on developing solutions to power CapitaLand’s flagship data centre, 9 Tai Seng Drive with green energy. The feasibility study results planned for the second half of 2021, would potentially be applicable to benefit other data centres in Singapore.   First row (L-R): Mr Chuah Kee Heng (Chief Executive Officer, Sustainable Energy Solutions, SP Group), Mr Kelvin Fong (Managing Director, Data Centre, CapitaLand Group), Mr Lim Yeow Keong (Senior Vice President, Singapore and Southeast Asia (Energy), Sembcorp Industries). Second row (L-R): Mr Mike Chan Siang Chin (Vice President, Sustainable Energy Solutions, SP Group), Mr Sim Thiam Chye (Head, Operations Data Centre, CapitaLand Group), Mr Eddie Tan (Vice President, Energy Transition and Sustainability Solutions, Sembcorp Industries). This collaboration is the first under SP’s Energy Partnership Programme. The programme aims to help corporates meet their green ambitions and overcome energy-related business challenges using integrated energy solutions. Leveraging SP’s technical expertise in smart energy solutions, research and testing will be undertaken at SP’s Concept Lab. Corporates enjoy the benefits of researching and testing the viability of sustainable solutions before advancing to real-world applications. Mr Chuah Kee Heng, Chief Executive Officer, Sustainable Energy Solutions, SP Group, said: “We are pleased to work with CapitaLand and Sembcorp to green CapitaLand’s data centres. Under SP Group’s Energy Partnership Programme, we provide expertise and a conducive environment to help corporates solve their energy challenges and contribute to a low carbon, smart energy Singapore.”  For more information on SP’s Energy Partnership Programme, contact the team at EPP@spgroup.com.sg. — 5 November 2020 TAGS #ENERGYSOLUTIONS #SUSTAINABILITY #DATACENTRES 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

SingaporePower Limitedandits subsidiaries AnnualReport Yearended31March2025 RegistrationNumber:200302108D Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2025 Table of Contents Annual Report Table of Contents Directors’ statement ............................................................................................................................................................ 1 Independent Auditor’s Report ...................................................................................................................................... 8 Balance sheets .................................................................................................................................................................... 11 Income statements .......................................................................................................................................................... 12 Statements of comprehensive income ................................................................................................................... 13 Statements of changes in equity ................................................................................................................................ 14 Consolidated statement of cash flows ..................................................................................................................... 17 Notes to the financial statements .............................................................................................................................. 19 1 Domicile and activities ....................................................................................................................................... 19 2 Basis of preparation ............................................................................................................................................ 19 2.1 Statement of compliance ................................................................................................................................. 19 2.2 Basis of measurement ........................................................................................................................................ 19 2.3 Functional and presentation currency ........................................................................................................ 19 2.4 Use of estimates and judgements ............................................................................................................... 20 2.5 Changes in accounting policies ..................................................................................................................... 21 3 Material accounting policy information ..................................................................................................... 22 3.1 Basis of consolidation ....................................................................................................................................... 22 3.2 Foreign currencies .............................................................................................................................................. 24 3.3 Property, plant and equipment ..................................................................................................................... 25 3.4 Intangible assets .................................................................................................................................................. 26 3.5 Investment property ........................................................................................................................................... 27 3.6 Financial instruments ......................................................................................................................................... 28 3.7 Impairment ............................................................................................................................................................ 32 3.8 Accrued revenue ................................................................................................................................................ 33 3.9 Contract balances ............................................................................................................................................... 33 3.10 Provisions ............................................................................................................................................................... 34 3.11 Government grant .............................................................................................................................................. 34 3.12 Deferred construction cost compensation .............................................................................................. 34 3.13 Deferred income ................................................................................................................................................. 34 3.14 Regulatory deferral account (“RDA”) debit or credit balances ......................................................... 35 3.15 Price regulation and licence ........................................................................................................................... 35 3.16 Revenue recognition ......................................................................................................................................... 36 3.17 Leases ....................................................................................................................................................................... 37 3.18 Finance income and costs .............................................................................................................................. 39 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2025 Table of Contents 3.19 Tax expense .......................................................................................................................................................... 39 3.20 Segment reporting ............................................................................................................................................. 40 3.21 New standards and interpretations not yet adopted .......................................................................... 40 4 Property, plant and equipment ..................................................................................................................... 42 5 Right-of-use assets/ Lease liabilities ............................................................................................................ 44 6 Intangible assets .................................................................................................................................................. 46 7 Investment property / Investment property under development ................................................. 48 8 Subsidiaries ........................................................................................................................................................... 48 9 Associates and joint ventures ........................................................................................................................ 50 10 Other non-current assets ................................................................................................................................. 53 11 Deferred taxation ................................................................................................................................................ 55 12 Derivative assets and liabilities ....................................................................................................................... 57 13 Investments in debt and equity securities ................................................................................................ 62 14 Inventories ............................................................................................................................................................. 62 15 Trade and other receivables .......................................................................................................................... 63 15a Trade receivables ............................................................................................................................................... 63 15b Other receivables, deposits and prepayments ...................................................................................... 65 15c Balances with subsidiaries, associate and joint venture (non-trade) ............................................. 65 16 Cash and cash equivalents ............................................................................................................................. 66 17 Regulatory deferral accounts ......................................................................................................................... 66 18 Share capital ......................................................................................................................................................... 69 19 Reserves ................................................................................................................................................................. 69 20 Debt obligations .................................................................................................................................................... 71 21 Other non-current liabilities ............................................................................................................................ 74 21a Deferred income ................................................................................................................................................. 74 21b Provisions ................................................................................................................................................................ 75 22 Trade and other payables ................................................................................................................................ 75 22a Other payables and accruals ......................................................................................................................... 76 23 Revenue .................................................................................................................................................................. 76 24 Other income ........................................................................................................................................................ 77 25 Finance income ................................................................................................................................................... 78 26 Finance costs ........................................................................................................................................................ 78 27 Tax expense .......................................................................................................................................................... 79 28 Profit for the year ................................................................................................................................................ 80 29 Acquisition of subsidiaries ................................................................................................................................ 81 30 Related parties ..................................................................................................................................................... 86 31 Operating segments ......................................................................................................................................... 87 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2025 Table of Contents 32 Financial risk management ............................................................................................................................. 90 33 Fair values .............................................................................................................................................................. 99 34 Commitments ...................................................................................................................................................... 103 35 Dividends .............................................................................................................................................................. 104 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 2025. Opinion of the Directors In our opinion, (a) (b) the financial statements are drawn up so as to give a true and fair view of the financial position of the Company and its subsidiaries (the “Group”) as at 31 March 2025 and the financial performance, changes in equity and cash flows of the Group and of the financial performance and changes in equity of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Ms Leong Wai Leng Mr Timothy Chia Chee Ming Mr Lee Kim Shin Ms Goh Swee Chen Prof Yaacob Bin Ibrahim Mr Antonio Volpin Mr Ching Wei Hong Mr Ong Pang Thye (appointed 1 April 2024) Mrs Ow Foong Pheng (appointed 1 June 2024) 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 2025 Name of director and related corporations in which interests(fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Ms Leong Wai Leng CapitaLand Investment Limited 40,000 40,000 CapitaLand Integrated Commercial Trust – units 695,886 734,855 CapitaLand Ascott Trust – units 2,346 2,346 Mapletree Pan Asia Commercial Trust – units 52,000 52,000 Mapletree Pan Asia Commercial Trust - 3.11% Notes due 24 August 2026 S$250,000 S$250,000 Mapletree Industrial Trust – units 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 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 - SIA MCBZ 2021 5,121 – Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 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 Altrium Private Equity Fund I GP Limited - Interest as limited partner in the Altrium PE Fund I F&F L.P. Fund Commitment amount of USD500,000 Commitment amount of USD500,000 Altrium Private Equity Fund II GP Limited - Interest as limited partner in the Altrium PE Fund II F&F L.P. Fund Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 2 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year 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 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 S$214,000 – - 4.50% Class-A2 Secured Bonds due 20 June 2029 USD200,000 – Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 S$605,000 S$605,000 - 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$1,025,000 S$1,025,000 - 4.125% Class-A1 Secured Bonds due 27 May 2032 1 S$250,000 S$250,000 - 6% Class-B Secured Bonds due 27 May 2032 USD500,000 USD500,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$480,000 - 6.35% Class-A2 Secured Bonds due 19 July 2039 – USD220,000 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 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 1 Held jointly with spouse. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Mr Lee Kim Shin Singapore Telecommunications Limited 194 194 Singapore Airlines Limited 37,100 45,200 Singapore Airlines Limited - SIA MCBZ 2021 10,346 – CapitaLand Ascott Trust – units 4,644 4,644 Ms Goh Swee Chen CapitaLand Investment Limited 41,709 41,709 CapitaLand Ascott Trust – units 2,377 2,377 CapitaLand Integrated Commercial Trust – units 6,451 6,451 Singapore Telecommunications Limited 5,000 5,000 Singapore Airlines Limited 37,050 45,650 Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 2,180 – Prof Yaacob Bin Ibrahim CapitaLand India Trust – units 100,000 100,000 CapitaLand Ascott Trust – units 26,208 26,208 Mapletree Industrial Trust – units – 10,000 Mr Ching Wei Hong CapitaLand Ascendas Real Estate Investment – units 115,893 153,893 CapitaLand Ascott Trust – units 55,300 87,645 CapitaLand Ascott Trust - 3.07% Perpetual Bond S$250,000 S$250,000 CapitaLand China Trust – units 40,800 23,700 CapitaLand India Trust – units 36,458 – CapitaLand Integrated Commercial Trust – units 72,000 109,084 4 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year CapitaLand Treasury Limited - 3.8% Fixed Rate Bond due 28 August 2024 S$250,000 – Mapletree Industrial Trust – units 148,500 261,100 Mapletree US and EU Logistics Private Trust - Structured Note (EU) EUR61,000 EUR61,000 - Structured Note (USD) USD200,000 USD200,000 Mapletree North Asia Commercial Trust - 3.5% Perpetual Bond S$250,000 S$250,000 Mapletree Treasury Services Limited - 3.95% SGD Variable Subordinated Bond S$250,000 S$250,000 Paragon REIT – units 28,700 59,100 Singapore Technologies Engineering Limited 4,400 2,900 Singapore Technologies Telemedia Pte Ltd - 4.1% SGD Variable Subordinated Bond S$250,000 S$250,000 - 5.5% SGD Variable Subordinated Bond S$250,000 S$250,000 Singapore Telecommunications Limited 190 190 Singtel Group Treasury Pte. Ltd. - 3.3% SGD Variable Subordinated Bond S$250,000 S$250,000 Ascott REIT MTN Pte Ltd - 5% Fixed Rate Bond due 18 May 2026 S$250,000 S$250,000 Olam International Limited - 5.375% SGD Perpetual Bond S$250,000 S$250,000 Starhub Limited - 3.95% SGD Perpetual Bond – S$250,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$50,000 5 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Mrs Ow Foong Pheng Singapore Airlines Limited 55,000 55,000 CapitaLand Ascott Trust – units 22,638 22,638 CapitaLand India Trust – units 56,000 56,000 Mapletree Industrial Trust – units 87,200 87,200 Mapletree Logistic Trust - units 100,730 100,730 Mapletree Australia Commercial Private Trust – units 679,758 679,758 Mapletree Europe Income Trust – units 394 394 CapitaLand Treasury Limited - 3.8% Euro Medium Term Notes due 26 June 2031 S$250,000 S$250,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$180,000 Mr Stanley Huang Tian Guan Paragon REIT – units 323,000 323,000 CapitaLand China Trust – units 100,000 100,000 Mapletree Industrial Trust – units – 150,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 (units) 40,000 40,000 Singapore Airlines Limited 10,000 10,000 SIA Engineering Company Limited 10,000 10,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$38,000 6 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 date of appointment if later, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share options During the financial year, there were: (i) (ii) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. On behalf of the Board of Directors ──────────────────────── MS LEONG WAI LENG Chairman ──────────────────────── MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 12 June 2025 7 Independent Auditor’s Report For the financial year ended 31 March 2025 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 2025, 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 material accounting policy information. 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 2025 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. 8 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2025 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. 9 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2025 • 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. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes 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 12 June 2025 10 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Balance sheets As at 31 March 2025 Group Company Note 2025 2024 2025 2024 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 15,802.7 14,877.7 7.8 16.7 Intangible assets 6 253.7 195.6 5.1 5.2 Investment property 7 1,353.0 – – – Investment property under development 7 – 1,168.3 – – Subsidiaries 8 – – 6,350.5 5,790.4 Associates and joint ventures 9 1,739.4 1,500.5 45.4 45.4 Other non-current assets 10 82.6 352.5 – – Deferred tax assets 11 24.7 19.5 – – Derivative assets 12 23.4 52.6 – – Investments in debt and equity securities 13 196.2 115.1 – – 19,475.7 18,281.8 6,408.8 5,857.7 Current assets Inventories 14 59.5 49.3 – – Trade and other receivables 15 924.5 990.4 2,689.8 3,750.4 Derivative assets 12 21.3 41.2 0.1 0.1 Cash and bank balances 16 1,084.0 1,076.4 0.3 0.4 Investments in debt and equity securities 13 786.8 811.1 – – 2,876.1 2,968.4 2,690.2 3,750.9 Total assets 22,351.8 21,250.2 9,099.0 9,608.6 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 36.3 121.8 – – Total assets and RDA debit balances 22,388.1 21,372.0 9,099.0 9,608.6 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (556.7) (373.6) –# –# Accumulated profits 10,290.7 10,335.4 6,104.1 6,610.7 Equity attributable to owner of the Company 12,645.9 12,873.7 9,016.0 9,522.6 Non-controlling interests 33.7 23.6 – – Total equity 12,679.6 12,897.3 9,016.0 9,522.6 Non-current liabilities Debt obligations 20 3,211.7 2,946.8 – – Derivative liabilities 12 160.1 271.0 – – Deferred tax liabilities 11 1,735.7 1,742.5 0.8 1.0 Other non-current liabilities 21 438.6 451.1 – – Lease liabilities 5 182.5 73.0 – 0.1 5,728.6 5,484.4 0.8 1.1 Current liabilities Debt obligations 20 938.4 205.6 – – Derivative liabilities 12 78.6 106.2 0.1 –# Current tax payable 517.1 486.6 23.3 25.0 Trade and other payables 22 1,785.0 1,700.8 58.8 53.6 Lease liabilities 5 19.6 11.7 –# 6.3 3,338.7 2,510.9 82.2 84.9 Total liabilities 9,067.3 7,995.3 83.0 86.0 Total equity and liabilities 21,746.9 20,892.6 9,099.0 9,608.6 RDA credit balances and related deferred tax liabilities 17 641.2 479.4 – – Total equity, liabilities and RDA credit balances 22,388.1 21,372.0 9,099.0 9,608.6 # 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 2025 Income statements Year ended 31 March 2025 Group Company Note 2025 2024 2025 2024 $ million $ million $ million $ million Revenue 23 6,513.7 7,370.1 801.7 881.4 Other income 24 255.2 245.5 –# 0.6 Expenses - Purchased power (3,314.1) (4,192.2) – – - Depreciation of property, plant and equipment 4 (914.9) (840.4) (10.8) (10.8) - Amortisation of intangible assets 6 (32.1) (35.3) (3.2) (5.2) - Maintenance (179.0) (166.6) (16.1) (12.6) - Staff costs (355.3) (345.9) (89.2) (85.0) - Property taxes (102.6) (94.8) (0.3) (0.3) - Other operating expenses (260.0) (224.0) (72.6) (25.5) Operating profit 1,610.9 1,716.4 609.5 742.6 Finance income 25 63.7 76.1 111.5 146.2 Finance costs 26 (99.7) (61.1) (0.1) (0.4) Share of profits of associates, net of tax 124.6 79.3 – – Share of losses of joint ventures, net of tax (1.3) (3.5) – – Profit before taxation 1,698.2 1,807.2 720.9 888.4 Tax expense 27 (288.7) (244.4) (22.5) (25.9) Profit for the year 28 1,409.5 1,562.8 698.4 862.5 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 (247.3) (450.8) – – Profit for the year and net movements in RDA balances 1,162.2 1,112.0 698.4 862.5 Profit and net movements in RDA balances attributable to: Owner of the Company 1,162.3 1,111.8 698.4 862.5 Non-controlling interests (0.1) 0.2 – – Profit for the year and net movements in RDA balances 1,162.2 1,112.0 698.4 862.5 # 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 2025 Statements of comprehensive income Year ended 31 March 2025 Group Company 2025 2024 2025 2024 $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,162.2 1,112.0 698.4 862.5 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 1.1 (0.2) – – 1.1 (0.2) – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (88.5) (35.5) – – Effective portion of changes in fair value of cash flow hedges, net of tax (16.0) 42.5 –# 0.1 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (70.5) (82.9) –# – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 6.8 (3.7) –# 0.1 Share of hedging reserves of associate (18.0) 6.9 – – (186.2) (72.7) –# 0.2 Other comprehensive income for the year, net of tax (185.1) (72.9) –# 0.2 Total comprehensive income for the year 977.1 1,039.1 698.4 862.7 Total comprehensive income for the year, attributable to: Owner of the Company 977.2 1,038.9 698.4 862.7 Non-controlling interests (0.1) 0.2 – – Total comprehensive income for the year 977.1 1,039.1 698.4 862.7 # 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 2025 Statements of changes in equity Year ended 31 March 2025 -------------------Attributable to owner of the Company--------------------- Share Currency Noncontrolling Total translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2023 2,911.9 (460.4) 159.9 (0.8) 9,706.2 12,316.8 9.0 12,325.8 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,111.8 1,111.8 0.2 1,112.0 Other comprehensive income Translation differences relating to financial statements of foreign operations – (35.5) – – – (35.5) – (35.5) Effective portion of changes in fair value of cash flow hedges, net of tax – – 42.5 – – 42.5 – 42.5 Net change in fair value of: Cash flow hedges reclassified to profit or loss, net of tax – – (82.9) – – (82.9) – (82.9) Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – (3.7) – – (3.7) – (3.7) Transfer of reserve – – – 0.6 (0.6) – – – Share of other comprehensive income of associates – – 6.9 (0.2) – 6.7 – 6.7 Total other comprehensive income – (35.5) (37.2) 0.4 (0.6) (72.9) – (72.9) Total comprehensive income for the year – (35.5) (37.2) 0.4 1,111.2 1,038.9 0.2 1,039.1 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (482.0) (482.0) – (482.0) Shares issued to noncontrolling interest of subsidiary – – – – – – 14.4 14.4 Total transactions with owner – – – – (482.0) (482.0) 14.4 (467.6) At 31 March 2024 2,911.9 (495.9) 122.7 (0.4) 10,335.4 12,873.7 23.6 12,897.3 # 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 2025 Statements of changes in equity (continued) Year ended 31 March 2025 -------------------Attributable to owner of the Company--------------------- Share Currency Noncontrolling Total translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2024 2,911.9 (495.9) 122.7 (0.4) 10,335.4 12,873.7 23.6 12,897.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,162.3 1,162.3 (0.1) 1,162.2 Other comprehensive income Translation differences relating to financial statements of foreign operations – (88.5) – – – (88.5) – (88.5) Effective portion of changes in fair value of cash flow hedges, net of tax – – (16.0) – – (16.0) – (16.0) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (70.5) – – (70.5) – (70.5) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 6.8 – – 6.8 – 6.8 - Transfer of reserve – – – 2.0 (2.0) – – – Share of other comprehensive income of associates – – (18.0) 1.1 – (16.9) – (16.9) Total other comprehensive income – (88.5) (97.7) 3.1 (2.0) (185.1) – (185.1) Total comprehensive income for the year – (88.5) (97.7) 3.1 1,160.3 977.2 (0.1) 977.1 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (1,205.0) (1,205.0) – (1,205.0) Shares issued to noncontrolling interest of subsidiary – – – – – – 10.2 10.2 Total transactions with owner – – – – (1,205.0) (1,205.0) 10.2 (1,194.8) At 31 March 2025 2,911.9 (584.4) 25.0 2.7 10,290.7 12,645.9 33.7 12,679.6 The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Statements of changes in equity (continued) Year ended 31 March 2025 Company Share Hedging Accumulated capital reserve profits Total $ million $ million $ million $ million At 1 April 2023 2,911.9 (0.2) 6,230.2 9,141.9 Total comprehensive income for the year Profit for the year – – 862.5 862.5 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, – 0.1 – 0.1 net of tax Net change in fair value of: - Cash flow hedges on recognition of the hedged items on – 0.1 – 0.1 balance sheet, net of tax Total other comprehensive income – 0.2 – 0.2 Total comprehensive income for the year – 0.2 862.5 862.7 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (482.0) (482.0) Total transactions with owner – – (482.0) (482.0) At 31 March 2024 2,911.9 – # 6,610.7 9,522.6 At 1 April 2024 2,911.9 – # 6,610.7 9,522.6 Total comprehensive income for the year Profit for the year – – 698.4 698.4 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 comprehensive income for the year – – # 698.4 698.4 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (1,205.0) (1,205.0) Total transactions with owner – – (1,205.0) (1,205.0) At 31 March 2025 2,911.9 – # 6,104.1 9,016.0 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Consolidated statement of cash flows Year ended 31 March 2025 Note 2025 2024 $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,162.2 1,112.0 Adjustments for: Finance income 25 (63.7) (76.1) Finance costs 26 99.7 61.1 Share of profits of associates and joint ventures, net of tax (123.3) (75.8) Deferred income (19.8) (20.0) RDA debit or credit balances and related deferred tax assets or liabilities 17 247.3 450.8 Depreciation and amortisation 947.0 875.7 Write-down of inventory 14 4.2 9.7 Impairment/(reversal) of expected credit loss on trade receivables, net 15a 0.4 (8.7) Impairment loss on property, plant and equipment 4 37.0 – Loss on disposal of property, plant and equipment and intangible assets 0.6 0.7 Change in fair value of investment property / investment property under development 24 (103.1) (98.7) Exchange gain, unrealised (4.0) (5.9) Tax expense 27 288.7 244.4 Others 3.7 (2.3) 2,476.9 2,466.9 Changes in working capital: Inventories (15.3) 1.9 Trade and other receivables and contract assets 106.6 35.1 Balances with related parties (trade) (3.3) (33.5) Trade and other payables (39.8) (334.3) Cash generated from operations 2,525.1 2,136.1 Interest received 38.7 51.4 Net tax paid (246.4) (165.3) Net cash generated from operating activities 2,317.4 2,022.2 The accompanying notes form an integral part of these financial statements. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Consolidated statement of cash flows (continued) Year ended 31 March 2025 Note 2025 2024 $ million $ million Cash flows from investing activities Purchase of property, plant and equipment (1,604.7) (1,296.4) Purchase of intangible assets (51.8) (35.0) Additions to investment property (81.6) (200.7) Proceeds from disposal of property, plant and equipment and intangible assets 1.4 5.9 Dividends received from associates and joint venture 46.0 74.5 Loans to joint ventures (14.6) (11.1) Proceeds from redemption of debt securities 1,465.1 1,061.1 Payments for investments in debt securities (1,490.6) (1,236.4) Acquisition of other investments (9.4) (15.9) Acquisition of interest in associates and joint venture (7.2) (5.0) Acquisition of subsidiaries, net of cash acquired 29 (33.4) (120.7) Net cash used in investing activities (1,780.8) (1,779.7) Cash flows from financing activities Proceeds from shares issued to non-controlling interest of subsidiary 10.2 14.4 Repayment of debt obligations (333.2) (7.9) Proceeds from debt obligations 1,124.5 26.9 Payment of principal portion of lease liabilities (40.2) (19.4) Dividends paid to owner of the Company (1,205.0) (482.0) Debt issuance cost (8.3) – Interest paid (71.8) (67.4) Restricted bank balances (2.1) – Net cash used in financing activities (525.9) (535.4) Net increase/(decrease) in cash and cash equivalents 10.7 (292.9) Cash and cash equivalents at beginning of the year 1,076.4 1,373.9 Effect of exchange rate changes on balances held in foreign currencies (5.2) (4.6) Cash and cash equivalents at end of the year 16 1,081.9 1,076.4 The accompanying notes form an integral part of these financial statements. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 12 June 2025. 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: - transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. - provision of district cooling service. - owning and operating of renewable energy assets, provision of self-generated electricity from these renewable energy resources. - leasing of an investment property for rental income and provision of related ancillary services. 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. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 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. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 3.16) 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 3.14 sets out the accounting policy for regulatory deferral accounts. Valuation of investment property / investment property under development The Group carries its investment property / 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 / investment property under development include the market-corroborated capitalisation rate, expected internal rate of return, terminal yield, gross development value and estimated construction costs to complete. 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 / 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 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 2024. The adoption of these standards did not have any material effect on the financial performance or position of the Group. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3 Material accounting policy information 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. 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. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Loss of control Upon the loss of control, the Group de-recognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an equity investment at fair value through other comprehensive income depending on the level of influence retained. Joint arrangements A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the arrangement is a joint venture. The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equityaccounted investees) and are recognised initially at cost. The Group’s investments in equityaccounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equity-accounted investees with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee’s operations or has made payments on behalf of the investee. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Acquisition of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intragroup 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, Vietnamese Dong, Thai Baht, and Chinese Yuan Renminbi. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective, an equity investment at fair value through other comprehensive income, or qualifying cash flow hedges which are recognised in other comprehensive income. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, and the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is de-recognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. 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 constructionin-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 1 – 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 – 25 years Other plant and equipment (principally gas 1 – 40 years storage plant, remote control and meters) Motor vehicles and office equipment 1 – 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. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 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 10 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 straightline 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 and customer 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 and customer contracts are amortised on a straightline basis over the remaining period of the contract, which ranges from 15 to 24 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 Investment property 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 is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit and loss. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 (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 ment is accounted for at fair value. 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 derecognised or impaired, and through the amortisation process. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 (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. 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. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 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. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 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. 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. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.9 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. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3.10 Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.11 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. 3.12 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 3.11 sets out the government grant accounting policy. 3.13 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. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3.14 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. 3.15 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee, Electricity Licence for Market Support Services Licensee, Gas Licence, and the District Cooling Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. Allowed revenue to be earned from the supply and transmission of electricity, transportation of gas and the provision of market support services is regulated based on certain formulae and parameters set out in those licences, relevant acts and codes. Allowed revenue for district cooling corresponds to the quantum which the Group is entitled to under Condition 13 (Economic Regulation) of its District Cooling Services Licence issued by the Energy Market Authority of Singapore. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to revenue or volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Group becomes entitled to the recovery or liable for the refund. The Group’s capital expenditure may vary from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. 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. 35 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3.16 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. 36 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 3.17 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 shortterm 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. 37 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Right-of-use assets The Group recognises right-of-use

Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps Application for Net Export Rebate.pdfhttps://www.spgroup.com.sg/dam/jcr:5df14b5b-32af-447b-982d-212a8096bf95/Application%20for%20Net%20Export%20Rebate.pdf and sign on page 4 a) Please note that the meters must be of the AMI (Advanced Metering Infrastructure) type. b) The metering charges described in Table 2 will apply if you wish to engage SP PowerGrid to install the generation meter(s), and generation check meter(s) if applicable. Please refer to Figure Application for Net Export Rebate Version Dec 2023_SPS v1.8.pdfhttps://www.spgroup.com.sg/dam/jcr:59f095d5-6cfb-4b88-9fff-b466157dff9f/Application%20for%20Net%20Export%20Rebate%20Version%20Dec%202023_SPS%20v1.8.pdf on page 4 Skip point 8 & 9 and sign on page 4 a) Please note that the meters must be of the AMI (Advanced Metering Infrastructure) type. b) The metering charges described in Table 2 will apply if you wish to engage SP PowerGrid to install the generation meter(s), and generation check meter(s PowerGrid: Smart Grid Indexhttps://www.spgroup.com.sg/our-services/network/overview/smart-grid-index the growing global emphasis on energy storage solutions. Average Score for AMI Deployment The chart highlights steady improvements in average scores for AMI (Advanced Metering Infrastructure) deployment globally and in the Asia Pacific from 2021 to 2024. The Asia Pacific region consistently Searchhttps://www.spgroup.com.sg/search?tag=SDG7 =ami Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/sp-group-to-roll-out-singapore-s-first-large-scale-smart-water-metering-system meters from early 2022, SP will operate and maintain the metering system for 15 years. The smart water meters will connect wirelessly to SP’s existing Advanced Metering Infrastructure (AMI) to transmit meter information. SP can also leverage its existing AMI network to scale up future deployment Category: Innovation Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/using-get--to-help-mercatus-digitally-manage-their-tenant-utilities Metering Infrastructure (AMI), SP has deployed an AMI consisting of more than 700 smart electricity meters at the three Mercatus properties. With the smart meters’ capability of real time and advanced monitoring, along with the cloud-based tenant utilities management software, Mercatus can Category: Innovation SP Group To Roll Out Singapore’s First Large-scale Smart Water Metering Systemhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-To-Roll-Out-Singapore-s-First-Large-scale-Smart-Water-Metering-System and is on track to complete installation for all 1.4 million households by 2024. The smart water meters will connect wirelessly to SP’s existing Advanced Metering Infrastructure (AMI) to transmit meter information. SP can also leverage its existing AMI network to scale up future deployment of the smart water [20210415] Media Release - SP Group to roll out Singapore's first large-scale smart water metering systemhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/d22974fb-9bc6-47f9-89ec-3539c8869945/%5B20210415%5D+Media+Release+-+SP+Group+to+roll+out+Singapore's+first+large-scale+smart+water+metering+system.pdf?MOD=AJPERES&CVID= benefitting from this feature. To date, SP has installed more than 500,000 2 smart electricity meters across Singapore and is on track to complete installation for all 1.4 million households by 2024. The smart water meters will connect wirelessly to SP’s existing Advanced Metering Infrastructure (AMI Transmission Service Rate Schedule (Applicable with effect from 1 Apr 2025).pdfhttps://www.spgroup.com.sg/dam/jcr:aa566693-96a3-4eac-bead-b4bbe4bb95ee/Transmission%20Service%20Rate%20Schedule%20(Applicable%20with%20effect%20from%201%20Apr%202025).pdf Holiday : $300 per man-day per site Note : Office hours are from 8.00 am to 5.30 pm on weekdays from Monday to Friday. # Please refer to Table 7A in Appendix 4 for charges inclusive of GST. I ADVANCED METERING INFRASTRUCTURE (AMI) METER CHARGE Table 8: AMI Meter Charge (Exclusive of GST) # Applicable Info TransmissionServiceRateSchedule (Applicable with effect from 1 Apr 2024).pdfhttps://www.spgroup.com.sg/dam/jcr:6b2a4adc-112f-4e45-af14-6aa7dc90e9f9/Info%20TransmissionServiceRateSchedule%20(Applicable%20with%20effect%20from%201%20Apr%202024).pdf Holiday : $300 per man-day per site Note : Office hours are from 8.00 am to 5.30 pm on weekdays from Monday to Friday. # Please refer to Table 7A in Appendix 4 for charges inclusive of GST. I ADVANCED METERING INFRASTRUCTURE (AMI) METER CHARGE Table 8: AMI Meter Charge (Exclusive of GST) # Applicable 1 2 3 4

Media Release Singapore Power Launches Electric Vehicle Trials To Test Grid Infrastructure Capability 1 March 2012 - Singapore Power today launched its electric vehicle technology development initiative ‘EVs@SP’ to study the impact that electric vehicle charging can have on the electricity grid. Working closely with A*STAR, the Energy Market Authority (EMA) and industry partners, ‘EVs@SP’ is part of Singapore Power’s efforts to keep pace with technological trends, in order to continue serving a reliable supply of electricity to Singapore consumers. 2. Singapore Power will be introducing three electric Kangoos vehicles into its operating fleet with industry partner, Renault. The EV trials will facilitate the testing and evaluation of the threshold levels and the impact of EV’s integration on the power grid. Data collected would be important to ensure the resilience of the grid network to prepare for possible public adoption of EVs. 3. Mr Wong Kim Yin, Group Chief Executive Officer, Singapore Power said, “Delivering a reliable supply of electricity to our customers will always be our top priority. We must anticipate the potential effect that the adoption of EVs may have on the electricity network, to ensure that we can continue to deliver high reliability of power supply.” 4. The launch was symbolised by the handover of a Kangoo EV which was officiated jointly by Mr Wong Kim Yin, Group Chief Executive Officer, Singapore Power, Mr Lim Chuan Poh, Chairman, A*STAR, Mr Chee Hong Tat, Chief Executive, Energy Market Authority and Mr Andre Roy, Managing Director, Wearnes Automotive. 5. “The adoption of electric vehicles by Singapore Power is a step towards understanding and developing an intelligent and secure energy infrastructure for our future. A*STAR has keen interest to work closely with companies like Singapore Power to enhance Singapore’s smart grid value chain from R&D initiation to commercial testbedding and eventual technology adoption. Through such public-private partnerships to innovate energy solutions, Singapore’s fast emerging smart energy economy will be a key demonstrator for the global energy landscape”, said Mr Lim Chuan Poh, Chairman, A*STAR. 6. “We are proud to be a partner with SP PowerGrid in pioneering the use of Electric Vehicles in Singapore. We believe this is a big step towards innovation and to reduce carbon emissions for a sustainable environment. First to hit the roads will be a full-sized sedan that is practical for everyone with a very low running cost”, said Andre Roy, Group Managing Director, Wearnes Automotive Pte Ltd. 7. As a kickoff to the Electric Vehicle trials, SP PowerGrid, a member of Singapore Power Group, also signed Memoranda of Understanding with its technology partners in this test bed project - the Institute for Infocomm Research (A*STAR) for collaboration on research and development of smart grids and infrastructure security; Campus for Research and Technological Enterprise (Technology University of Munich) to develop innovative technologies and future transportation concepts related to Electric Vehicles; and Power Automation and Siemens on smart grid integration for charging of Electric Vehicles. About Singapore Power Singapore Power Group (SP) is a leading energy utility group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. In Singapore, SP is the largest electricity and gas utility group, providing electricity and gas transmission and distribution, and market support services to over a million industrial and domestic customers. About the Agency for Science, Technology and Research (A*STAR) The Agency for Science, Technology and Research (A*STAR) is the lead agency for fostering world-class scientific research and talent for a vibrant knowledge-based and innovation-driven Singapore. A*STAR oversees 14 biomedical sciences and physical sciences and engineering research institutes, and six consortia & centres, located in Biopolis and Fusionopolis as well as their immediate vicinity. A*STAR supports Singapore's key economic clusters by providing intellectual, human and industrial capital to its partners in industry. It also supports extramural research in the universities, hospitals, research centres, and with other local and international partners. About Renault With more than 350 industrial and commercial sites and present in 118 countries, the Renault group designs, develops, manufactures and sells a broad range of innovative, safe and environmentally respectful vehicles. Renault pursues its strategy of profitable growth under the Renault, Dacia and Renault Samsung Motors brands. The Renault group employs 128 000 people worldwide, reported a net revenue of €38,971 millions in 2010 and has sold more than 2,7 million vehicles in 2011. About Wearnes Automotive Established in 1906, Wearnes Automotive Pte Ltd currently distributes and retails a range of premium passenger marques. The company operates in Hong Kong, Indonesia, Malaysia, Singapore and Thailand. Wearnes Automotive is a wholly-owned subsidiary of SGX Mainboard-listed WBL Corporation Limited (Wearnes), an international conglomerate with businesses in technology, automotive, property and engineering & distribution. Singapore: Bentley, Bugatti, Infiniti, Jaguar, Land Rover, McLaren, Renault,Volvo Malaysia: BMW, Volkswagen, Volvo Thailand: Jaguar, Mazda, Volvo Indonesia: Bentley, Jaguar, Mazda Hong Kong: Renault, Volvo

THE STRAITS TIMES SP Group donates $1 million to support children from low-income families The donation was launched under the SP Kids at Heart programme on June 23, 2021. PHOTO: SP GROUP Yeo Shu Hui PUBLISHED JUN 23, 2021, 4:17 PM SGT SINGAPORE - More than 2,000 children from low-income homes will get electronic devices and learning and development packs with a $1 million donation from the SP Group. The donation was launched under the SP Kids at Heart programme on Wednesday (June 23), and will benefit children up to six years old from low-income families. Community Chest will administer the funds and disburse them to KidStart to support the programme. KidStart Singapore provides support for child development, and coordinates and strengthens holistic services for low-income families. Its programme provides guidance to parents with children aged six years and below, to enhance the children's development, health and well-being. Children benefiting from the donation will receive educational tools, books and toys in the form of learning and development packs for a year. They will also receive electronic devices such as tablets and Internet routers to support their online engagement and learning during the Covid-19 pandemic. Their families will get grocery vouchers and other financial assistance packages such as tools and equipment to enable a more conducive home learning environment. Staff volunteers from SP will deliver the welcome and learning packs to the beneficiaries, help install routers and produce instructional videos to work around safe management guidelines. At the virtual launch on Wednesday, SP Group chairman Tan Sri Hassan Marican said that children are the future of Singapore. He said: "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 Group on Tuesday Every child deserves a good start in life. We’ve launched SP Kids at Heart to support young children from lower-income families in their learning journey. For a start, we’re donating S$1 million to benefit 2,000 children under Kidstart Singapore. Minister for Social and Family Development Masagos Zulkifli witnessed the cheque presentation by SP’s Group CEO Stanley Huang to Community Chest Singapore for the KidSTART programmes. SP’s 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.” +2 Minister for Social and Family Development Masagos Zulkifli, who is also chairman of the Growing Together with KidStart Council, said: "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." Madam Shariffah Dayana Syed Hassan Al-Yahya, 38, who works in the food and beverage industry and has a three-year-old son, Rumi, is looking forward to the SP Kids at Heart programme. She said: "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."

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

News & Media Releases Latest All Years 23 Aug 2023 SP Group Partners Frasers Property Vietnam To Bring Integrated Smart, Clean Energy Solutions To Binh Duong Industrial Park 29 Jun 2023 Electricity Tariff Revision For The Period 1 July to 30 Sep 2023 05 Jun 2023 SP Group invests in first batch of agrivoltaics assets in China 29 May 2023 KidSTART Singapore new play production, Adventures with Andi, promotes reading and language development among children 28 May 2023 Youth Guidance Outreach Services receives largest single donation of $750,000 from SP Group 25 May 2023 SP Group Expands Marina Bay District Cooling Network With More Developments And New Satellite Plants 15 May 2023 Sabeco partners SP Group to install rooftop solar system across nine breweries in Vietnam 09 Apr 2023 SP Group to acquire up to 150MW rooftop solar assets in China 05 Apr 2023 PUB the first government agency to participate in demand response programme; partners SP Group to bolster grid resilience 30 Mar 2023 Electricity Tariff Revision For The Period 1 April to 30 June 2023 1 ... 6 7 8 ... 21

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 HDB 1-Room 126 132 150 152 149 140 151 148 139 142 128 127 HDB 2-Room 167 173 199 199 195 183 198 192 183 186 166 168 HDB 3-Room 241 250 292 285 277 264 283 277 266 266 243 238 HDB 4-Room 330 342 398 396 383 360 385 381 363 365 338 327 HDB 5-Room 381 399 463 466 448 416 447 446 427 429 397 379 HDB Executive 474 489 575 568 544 515 546 548 520 523 481 462 Apartment 435 486 578 573 543 500 513 539 523 519 486 446 Terrace 794 821 957 900 872 838 847 885 851 851 785 747 Semi-Detached 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 Bungalow 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

Consumption_Gas Average consumption of Gas (kWh) Premises Types Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 HDB 1-Room 40 33 37 34 36 36 36 35 36 38 38 37 HDB 2-Room 40 39 38 36 37 37 36 36 36 37 38 38 HDB 3-Room 55 52 51 50 51 52 51 51 49 50 52 53 HDB 4-Room 68 64 63 60 63 64 63 62 61 61 64 66 HDB 5-Room 74 69 69 65 69 71 70 69 67 65 70 73 HDB Executive 77 74 72 70 73 75 74 73 70 70 74 78 Apartment 97 84 79 76 82 87 88 85 83 85 91 94 Terrace 108 99 100 96 99 103 107 105 103 100 108 120 Semi-Detached 122 120 116 119 116 118 118 123 118 115 120 133 Bungalow 207 222 191 201 188 202 216 201 200 213 192 220