SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Tampines Central to be powered by sustainable distributed district cooling SUSTAINABILITY Minister Masagos Zulkifli witnessing the supply agreement signing ceremony with the first batch of building owners to join the distributed district cooling network – CapitaLand, CPF Board, Frasers Property, NTUC Income, OCBC Bank, and People’s Association. Tampines will be Singapore’s first town centre to be retrofitted with an interconnected, sustainable cooling solution designed by SP Group.  Seven existing buildings across the town centre – Century Square, CPF Tampines Building, Income At Tampines Junction, OCBC Tampines Centre 2, Our Tampines Hub, Tampines Mall and Tampines One, will be retrofitted to plug into this novel distributed district cooling (DDC) network, which is specially engineered for brownfield developments to provide the same cooling comfort while saving energy and lowering carbon emissions at the same time. The network which will be completed and operational in the first half of 2025, will help Tampines reduce its carbon emissions by 1,359 tonnes annually, equivalent to removing 1,236 cars off our roads. It will also achieve energy savings of more than 2,800,000 kilowatt-hour (kWh) annually, which can power more than 905 three-room HDB households for a year. Mr Masagos Zulkifli, Adviser to Tampines GROs, Minister for Social and Family Development, Second Minister for Health and Minister-in-charge of Muslim Affairs, witnessed the signing of the supply agreements between SP Group and the building owners – CapitaLand, CPF Board, Frasers Property, NTUC Income, OCBC Bank, and People’s Association. The signing ceremony was held in conjunction with the CleanEnviro Summit Singapore and the Singapore International Water Week organised by the National Environment Agency and PUB respectively. Read more in the media release here. TAGS SUSTAINABILITY 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

FAQs eBusiness Portal 1. Do I need to personally submit documents to SP Group? All supporting documents required for your requests/applications are to be uploaded onto the eBusiness portal. You need not visit SP Group personally to submit documents. 2. Can I access the portal without creating a user account? No, you need a valid user account to access the portal. 3. How many user accounts can I create? You can only create one user account per email address (For LEWs accounts, there can only be one account per LEW licence number). To create a new account, go to the eBusiness portal login page and click “Create new account”. 4. How will I know that my user registration is successful? You will receive a confirmation email containing a link to reset your password if your registration is successful. If you do not receive the email in your inbox, please check your "spam" or "junk" folder. 5. Is the SP eBusiness Portal free to use? Yes, it is. 6. Am I able to delete my user account after creation? No, user accounts cannot be deleted once created. 7. Why is my user account locked? After your account has been activated, your account will be locked if you entered your password wrongly five times. 8. How I do unlock my account? You can reactivate your account by going to the eBusiness portal login page and click “Account login issues”. Select “My account is locked – unlock my account” option. Follow the on-screen instructions and you will receive an email containing a link to reset your password. 9. What should I do if I forget my username and password? Go to the eBusiness Portal login page and click “Account login issues”. Select “Forget User ID / Password” option. Follow the on-screen instructions and you will receive an email containing a link to reset your password. 10. What are the functionalities of the dashboard? You can submit new applications and requests, view progress, upload documents, view/edit applications and download forms in PDF (entering equipment data and submitting claims for SP Contractors/Consultants). 11. The eBusiness portal login page looks quite odd on my computer screen. This website is best experienced on Google Chrome, and Microsoft Edge.

Singapore Institute of Power and Gas Operation and Maintenance of Distribution Transformer Course Code: ETF02 SFC-Eligible | Course Reference Number: TGS-2020501072 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Gain knowledge on the operation and maintenance of distribution transformer • Apply the recommended process to operate and maintain the distribution transformer MAIN CONTENTS • Elementary principles of transformer • Construction and design of transformer • Basic design, construction and functions of transformer accessories • Voltage regulation • Paralleling of transformers • Transformer protection • Procedures for inspection and maintenance of transformer METHODOLOGY Lecture and practical session TARGET AUDIENCE Engineering and technical staff who are required to carry out operation and maintenance work on distribution transformers COURSE DETAILS Duration : 14 hours Mode of Delivery : Face-to-face or Blended (Face-to-face and Synchronous E-learning) Certification : SIPG Certificate of Completion PDU by PE Board : 14 Additional Requirement/s : Personal Protection Equipment (PPE) must be worn during practical session. PPE includes: • Safety Shoes • Safety Helmet • Fire Retardant Clothing (FRC) COURSE FEES Full Course Fee : S$1,400 (before GST) For Singapore Citizens/PR/LTVP+* : S$420 (before GST) For Singapore Citizens (40 years old and above) : S$140 (before GST) Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.1_0922 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.1_0922

Solar PV – User Guide for Non-Residential Consumers Table of Contents 1. Introduction ................................................................................................................................... 2 2. Electricity Generation Licence ..................................................................................................... 3 3. Electrical Installation ...................................................................................................................... 3 4. Connection Requirements ........................................................................................................... 5 5. Market Settlement ....................................................................................................................... 10 6. Intermittency Pricing Mechanism .............................................................................................. 15 7. Monitoring Requirements .......................................................................................................... 16 8. AMI Meter Charges ..................................................................................................................... 17 9. Decommissioning Requirements .............................................................................................. 18 10. PV Directory ................................................................................................................................. 20 December 2022 1 Solar PV – User Guide for Non-Residential Consumers 1. Introduction This section provides information applicable to non-residential consumers with embedded solar PV systems to reduce their electricity consumption. A brief summary of the relevant processes can be found in the flow chart on the website. Please refer to the following sections for more information. For more information on the policy and regulatory framework for solar, please refer to EMA’s website. December 2022 2 Solar PV – User Guide for Non-Residential Consumers 2. Electricity Generation Licence The electricity licensing requirements for solar PV systems will be based on the aggregate of the Alternating Current (AC) inverter capacities (“installed generation capacity”) at the point of connection 1 to the grid. Any person who engages in the generation of electricity with a solar PV system with installed generation capacity of 1 MWac or more but less than 10 MWac is required to apply to EMA for a Wholesaler (Generation) Licence. For installed generation capacity of 10 MWac or more, he has to apply for a Generation Licence. All relevant licences should be obtained before any turn-on of solar PV installations. A summary of the licensing requirements is shown in the table below. Table 1: Licensing Requirements for Solar PV Systems Installed Capacity of Solar PV System Connected to the Power Grid? Type of Licence* Below 1 MWac Yes No 1 MWac or more but less Yes than 10 MWac No Yes 10 MWac or more No * An Electrical Installation Licence may still be required. Exempted Wholesaler (Generation) Licence Exempted Generation Licence Application for the wholesaler or generation licence can be made on EMA’s website: http://www.ema.gov.sg/Licensees_Electricity_Licences.aspx. 3. Electrical Installation An electrical installation refers to any electrical wiring, fitting or apparatus used for the conveyance and control of electricity in any premises. A solar PV system installed within such premises forms part of the consumer’s electrical installation and should comply with the requirements stipulated in the Electricity Act (Cap. 89A), the Electricity (Electrical Installations) Regulations and the Singapore Standard CP5 Code of Practice for Electrical Installations. 1 The point of connection refers to the point at which the solar PV system is connected directly or indirectly to SP PowerAsset’s substation. December 2022 3 Solar PV – User Guide for Non-Residential Consumers All electrical work for an electrical installation, including a solar PV system, must be undertaken or carried out by a Licensed Electrical Worker (LEW). Such electrical work includes new wiring, rewiring and extensions which have to be tested before the supply is turned on. When consumer needs any electrical work to be done at his premises, he is advised to check that the person whom he intends to engage to undertake or perform the electrical work has a valid electrical worker licence issued by the Authority. It is an offence for a person: i. To carry out or caused to be carried out any electrical work unless he holds a valid electrical worker licence; or ii. To engage knowingly any person who is not a licensed electrical worker to carry out any electrical work. For more details, you may wish to refer to ELISE website for the list of LEW. Electrical Installation Licence LEW will need to apply for an Electrical Installation Licence for the installation if the usage or operation of an electrical installation exceeds 45 kVA of approved load for non-domestic purposes and for multi-metered premises. Electrical installations are licensed to ensure that owners/users of certain electrical installations engage a LEW to take charge of and maintain their electrical installations for reason of safety. A grid-connected solar PV system forms part of the consumer’s electrical installation. A new solar PV system will be covered under the existing electrical installation licence upon connection to the installation by the LEW taking charge of the electrical installation. Safety requirements Currently under the electrical installation licensing scheme, the consumer’s appointed LEW is required to carry out safety inspection and certification of the electrical installation, including the solar PV system, according to the conditions specified under the electrical installation licence. Solar PV systems require regular inspection and maintenance to ensure that the system remains efficient and safe for operation. In most cases, equipment manufacturers will provide maintenance guidelines for their specific components. It is important to ensure that the maintenance requirement is carried out according to the recommendation and certified by the LEW. December 2022 4 Solar PV – User Guide for Non-Residential Consumers 4. Connection Requirements If you intend to connect and operate your solar PV system in parallel to the power grid, your appointed LEW will have to complete the online Application Form and submit the following documents to SPS via Singapore Power (SP) eBusiness Portal: • Document Checklist and Declaration of Compliance to SP PowerGrid’s (SPPG) Technical Requirements • Application for Net Export Rebate Form • Letter of Consent • PQ Compliance Report • Inverter(s) Specifications • Solar Panel(s) Specifications • Inverter(s) Type Test Reports (Harmonics, Flicker, DC Injection) • Single Line Diagram (from PV system to Point of Common Coupling (PCC) • PSO Data Form (only applicable for solar PV system 1 MWac and above) • Certificate of Compliance (only applicable for licensed installation who are eligible to appoint their LEW to commission the solar PV system) • Commissioning Declaration (only applicable for licensed installation who are eligible to appoint their LEW to commission the solar PV system) Thereafter, your appointed LEW will have to consult SPPG on the connection scheme and technical requirements. For High Tension and above (6.6kV and above) consumers with embedded IGS / generation, you will need to choose one of the 3 backup schemes (full or partial) required: (1) Summation Scheme; (2) Capped Capacity Scheme; or (3) Extended Capped Capacity Scheme You will need to sign a Supplemental Agreement with the Transmission Licensee to reflect your choice of backup scheme for the service connection. For more information on each scheme, please refer to SPPG’s guide on “How to Apply for Electricity Connection” available on the SP Group website (www.spgroup.com.sg). December 2022 5 Solar PV – User Guide for Non-Residential Consumers The simplified connection and turn-on application process for solar PV systems less than 1 MWac are illustrated in Figure 2 and 3. Figure 2: Application Process for Solar PV System Connection (less than 1 MWac) Start Appointed LEW to submit relevant documents to SPS SPS to inform LEW (via Letter) to proceed with Turn-On Application * Concurrently, HT & above consumers with embedded IGS / generation to sign Supplemental Agreement for backup scheme SPPG to evaluate technical specifications of the solar PV system pertaining to PQ requirements Compliance with technical requirements? No LEW to re-submit technical requirements after clarification Yes LEW to proceed with Turn-On Application (refer to Fig 3 for Turn-On application process) SPPG sends technical assessment completion letter to LEW End End December 2022 6 Solar PV – User Guide for Non-Residential Consumers Figure 3: Turn-On Application Process for Solar PV System (less than 1 MWac) Start LEW to submit Turn-On application to SPS LEW to ensure that the relevant meters are installed Does the premise have an Electrical Installation Licence? Yes No LEW to commission the solar PV system SPS to witness the commissioning of solar PV system on the scheduled Turn-On date LEW to submit Commissioning Declaration of solar PV system within 7 days of solar PV system commissioning to SPPG End End December 2022 7 Solar PV – User Guide for Non-Residential Consumers The simplified connection and turn-on application process for solar PV systems 1 MWac and above are illustrated in Figure 4 and 5. Figure 4: Application Process for Solar PV System Connection (1 MWac and above) Start Appointed LEW to submit relevant documents to SPS HT & above consumers with embedded IGS / generation to sign Supplemental Agreement for backup scheme SPPG to evaluate technical specifications of the solar PV system pertaining to PQ requirements Compliance with technical requirements? Yes No LEW to re-submit technical requirements after clarification SPPG sends technical assessment completion letter to LEW LEW to proceed with Turn-On Application (refer to Fig 5 for Turn-On application process) End December 2022 8 Solar PV – User Guide for Non-Residential Consumers Figure 5: Turn-On Application Process for Solar PV System (1 MWac and above) Start LEW to submit Turn-On application to SPS LEW to ensure that the relevant meters are installed LEW to commission the solar PV system LEW to submit Commissioning Declaration of solar PV system within 7 days of solar PV system commissioning to SPPG End December 2022 9 Solar PV – User Guide for Non-Residential Consumers 5. Market Settlement The process required and the amount of payment received for selling excess solar electricity back to the grid depends on the size of the solar PV system and contestability status of the consumer. An overview of the available payment schemes can be found on EMA’s website. Consumers with embedded solar PV systems will be given ‘net settlement’ of the energy component. This means that consumers are either charged for their net consumption or paid for their net generation within each trading period. 5.1 Solar PV system below 1 MWac Non-contestable consumers (NCCs) For Low Tension (LT) NCCs with less than 1 MWac embedded solar PV systems, the solar energy produced is first offset by their consumption of that premise. Should there be excess solar energy to be exported back to the grid, they will receive payment (the prevailing low-tension electricity tariff minus grid charge) from SP Services (SPS) by way of credit adjustment to the monthly electricity bill. The quarterly revised low-tension electricity tariffs can be found on SP Group’s website (www.spgroup.com.sg). Contestable consumers (CCs) For CCs who wish to be paid for the excess electricity sold to the grid, they can register with SPS under the Enhanced Central Intermediary Scheme (ECIS). Under this simplified arrangement, they will be paid the weighted average nodal price through SPS, for the selling of excess solar electricity back to grid. SPS will act as a central intermediary, by passing through the payment and relevant market charges to consumers. Such consumers can either choose (a) to install a meter to accurately measure the solar electricity generated, or (b) to estimate their solar generation. For option (a), consumers will need to install the relevant metering arrangement at each generation point. More details on the meters can be found in Section 8, AMI Meter Charges. For option (b), the solar generation will be estimated based on the Solar Generation Profile (SGP) 2 for the calculations of the relevant payment and market charges. Consumers need not install any meters. For CCs who do not wish to be paid for the excess electricity sold to the grid, they do not need to register with EMC as Market Participant or with SPS under the ECIS. They 2 The SGP is approved by the Energy Market Authority (“EMA”) and is based on factors such as Singapore's historical average solar irradiance from 7am to 7pm. This is standardised for all consumers with embedded solar PV systems and will be updated by EMA as new information becomes available. December 2022 10 Solar PV – User Guide for Non-Residential Consumers will not be eligible for the ‘net settlement’ scheme and also not be subjected to the applicable market charges. 5.2 Solar PV system 1 MWac and above but below 10 MWac There are various options for CCs to sell excess electricity back to the grid: i. Register with SPS under the Enhanced Central Intermediary Scheme. Under this simplified arrangement, they will be paid the weighted average nodal price through SPS, for the selling of excess solar electricity back to grid. SPS will act as a central intermediary, by passing through the payment and relevant market charges to consumers. Such consumers can either choose (a) to install a meter to accurately measure the solar electricity generated, or (b) to estimate their solar generation. For option (a), consumers will need to install the relevant metering arrangement at each generation point. More details on the meters can be found in Section 8, AMI Meter Charges. For option (b), the solar generation will be estimated based on the SGP for the calculations of the relevant payment and market charges. Consumers need not install any meters. ii. Register with the EMC as Market Participant. Under this existing arrangement, the CCs are required to register with the Energy Market Company (EMC) as Market Participant (MP); and to register their Solar Generation Facility, in order to receive payment for the selling of the excess solar electricity back to the grid. They will be paid nodal price for the selling of excess solar electricity back to the grid, and are subjected to the applicable market charges. Such consumers can either choose (a) to install a meter to accurately measure the solar electricity generated, or (b) to estimate their solar generation. For option (a), consumers will need to install the relevant metering arrangement at each generation point. More details on the meters can be found in Section 8, AMI Meter Charges. For option (b), the solar generation will be estimated based on the SGP for the calculations of the relevant payment and market charges. Consumers need not install any meters. The required registration documents can be found below. Market Participant Registration • MP Registration form • Signed PSO-MP Agreement and Generation Facility Operating (GFO) Agreement with PSO (if applicable) Generation Facility Registration • The Generation Facility Registration form • Approved Connection Agreement from SP PowerAsset • Signed MSSL-MP Agreement December 2022 11 Solar PV – User Guide for Non-Residential Consumers All the documents should be approved before the solar PV system is turned on. iii. Register with EMC as Market Participant (IGS non-exporting). For consumers with embedded solar PV systems below 10 MWac who are not eligible for option (i) or (ii) and will not be selling any electricity back to the grid, they can undergo a streamlined market registration process and pay EMC an estimated fixed charge determined by EMA. This fixed charge will be based on the SGP and the historical average rates of the respective charges. For options (i) and (ii), CCs would need to register their load and generation accounts under the same entity with SPS. A summary of the market payments and charges for the respective options can be found in the table below. Table 2: Market Payment and Charges for Solar PV Systems less than 10 MWac Applicable Payments / Charges Energy Generation CCs with Non-Registered Solar PV System (applicable for less than 1 MWac) Energy Payment / Charges Not Eligible for Payment CCs with EMC/ECIS- Registered Solar PV System • For CCs with EMCregistered solar PV system: Nodal Price • For CCs with CIS-registered solar PV system: Weighted Average Nodal Price (to be paid based on net export) Energy Consumption Spinning Reserves 3 • For CCs who buy electricity from the market: Uniform Singapore Electricity Prices (USEP) + Hourly Energy Uplift Charge (HEUC) • For CCs who buy electricity from retailers: Agreed Retail Price for Energy (to be charged based on meter’s import channel) Reserves Charges • For CCs who buy electricity from the market: Uniform Singapore Electricity Prices (USEP) + Hourly Energy Uplift Charge (HEUC) • For CCs who buy electricity from retailers: Agreed Retail Price for Energy (to be charged based on net import) Not Applicable (subject to change based on the New Pricing Mechanism Framework) 3 Spinning reserves charge is recovered from all generation facilities scheduled (less the first 5 MWh of each facility, which is allocated the cost of regulation reserve) operating in each half hour dispatch period based on the ‘modified runway model’. December 2022 12 Solar PV – User Guide for Non-Residential Consumers Applicable Payments / Charges Regulation Reserves (i.e. AFP) 4 EMC Fees Power System Operator (PSO) Fees Market Support Services (MSS) Charge Monthly Energy Uplift Charge (MEUC) Use of System (UOS) Uncontracted Capacity Charge (High-Tension & Above Network only) CCs with Non-Registered Solar PV System (applicable for less than 1 MWac) Half-hourly AFP (to be charged based on meter’s import channel) CCs with EMC/ECIS- Registered Solar PV System Half-hourly AFP (to be charged based on gross generation and gross consumption) Non-Reserves Market Charges Yearly revised EMC Fees Yearly revised EMC Fees (to be charged based on (to be charged based on net meter’s import channel) import or net export) Daily revised PSO Fees Daily revised PSO Fees (to be charged based on (to be charged based on net meter’s import channel) import or net export) Yearly revised MSS Charge Yearly revised MSS Charge (to be charged based on (to be charged based on net meter’s import channel) import only) Monthly revised MEUC prices Monthly revised MEUC prices (to be charged based on (to be charged based on net meter’s import channel) import only) Grid Charges Yearly revised UOS Charge (to be charged based on import channel) Cost is dependent on type of backup required 5.3 Solar PV systems 10 MWac and above For consumers with solar PV systems 10 MWac and above, they are required to register with the Energy Market Company (EMC) as Market Participant (MP); and to register their Solar Generation Facility, in order to receive payment for the selling of the excess solar electricity back to the grid. They will be paid nodal price for the selling of excess solar electricity back to the grid, and are subjected to the applicable market charges. In addition to that, consumers would need to register their load and generation accounts under the same entity with SPS. The required registration documents can be found below. Market Participant Registration • MP Registration form • Signed PSO-MP Agreement and Generation Facility Operating (GFO) Agreement with PSO (if applicable) 4 Regulation reserves charge is recovered from all loads and the first 5 MWh of each generation facility (including all solar PV systems generation facilities that are registered under CIS) in each half hour dispatch period. December 2022 13 Solar PV – User Guide for Non-Residential Consumers Generation Facility Registration • The Generation Facility Registration form • Approved Connection Agreement from SP PowerAssets • Signed MSSL-MP Agreement All the documents should be approved before the solar PV system is turned on. A summary of the market payments and charges for consumers with solar PV systems 10 MWac and above can be found in the table below. Table 3: Market Payment and Charges for Solar PV Systems 10 MWac and above Applicable Payments / Charges Energy Generation Energy Consumption Spinning Reserves Regulation Reserves (i.e. AFP) EMC Fees Power System Operator (PSO) Fees Market Support Services (MSS) Charge Monthly Energy Uplift Charge (MEUC) Use of System (UOS) Uncontracted Capacity Charge (High-Tension & Above Network only) Description Energy Payment / Charges Nodal Price (to be paid based on net export) • For CCs who buy electricity from the market: Uniform Singapore Electricity Prices (USEP) + Hourly Energy Uplift Charge (HEUC) • For CCs who buy electricity from retailers: Agreed Retail Price for Energy (to be charged based on net import) Reserves Charges Subject to change based on the New Pricing Mechanism Framework Half-hourly AFP (to be charged based on gross generation and gross consumption) Non-Reserves Market Charges Yearly revised EMC Fees (to be charged based on net import or net export) Daily revised PSO Fees (to be charged based on net import or net export) Yearly revised MSS Charge (to be charged based on net import only) Monthly revised MEUC prices (to be charged based on net import only) Grid Charges Yearly revised UOS Charge (to be charged based on import channel) Cost is dependent on type of backup required December 2022 14 Solar PV – User Guide for Non-Residential Consumers 5.4 Solar Generation Profile Grid Back-up Scheme For Summation Scheme consumers who opt for SGP, there may be instances where they will incur uncontracted capacity charge. For example, on a rainy or cloudy day, they will be consuming more electricity from the grid as their solar PV system may be generating little or no electricity. However, as the SGP is a fixed output throughout the year, it would indicate that the solar installation is still generating. Hence, before deciding on the type of backup scheme and whether to opt for SGP or meters, consumers should assess their consumption profile and operational needs. They should also consider carefully the costs and benefits, including the risks and uncertainties due to weather variability. Reactive Power Currently in the Transmission Code, High-Tension consumers would be required to implement power factor correction measures, if deemed necessary by the Transmission Licensee, to maintain a power factor of no less than 0.85. This is because a load with high reactive power will require more current-carrying capacity from the grid. For solar consumers who opt for SGP, there may be instances where they are penalised due to differences between active power output based on the SGP and active power output based on actual generation. This affects the calculation of gross load, on which reactive power penalties are determined. Hence, consumers who opt for SGP may risk incurring reactive power penalties when actual generation values differ from SGP values. If so, consumers can opt out of the SGP and install physical meters to accurately measure the active power output. 6. Intermittency Pricing Mechanism Given the intermittent nature of solar PV, reserves from conventional power sources are required to ensure system stability. For example, cloud cover or shadows may cause solar PV output to drop quickly, which requires the need for reserves to make up for the shortfall. Without the back-up through reserves sources, consumers are exposed to the risk of power disruptions, which happened in other countries with large amounts of intermittent generation. December 2022 15 Solar PV – User Guide for Non-Residential Consumers To ensure the sustainable growth of solar, a balance has to be struck between the benefits of solar generation and the intermittency costs it imposes on the system. Hence, it is appropriate to consider a mechanism, Intermittency Pricing Mechanism (IPM), to allocate the fair share of reserves costs to solar. Upon its implementation, the IPM will apply to all IGS, except for certain groups which the EMA had previously indicated that would not be subject to the IPM. The groups include: a. Residential consumers with embedded solar PV systems below 1 MWac; and b. Non-residential consumers with embedded solar PV systems connected to the system on or before 31 January 2018, unless (i) they retrofit their IGS systems such that re-commissioning by SP PowerGrid would be required in the process; or (ii) 25 years from the commissioning date of their existing IGS systems, whichever occurs earlier. More details on the IPM can be found in EMA’s Consultation Paper. 7. Monitoring Requirements With the expected increase in solar PV systems in Singapore, the Power System Operator (PSO) would need to manage the intermittent nature of such sources to ensure that the security and reliability of the power system is not compromised. Most importantly, PSO also needs to ensure that sufficient reserve capacity is available to respond to sudden fluctuations in solar output. Hence, PSO shall require solar PV systems with an installed capacity of 1 MWac and above at each site/facility to provide the Active Power output (AC-side) of its solar PV system(s), sampled at one-minute intervals and solar irradiance from sensor installed in close proximity to the PV panels. For more detailed technical requirement, please contact EMA at EMA_PSO_EMS@ema.gov.sg. Localised Network Limit As there may be physical constraints of each network ring, there could be a limit to the amount of solar PV systems that the network circuit can support. Therefore, depending on the limitations in that area, the permissible capacity of solar PV systems in each location may differ. Hence, parties who wish to invest in solar PV systems should check if there are possible network constraints in their preferred locations, before making their investment decisions. December 2022 16 Solar PV – User Guide for Non-Residential Consumers 8. AMI Meter Charges This section is only applicable to consumers who register their embedded solar PV systems with SPS under the Central Intermediary Scheme, or with EMC as a Market Participant. The owner of the generation facility (i.e. solar PV system) is the Meter Equipment Service Provider (MESP) for the meter installation associated with it. However, consumers with embedded generation facility (with installed capacity of less than 10 MWac) may choose to engage SPPG to provide, install and maintain the generation meter. The fees applicable for providing such services by SPPG are shown in the tables below: Table 4.1: Metering Charges for Generation Meters (inclusive of 7% GST before 1 st Jan 2023) Per Generation Unit / Metering Point Main & Check Meters At 66kV and above Main & Check Meters At 6.6kV / 22kV Main & Check Meters At Low Tension Main Meters Only At Low Tension Upfront charge (One time) $5,938.50 $5,938.50 $2,247.00 $1,498.00 Monthly charge (Recurring) $214.00 $85.60 $42.80 $21.40 Miscellaneous charge a) Attending to request for site enquiry during office hours (minimum 3 hours per request). b) Attending to communication / meter failure during office hour. Charges will be waived if it is due to equipment failure. c) Attending to adhoc request by customer for meter accuracy test with SAC- SINGLAS test report. $42.80 per hour $42.80 per hour $42.80 per hour $42.80 per hour $85.60 per trip $85.60 per trip $85.60 per trip $85.60 per trip $1,926.00 per meter $1,926.00 per meter $706.20 per meter $706.20 per meter December 2022 17 Solar PV – User Guide for Non-Residential Consumers Table 4.2: Metering Charges for Generation Meters (inclusive of 8% GST with effect from 1 st Jan 2023) Main & Check Meters Main & Check Meters Main & Check Meters Main Meters Only Per Generation Unit / Metering Point At 66kV and above At 6.6kV / 22kV At Low Tension At Low Tension Upfront charge (One time) $5,994.00 $5,994.00 $2,268.00 $1,512.00 Monthly charge (Recurring) $216.00 $86.40 $43.20 $21.60 Miscellaneous charge d) Attending to request for site enquiry during office hours (minimum 3 hours per request). e) Attending to communication / meter failure during office hour. Charges will be waived if it is due to equipment failure. f) Attending to adhoc request by customer for meter accuracy test with SAC- SINGLAS test report. $43.20 per hour $43.20 per hour $43.20 per hour $43.20 per hour $86.40 per trip $86.40 per trip $86.40 per trip $86.40 per trip $1,944.00 per meter $1,944.00 per meter $712.80 per meter $712.80 per meter 9. Decommissioning Requirements If you intend to decommission the entire solar PV system installed in your premises any time after they have been connected to the Transmission System, your appointed LEW will have to complete the decommissioning form and submit to SP Powergrid Ltd at least 30 days in advance before the intended decommission commences. However, if the intent is to revise the solar PV capacity installed in your premises any time after they have been connected to the Transmission System, your appointed LEW will have to complete the online Application Form and submit the following documents to SPS via Singapore Power (SP) eBusiness Portal: • Document Checklist and Declaration of Compliance to SP Powergrid’s (SPPG) Technical Requirements • Application for Net Export Rebate Form • Letter of Consent • PQ Compliance Report • Inverter(s) Specifications December 2022 18 Solar PV – User Guide for Non-Residential Consumers • Solar panel(s) Specifications • Inverter(s) Type Test Reports (Harmonics, Flicker, DC Injection) • Single Line Diagram (from PV system to Point of Common Coupling (PCC) • PSO Data Form (only applicable for solar PV system 1 MWac and above) • Certificate of Compliance (only applicable for licensed installation who are eligible to appoint their LEW to commission the solar PV system) • Commissioning Declaration (only applicable for licensed installation who are eligible to appoint their LEW to commission the solar PV system) December 2022 19 Solar PV – User Guide for Non-Residential Consumers 10. PV Directory For enquiries on the following matters pertaining to solar PV systems, you may wish to contact the following: Energy Market Authority (EMA) Matters on: Electricity Licences Electrical Installation Licensed Electrical Workers (LEWs) Policy and Regulatory Framework Monitoring Requirements Contact Information Economic Regulation & Licensing Department Email: ema_enquiry@ema.gov.sg Tel: 6835 8000 Electricity Resilience & Regulation Department Email: lei_ema@ema.gov.sg Tel: 6835 8000 Policy Department Email: ema_ppd@ema.gov.sg Tel: 6835 8000 Energy Management Systems Department Email: EMA_PSO_EMS@ema.gov.sg Tel: 6835 8000 Energy Market Company (EMC) Matters on: Market Registration Market Payment / Charges Contact Information Market Administration Email: MPRegistration@emcsg.com Tel: 6779 3000 SP PowerGrid (SPPG) Matters on: Technical Clarification regarding Connection to the Grid Contact Information Asset Management & Projects Department Email: DERenquiries@spgroup.com.sg Tel: 6916 8888 SP Services (SPS) Matters on: Application for Connection to the Grid and Market Settlement with SPS Contact Information Electrical Installation Section Email: install@spgroup.com.sg Tel: 6916 7200 December 2022 20

Media Release Electricity Tariff Revision for the Period 1 October to 31 December 2024 Singapore, 30 September 2024 – For the period from 1 October to 31 December 2024, the electricity tariff (before GST) for households will decrease by 2.6% or 0.78 cent per kWh compared with the previous quarter due to lower energy costs. The average monthly electricity bill for families living in HDB four-room flats will decrease by $3.00 (before GST). Electricity tariffs (before GST), including tariffs for non-households, will decrease by an average of 2.5% or 0.70 cent per kWh compared with the previous quarter. SP Group reviews the electricity tariffs every quarter based on guidelines set by the electricity industry regulator, Energy Market Authority (EMA). The electricity tariffs may fluctuate quarter to quarter due to volatile global fuel prices. Please refer to Appendix 1 for the components of the electricity tariff, Appendix 2 for the electricity tariffs approved by EMA, and Appendix 3 for the average monthly electricity bill for households. Appendix 1 BREAKDOWN OF ELECTRICITY TARIFF The electricity tariff consists of the following four components: Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations. Network costs (paid to SP Group): This is to recover the cost of transporting electricity through the power grid. Market Support Services Fee (paid to SP Group): This is to recover the costs of billing and meter reading, data management, retail market systems as well as market development initiatives. Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system.   Q4 2024 TARIFF FOR HOUSEHOLDS (before 9% GST) Appendix 2 ELECTRICITY TARIFFS FROM 1 OCTOBER 2024 Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS FOR HOUSEHOLDS TARIFF WEF 1 OCTOBER 2024 (before GST)

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Media Release SP Group partners Wuhou District Government to develop smart eco-district in Chengdu Partnership with district government will transform Wuhou into the benchmark for smart and sustainable districts in Chengdu. Smart energy solutions to be deployed at the International Urban Design Centre from 2021. Chengdu, China and Singapore, 13 July 2021 – SP Group (SP) announced a partnership with People’s Government of Wuhou District, Chengdu, to transform the largest of five city centre districts in Chengdu, to a smart eco-district. Through this partnership, SP will deploy smart and sustainable energy solutions to accelerate the city’s urban renewal masterplan. Wuhou is a mature government and civic district identified for revitalisation in Chengdu’s urban renewal masterplan. The masterplan aims to rejuvenate and transform existing buildings and districts into sustainable ecosystems that drive economic growth, innovation and cultural engagement for Chengdu. At a signing ceremony witnessed by Ms Xiong Miao, Head of International Economic Trade Partnerships, Chengdu Commerce Bureau; Ms Lin Li, District Deputy Secretary and District Mayor, People’s Government of Wuhou District, Chengdu; and Ms Foo An Gie, Regional Group Director, West China, Enterprise Singapore, SP Group inked two Memorandums of Understanding (MOU) and was appointed the energy and building solutions partner for International Urban Design Centre (IUDC) in Wuhou, Chengdu. Under the MOUs, SP will serve as the sustainable energy solutions partner to the district government with the objective of establishing the district as the benchmark for smart eco-districts in Chengdu. With an estimated rejuvenation pipeline of over 630,000 sqm (gross floor area) over the next five years, the collaboration will explore a wide range of solutions to help the city meet future infrastructural demands in a sustainable way. This includes developing and implementing technologies and digital solutions such as advanced data analytics and artificial intelligence tools to support the city’s roadmap to carbon neutrality. In the first phase under the partnership, SP will design, build, own and operate an integrated energy solution that includes district cooling and heating system, smart metering, energy management and monitoring for IUDC over the next 25 years, at an estimated total contract value of 110 million (SGD). The solution will provide building owners with real-time insights on their energy and utilities usage data to help them optimise building performance, energy efficiency and comfort for end- users. IUDC consists of four existing buildings with an estimated gross floor area of 48,000 sqm. Group Chief Executive Officer of SP Group, Mr Stanley Huang, said, “Chengdu is a key growth engine in southwestern China and an important hi-tech hub. We are excited to partner the Wuhou district government to create a sustainable, livable and vibrant city centre. Over time, the ability to ensure adaptive reuse of established buildings to meet new needs becomes critical. Leveraging our experience in Singapore and China, we will implement green energy technology and digital solutions to push the limits of buildings’ energy efficiency and performance standards.” In China, SP Group invested, designed, and operates Raffles City Chongqing’s energy-efficient cooling and heating system since 2019 to deliver energy savings for the customer. SP also established a joint venture in August 2020 to develop district cooling, heating and integrated energy solutions that will help the China-Singapore Guangzhou Knowledge City (CSGKC) achieve energy savings and efficiency targets. SP Group currently has three offices in China (Guangzhou Chongqing and Chengdu), with its China headquarters located in Shanghai. Architect’s impression of the International Urban Design Centre after redevelopment (Source: Three Kingdoms Themed Innovation Park Management Committee of Wuhou District, Chengdu)

Search Searchhttps://www.spgroup.com.sg/search?tag=agrivoltaic Search Searchhttps://www.spgroup.com.sg/search?tag=agrivoltaic Search Searchhttps://www.spgroup.com.sg/search?tag=agrivoltaic Search Searchhttps://www.spgroup.com.sg/search?tag=agrivoltaic Search Searchhttps://www.spgroup.com.sg/search?tag=agrivoltaic Search Searchhttps://www.spgroup.com.sg/search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/SP-Group-makes-its-largest-solar-investment-in-China-with-240-MWp-agrivoltaic-project-in-Huizhou--Guangdong SP Group makes its largest solar investment in China with 240 MWp agrivoltaic project in Huizhou, Guangdong SUSTAINABILITY The 240 MWp agrivoltaic project in Huizhou is being completed in stages and will be fully connected to the grid by end-2024. SP announced the deployment of a 240 MWp Category: Sustainability Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-s-first-batch-of-agrivoltaic-assets-in-guangdong-province-china SP’s first batch of agrivoltaic assets in Guangdong Province, China SUSTAINABILITY In China, we are helping customers sustainably maximise farm yields – solar and agriculture – as we invest in our first batch of agrivoltaic assets in Guangdong Province. Agrivoltaics combines agriculture activities Category: Sustainability Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/investing-in-agrivoltaic-assets-in-china-a-first-for-sp-group SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Investing in agrivoltaic assets in China, a first for SP Group SUSTAINABILITY SP made its first investment in agrivoltaic assets in Guangdong, China. With a total installed capacity of 78 Megawatt-peak, the project will integrate solar Category: Sustainability SP Group invests in first batch of agrivoltaics assets in Chinahttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-announces-first-batch-of-Agrivoltaics-investment-in-Meizhou News Release SP Group invests in first batch of agrivoltaics assets in China The 78MWp solar assets across four agricultural sites will integrate solar photovoltaics with 7.8 MWh battery energy storage systems to enhance grid stability and resilience. The project will generate 91.3 GWh of green News & Media Releaseshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases?page=7 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 SP Group Chinahttps://www.spgroup.com.sg/about-us/international/china credit: Three Kingdoms Themed Innovation Park Management Committee of Wuhou District, Chengdu. Agrivoltaics in Dabu County, Guangdong Province SP Group’s first investment in agrivoltaic assets in Guangdong province combines agriculture with solar power generation through efficient land use. Spanning Renewable Energy Solutions | SP Grouphttps://www.spgroup.com.sg/sustainable-energy-solutions/renewable-energy , slated for completion by end-2024, will be connected to a hydrogen production facility that will sustainably power Shandong’s first green hydrogen production plant in Qingdao City. Generates 162 million kWh of green electricity annually Reduces carbon emissions by 160,000 tonnes Read more Agrivoltaic Annual Reporthttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/annual-report-2024 and 58,000 RT of district cooling projects in China, across 18 provinces and municipalities. We have invested in the first batch of agrivoltaics assets in Meizhou, an agricultural hub in the Guangdong province. With a total installed capacity of 78 MWp, the project will integrate solar PV and battery Category: Annual Report Searchhttps://www.spgroup.com.sg/search?tag=raffles-city-chongqing will provide IUDC with real-time insights on their energy and utilities usage data to help them optimise building performance, energy efficiency and comfort for end-users. Photo credit: Three Kingdoms Themed Innovation Park Management Committee of Wuhou District, Chengdu. Agrivoltaics in Dabu County 1

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Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/shaping-the-evolution-of-electricity-meters-in-the-past-25-years SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Shaping the evolution of electricity meters in the past 25 years RELIABILITY Vice President of SP Services’ Metering Branch Razali Bin Mohd. “If my coral dies, you pay”, is a customer’s comment that 51-year-old Razali Bin Mohd recalls in an unforgettable experience during his earlier days as an engineer. His team was carrying out electricity meter replacement works then. In this unique situation, when the customer was informed that the power supply will be temporarily disrupted during the replacement, she requested for a mobile electrical generator to keep her coral tanks maintained at four degrees Celsius during the servicing period. Handling a multitude of customer requests, is part and parcel of stakeholder management in Razali’s job at SP Group (SP). Over his 25 years with SP, the Vice President of SP Services’ Metering Branch has seen the evolution of analogue electricity meters manually read by meter readers to smart meters that can now be monitored remotely. As of May 2022, Razali and his team have deployed over 650,000 smart electricity meters islandwide. In the next few years, all 1.4 million residential households in Singapore will be equipped with smart meters. “I cherish this experience the most as we took great lengths to incept this idea and eventually see it come to fruition. As this project had a nation-wide impact, I remembered we went to the Parliament to present our plans to the Mayors, and convinced the relevant agencies to support our deployment plan.” Razali now has another ambitious task ahead of him. Besides rolling out smart electricity meters nationwide, his team also won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Over the next 15 years, they will be developing the metering system, enhancing the wireless communications network, deploying, operating and maintaining over 300,000 smart water meters. “We faced intense competition against strong contenders and various challenges during the tender process. Our strong teamwork and expertise in smart electricity meter deployment has enabled us to secure this strategic partnership. The late-night calls with counterparts from different parts of the world were all worth it!” Interestingly, his career options after graduating as an electrical engineering graduate from Nanyang Technological University were between a cadet pilot at a leading airline and an engineer at SP. He received SP’s letter of offer on the day of his final round of interview for the cadet pilot position. “I just went with my gut feel and I am convinced now looking back, it was meant to be.” he recalled fondly.   Razali with his colleagues from the metering team at the old St James District Office in 2011. Back in the late 90s, Razali’s key responsibilities included working with contractors to install and maintain meters for residential and commercial customers, procure new meters, handle project tenders and manage customer feedback.  The implementation of smart electricity meters in Singapore has been the highlight of his career. Razali with colleagues from SP Services and SP Digital on an overseas trip to Itron’s office in San Francisco, to adopt best practices from the implementation of the US’ smart meter programme. Before the opening of Singapore’s electricity retail market in 2014, Razali and his team travelled to San Francisco and Melbourne to learn how these cities deployed smart meters successfully. “The study trip shortened our learning curve and prevented potential pitfalls.” SP is one of the first few utility companies in the world that has separated its communication network card from the meter. In other parts of the world, communication modules are integrated within the meters. Hence, if the communication part fails, the entire meter must be replaced. In Singapore, the decision was to adopt a “modular” structure for parts to be replaced separately if they are faulty. This will not only save cost, but also eliminate supply interruption and reduce inconvenience to the customers. CEO of SP Services Law Chin Ho (sixth from left) and Razali with the SP Services team that won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Razali is thankful for all the growth opportunities at SP and is committed to continue rising to the challenges in the evolving energy industry. “I wake up every day looking forward to the next challenge at work. I am thankful for the wonderful team support. We are constantly innovating and finding solutions to problems. It gives me a huge sense of job satisfaction!” Volunteering trip with SP colleagues in Cambodia in 2015. In his free time, Razali enjoys travelling for nature walks, trekking, snorkelling, and exploring other types of land and sea activities. He also finds meaning in organising charity trips to children’s orphanages in Thailand, Cambodia and Indonesia and has even rallied his colleagues to join him in distributing essential items for these vulnerable communities. With borders reopening, Razali hopes to revive this initiative very soon! TAGS PUB SMART WATER METERINGPEOPLE OF SPSMART ELECTRICITY METERSAMISP SERVICES YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/shaping-the-evolution-of-electricity-meters-in-the-past-25-years SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Shaping the evolution of electricity meters in the past 25 years RELIABILITY Vice President of SP Services’ Metering Branch Razali Bin Mohd. “If my coral dies, you pay”, is a customer’s comment that 51-year-old Razali Bin Mohd recalls in an unforgettable experience during his earlier days as an engineer. His team was carrying out electricity meter replacement works then. In this unique situation, when the customer was informed that the power supply will be temporarily disrupted during the replacement, she requested for a mobile electrical generator to keep her coral tanks maintained at four degrees Celsius during the servicing period. Handling a multitude of customer requests, is part and parcel of stakeholder management in Razali’s job at SP Group (SP). Over his 25 years with SP, the Vice President of SP Services’ Metering Branch has seen the evolution of analogue electricity meters manually read by meter readers to smart meters that can now be monitored remotely. As of May 2022, Razali and his team have deployed over 650,000 smart electricity meters islandwide. In the next few years, all 1.4 million residential households in Singapore will be equipped with smart meters. “I cherish this experience the most as we took great lengths to incept this idea and eventually see it come to fruition. As this project had a nation-wide impact, I remembered we went to the Parliament to present our plans to the Mayors, and convinced the relevant agencies to support our deployment plan.” Razali now has another ambitious task ahead of him. Besides rolling out smart electricity meters nationwide, his team also won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Over the next 15 years, they will be developing the metering system, enhancing the wireless communications network, deploying, operating and maintaining over 300,000 smart water meters. “We faced intense competition against strong contenders and various challenges during the tender process. Our strong teamwork and expertise in smart electricity meter deployment has enabled us to secure this strategic partnership. The late-night calls with counterparts from different parts of the world were all worth it!” Interestingly, his career options after graduating as an electrical engineering graduate from Nanyang Technological University were between a cadet pilot at a leading airline and an engineer at SP. He received SP’s letter of offer on the day of his final round of interview for the cadet pilot position. “I just went with my gut feel and I am convinced now looking back, it was meant to be.” he recalled fondly.   Razali with his colleagues from the metering team at the old St James District Office in 2011. Back in the late 90s, Razali’s key responsibilities included working with contractors to install and maintain meters for residential and commercial customers, procure new meters, handle project tenders and manage customer feedback.  The implementation of smart electricity meters in Singapore has been the highlight of his career. Razali with colleagues from SP Services and SP Digital on an overseas trip to Itron’s office in San Francisco, to adopt best practices from the implementation of the US’ smart meter programme. Before the opening of Singapore’s electricity retail market in 2014, Razali and his team travelled to San Francisco and Melbourne to learn how these cities deployed smart meters successfully. “The study trip shortened our learning curve and prevented potential pitfalls.” SP is one of the first few utility companies in the world that has separated its communication network card from the meter. In other parts of the world, communication modules are integrated within the meters. Hence, if the communication part fails, the entire meter must be replaced. In Singapore, the decision was to adopt a “modular” structure for parts to be replaced separately if they are faulty. This will not only save cost, but also eliminate supply interruption and reduce inconvenience to the customers. CEO of SP Services Law Chin Ho (sixth from left) and Razali with the SP Services team that won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Razali is thankful for all the growth opportunities at SP and is committed to continue rising to the challenges in the evolving energy industry. “I wake up every day looking forward to the next challenge at work. I am thankful for the wonderful team support. We are constantly innovating and finding solutions to problems. It gives me a huge sense of job satisfaction!” Volunteering trip with SP colleagues in Cambodia in 2015. In his free time, Razali enjoys travelling for nature walks, trekking, snorkelling, and exploring other types of land and sea activities. He also finds meaning in organising charity trips to children’s orphanages in Thailand, Cambodia and Indonesia and has even rallied his colleagues to join him in distributing essential items for these vulnerable communities. With borders reopening, Razali hopes to revive this initiative very soon! TAGS PUB SMART WATER METERINGPEOPLE OF SPSMART ELECTRICITY METERSAMISP SERVICES YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/shaping-the-evolution-of-electricity-meters-in-the-past-25-years SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Shaping the evolution of electricity meters in the past 25 years RELIABILITY Vice President of SP Services’ Metering Branch Razali Bin Mohd. “If my coral dies, you pay”, is a customer’s comment that 51-year-old Razali Bin Mohd recalls in an unforgettable experience during his earlier days as an engineer. His team was carrying out electricity meter replacement works then. In this unique situation, when the customer was informed that the power supply will be temporarily disrupted during the replacement, she requested for a mobile electrical generator to keep her coral tanks maintained at four degrees Celsius during the servicing period. Handling a multitude of customer requests, is part and parcel of stakeholder management in Razali’s job at SP Group (SP). Over his 25 years with SP, the Vice President of SP Services’ Metering Branch has seen the evolution of analogue electricity meters manually read by meter readers to smart meters that can now be monitored remotely. As of May 2022, Razali and his team have deployed over 650,000 smart electricity meters islandwide. In the next few years, all 1.4 million residential households in Singapore will be equipped with smart meters. “I cherish this experience the most as we took great lengths to incept this idea and eventually see it come to fruition. As this project had a nation-wide impact, I remembered we went to the Parliament to present our plans to the Mayors, and convinced the relevant agencies to support our deployment plan.” Razali now has another ambitious task ahead of him. Besides rolling out smart electricity meters nationwide, his team also won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Over the next 15 years, they will be developing the metering system, enhancing the wireless communications network, deploying, operating and maintaining over 300,000 smart water meters. “We faced intense competition against strong contenders and various challenges during the tender process. Our strong teamwork and expertise in smart electricity meter deployment has enabled us to secure this strategic partnership. The late-night calls with counterparts from different parts of the world were all worth it!” Interestingly, his career options after graduating as an electrical engineering graduate from Nanyang Technological University were between a cadet pilot at a leading airline and an engineer at SP. He received SP’s letter of offer on the day of his final round of interview for the cadet pilot position. “I just went with my gut feel and I am convinced now looking back, it was meant to be.” he recalled fondly.   Razali with his colleagues from the metering team at the old St James District Office in 2011. Back in the late 90s, Razali’s key responsibilities included working with contractors to install and maintain meters for residential and commercial customers, procure new meters, handle project tenders and manage customer feedback.  The implementation of smart electricity meters in Singapore has been the highlight of his career. Razali with colleagues from SP Services and SP Digital on an overseas trip to Itron’s office in San Francisco, to adopt best practices from the implementation of the US’ smart meter programme. Before the opening of Singapore’s electricity retail market in 2014, Razali and his team travelled to San Francisco and Melbourne to learn how these cities deployed smart meters successfully. “The study trip shortened our learning curve and prevented potential pitfalls.” SP is one of the first few utility companies in the world that has separated its communication network card from the meter. In other parts of the world, communication modules are integrated within the meters. Hence, if the communication part fails, the entire meter must be replaced. In Singapore, the decision was to adopt a “modular” structure for parts to be replaced separately if they are faulty. This will not only save cost, but also eliminate supply interruption and reduce inconvenience to the customers. CEO of SP Services Law Chin Ho (sixth from left) and Razali with the SP Services team that won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Razali is thankful for all the growth opportunities at SP and is committed to continue rising to the challenges in the evolving energy industry. “I wake up every day looking forward to the next challenge at work. I am thankful for the wonderful team support. We are constantly innovating and finding solutions to problems. It gives me a huge sense of job satisfaction!” Volunteering trip with SP colleagues in Cambodia in 2015. In his free time, Razali enjoys travelling for nature walks, trekking, snorkelling, and exploring other types of land and sea activities. He also finds meaning in organising charity trips to children’s orphanages in Thailand, Cambodia and Indonesia and has even rallied his colleagues to join him in distributing essential items for these vulnerable communities. With borders reopening, Razali hopes to revive this initiative very soon! TAGS PUB SMART WATER METERINGPEOPLE OF SPSMART ELECTRICITY METERSAMISP SERVICES YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/shaping-the-evolution-of-electricity-meters-in-the-past-25-years SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Shaping the evolution of electricity meters in the past 25 years RELIABILITY Vice President of SP Services’ Metering Branch Razali Bin Mohd. “If my coral dies, you pay”, is a customer’s comment that 51-year-old Razali Bin Mohd recalls in an unforgettable experience during his earlier days as an engineer. His team was carrying out electricity meter replacement works then. In this unique situation, when the customer was informed that the power supply will be temporarily disrupted during the replacement, she requested for a mobile electrical generator to keep her coral tanks maintained at four degrees Celsius during the servicing period. Handling a multitude of customer requests, is part and parcel of stakeholder management in Razali’s job at SP Group (SP). Over his 25 years with SP, the Vice President of SP Services’ Metering Branch has seen the evolution of analogue electricity meters manually read by meter readers to smart meters that can now be monitored remotely. As of May 2022, Razali and his team have deployed over 650,000 smart electricity meters islandwide. In the next few years, all 1.4 million residential households in Singapore will be equipped with smart meters. “I cherish this experience the most as we took great lengths to incept this idea and eventually see it come to fruition. As this project had a nation-wide impact, I remembered we went to the Parliament to present our plans to the Mayors, and convinced the relevant agencies to support our deployment plan.” Razali now has another ambitious task ahead of him. Besides rolling out smart electricity meters nationwide, his team also won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Over the next 15 years, they will be developing the metering system, enhancing the wireless communications network, deploying, operating and maintaining over 300,000 smart water meters. “We faced intense competition against strong contenders and various challenges during the tender process. Our strong teamwork and expertise in smart electricity meter deployment has enabled us to secure this strategic partnership. The late-night calls with counterparts from different parts of the world were all worth it!” Interestingly, his career options after graduating as an electrical engineering graduate from Nanyang Technological University were between a cadet pilot at a leading airline and an engineer at SP. He received SP’s letter of offer on the day of his final round of interview for the cadet pilot position. “I just went with my gut feel and I am convinced now looking back, it was meant to be.” he recalled fondly.   Razali with his colleagues from the metering team at the old St James District Office in 2011. Back in the late 90s, Razali’s key responsibilities included working with contractors to install and maintain meters for residential and commercial customers, procure new meters, handle project tenders and manage customer feedback.  The implementation of smart electricity meters in Singapore has been the highlight of his career. Razali with colleagues from SP Services and SP Digital on an overseas trip to Itron’s office in San Francisco, to adopt best practices from the implementation of the US’ smart meter programme. Before the opening of Singapore’s electricity retail market in 2014, Razali and his team travelled to San Francisco and Melbourne to learn how these cities deployed smart meters successfully. “The study trip shortened our learning curve and prevented potential pitfalls.” SP is one of the first few utility companies in the world that has separated its communication network card from the meter. In other parts of the world, communication modules are integrated within the meters. Hence, if the communication part fails, the entire meter must be replaced. In Singapore, the decision was to adopt a “modular” structure for parts to be replaced separately if they are faulty. This will not only save cost, but also eliminate supply interruption and reduce inconvenience to the customers. CEO of SP Services Law Chin Ho (sixth from left) and Razali with the SP Services team that won the contract for Singapore’s first large-scale smart water meter programme for PUB in Apr 2021. Razali is thankful for all the growth opportunities at SP and is committed to continue rising to the challenges in the evolving energy industry. “I wake up every day looking forward to the next challenge at work. I am thankful for the wonderful team support. We are constantly innovating and finding solutions to problems. It gives me a huge sense of job satisfaction!” Volunteering trip with SP colleagues in Cambodia in 2015. In his free time, Razali enjoys travelling for nature walks, trekking, snorkelling, and exploring other types of land and sea activities. He also finds meaning in organising charity trips to children’s orphanages in Thailand, Cambodia and Indonesia and has even rallied his colleagues to join him in distributing essential items for these vulnerable communities. With borders reopening, Razali hopes to revive this initiative very soon! TAGS PUB SMART WATER METERINGPEOPLE OF SPSMART ELECTRICITY METERSAMISP SERVICES YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search Searchhttps://www.spgroup.com.sg/search?tag=smart-electricity-meters Search 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‘Making power accessible’ Singapore Power engineer Dennis Khah combines his passion and desire to make a meaningful contribution A LOVE of mathematics and physics led Mr Dennis Khah to work in one of the most dynamic industries in singapore. As an engineer in singapore Power (sP), he is part of a team that ensures that all households get their electricity and gas supply. “With the increasing focus on developments such as renewable energy and smart grid, singapore’s energy landscape is poised for exciting changes on the horizon,” says the 25-year-old. His choice of a career was seeded as a teenager with a love for robotics, solving problems using mathematics and physics theories and dabbling in electronic circuits. He says: “My passion for power engineering was fuelled when I joined university, as I realised I could apply my interest towards the real challenges of operating singapore’s power network, tackling increasing energy demands and achieving environmental sustainability. Joining sP became a natural choice.” Now, not only is he in an industry which is set to shine even brighter, the graduate from the Nanyang Technological University’s school of Electrical and Electronic Engineering is also benefiting from efforts to groom the next generation of leaders for the power industry. He is part of a select group of bright sparks in sP’s EDGE Programme. It aims to quickly prepare its engineers for leadership by exposing them to the different facets of the organisation, at a high level and on the ground. Currently with the network management division of sP PowerGrid, Mr Khah helps to ensure that people in the northern part of singapore get their electricity. He has been busy on the ground conducting ‘healthchecks’ on cables, detecting low voltage cable faults in the network, carrying out repair works and responding to customer feedback. He says: “sP takes a ground-up approach when it comes to grooming fresh graduates and we are given the challenge of working in key operational areas to gain exposure and practical experience. “I particularly enjoy these attachments, as we get to work with engineers who work round-the-clock to maintain singapore’s electricity network.” Being in the EDGE Programme, he got to attend Workforce skills Qualification (WsQ) workshops to hone his leadership skills, and technical skills in areas like how to detect and locate underground power cables. Working with him are a close-knit team of colleagues and supervisors, some of whom he got to know better via orientation and Outward Bound school programmes organised by their employer. Mr Khah says: “We work with colleagues and mentors who are always happy to share their knowledge and experiences. The trust my bosses have in me, and the camaraderie amongst colleagues have empowered me to perform in my role effectively, which is important for newcomers to an organisation.” He adds: “In sP, there is also a strong emphasis on safety in all that we do. We take My passion in power engineering was fuelled when I joined university, as I realised I could apply my interest towards the real challenges of operating Singapore’s power network, tackling increasing energy demands and achieving environmental sustainability. Joining SP became a natural choice. — Mr Dennis Khah (right), engineer, Singapore Power pride in upholding the highest safety standards and best practices.” What he does on the job is crucial in keeping singapore going, he notes. “In singapore, we tend to take electricity for granted. The light always comes on at the flick of the switch. But being part of sP has helped me understand and better appreciate the tremendous amount of effort by a huge team that goes into making this possible. I liken my job to that of powering the nation. We make power accessible, whenever and wherever it is needed.” – Wong Sher Maine Upping the competitive EDGE Singapore Power started its EDGE (Engineering Development for Graduates) programme in July 2013 to groom its young talents for leadership positions. In their first year of joining the company, EDGE engineers undergo a customised structured training programme, which Photo: WEE tY comprises a series of theory-based lessons, short attachments and on-the-job training so they are quickly exposed to the workings of the company. At the end of the structured training, they will be rotated to critical operational areas such as network development and network management.

Search 123https://www.spgroup.com.sg/dam/spgroup/pdf/media-coverage/2026/-20260120--Lianhe-Zaobao-Online---Mapletree-and-SP-collaborate-to-build-a-large-scale-district-cooling-system-in-HarbourFront.pdf Average-Water-Consumption--CuM-_Mar-24-to-Feb-25.xlsxhttps://www.spgroup.com.sg/dam/spgroup/docs/our-services/utilities/tariff-information/Average-Water-Consumption--CuM-_Mar-24-to-Feb-25.xlsx Consumption_Water Average consumption of Water (CuM) Premises Types Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 HDB 1-Room 8.3 8.4 8.1 7.7 7.5 8.1 8.3 7.9 8.1 7.8 7.8 7.8 HDB 2-Room 9.7 10.0 9.5 8.7 8.7 9.4 9.5 9.2 9.3 9.0 9.0 9.1 HDB 3-Room 12.8 12.9 12.0 11.5 11.6 12.4 12.5 12.2 12.2 12.0 11.9 12.0 HDB 4-Room 16.2 16.3 15.3 14.7 14.6 15.6 15.7 15.3 15.5 15.1 14.9 15.2 HDB 5-Room 17.8 17.7 16.7 16.0 15.6 16.9 17.1 16.7 17.0 16.4 16.1 16.7 HDB Executive 19.9 19.7 18.6 17.7 17.7 18.8 19.1 18.5 18.8 18.1 17.9 18.7 Apartment 14.4 14.3 13.2 12.7 12.5 13.1 13.8 13.8 13.8 13.3 12.8 13.0 Terrace 28.0 28.4 24.2 24.1 24.7 25.7 26.7 25.9 26.2 25.6 24.7 25.7 Semi-Detached 34.9 34.6 30.2 28.3 30.0 31.5 33.4 31.4 32.2 30.9 30.4 30.6 Bungalow 59.5 58.1 50.4 42.1 49.6 48.1 54.7 52.4 52.4 50.2 49.8 49.4 Media Coveragehttps://www.spgroup.com.sg/about-us/media-resources/media-coverage?page=16 Media Coverage Catch the latest news on SP All Years 08 Jul 2021 Straits Times - Charging points that draw energy from electric vehicles go on trial Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. 08 Jul 2021 Straits Times Online - SP Group to trial charging points that can draw energy from EVs back into power grid Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. 08 Jul 2021 The Business Times Online - SP Group starts vehicle-to-grid technology trial Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 08 Jul 2021 Lianhe Zaobao - SP Group starts vehicle-to-grid technology trial Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction. 08 Jul 2021 Lianhe Zaobao Online - SP Group starts vehicle-to-grid technology trial Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction. 08 Jul 2021 Tamil Murasu - SP Group starts vehicle-to-grid technology trial Source: Tamil Murasu © Singapore Press Holdings Limited. Permission required for reproduction. 23 Jun 2021 The Straits Times - SP Group donates $1 million to support children from low-income families Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. 23 Jun 2021 The Straits Times Online - SP Group donates $1 million to support children from low-income families Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. 23 Jun 2021 The Business Times - SP Group donates $1 million to support children from low-income families Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 23 Jun 2021 The Business Times Online - SP Group donates S$1m to Community Chest Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 1 ... 15 16 17 ... 47 News & Media Releaseshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases?page=13 News & Media Releases Latest All Years 23 May 2021 SP Group Inks MOU with BCG Energy to Invest in Renewables in Vietnam 10 May 2021 SP Group forms JV for Acquisition of Renewable Energy Assets in China 22 Apr 2021 Goldbell Partners SP Group To Tap On Singapore’s Largest High-Speed Public EV Charging Network 21 Apr 2021 SP Group Launches Green Financing Framework 14 Apr 2021 SP Group To Roll Out Singapore’s First Large-scale Smart Water Metering System 05 Apr 2021 SP Group building the first large-scale underground substation in Southeast Asia 30 Mar 2021 Electricity Tariff Revision For The Period 1 April to 30 June 2021 21 Mar 2021 SP Group Partners Chevron to Offer Electric Vehicle Charging at Selected Caltex Service Stations 16 Mar 2021 SP Group Partners State Grid Chongqing Integrated Energy Service to Develop Greener and Smarter Buildings 19 Jan 2021 SP Group Acquires ENGIE's 40 Per Cent Stake in Chongqing Sino-French Energy Services 1 ... 12 13 14 ... 22 Media Release - Singapore Power Enhances Feedback Channels With Mobile Applicationhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/f043bd41-4a4b-4e4d-a30a-80d9b20ff86e/%5B20140321%5D+Media+Release+-+Singapore+Power+Enhances+Feedback+Channels+With+Mobile+Application.pdf?MOD=AJPERES&CVID= 21 March 2014 PRESS RELEASE SINGAPORE POWER ENHANCES FEEDBACK CHANNELS WITH MOBILE APPLICATION 1. Sending feedback on electricity and gas matters is now easier and more convenient with a new mobile application by Singapore Power (SP). 2. Available for download on both iOS and Android platforms, the app allows the public to provide service feedback or report on electricity and gas supply matters. Customers can also use the app to send feedback on SP worksites such as roadworks, noise or safety concerns, and equipment like overground boxes and substations. In addition, the app enables the public to attach pictures and tag location specific information to the feedback. (see Annex A for screenshots of the app) 3. This app leverages Singapore’s high smartphone penetration rate and excellent cellular infrastructure, to provide SP customers with another fast, easy and convenient way to connect with SP in real time. 4. "Timely feedback from our stakeholders is crucial to our operations. This new app underscores our commitment to service excellence and to deliver quality, reliable and secure electricity and gas supply to the nation,” said Mr Peter Leong, Managing Director of SP PowerGrid. 5. For feedback warranting a direct service response, customers should call the following numbers: a. 1800–778 8888 for electricity supply disruptions; or b. 1800–752 1800 for gas supply disruptions or suspected gas leaks. 6. For more information on the SP public feedback application, please visit the Singapore Power website or get on the App store (iPhone users) or Play Store (Android users) and search for “SP PowerGrid” – END – 1 Issued by: Singapore Power Limited 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Co. Reg No: 199406577N www.singaporepower.com.sg About Singapore Power Singapore Power Group (SP) is a leading energy utility group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP’s world-class transmission, distribution and market support services. The networks in Singapore are amongst the most reliable and cost-effective worldwide. 2 Annex A 3 4 [20210323] Tamil Murasu - Four Caltex stations to offer electric vehicle charging pointshttps://www.spgroup.com.sg/dam/jcr:ffb7bd3e-5402-4526-bc3f-a8863c4602a0 4 ்கவால்சடகஸ் ச்பட்ரவால் நிலையங்களில் ்வா்கன மினனூடடு வசதிகள் ்கவால்சடகஸ் ச்பட்ரவால் நிலையங்களை நிர் வகிககும் ‘செவ்ரோன் சிங்கப்பூர்’ நிறுவனம், ‘சிங்கப்பூர் ்ப்ர்’ (எஸ்பி) நிறுவனத் துடன இமணநது ்வா்கன மினனூடடு வசதி்கமை ஏற்படுத்தவுளைது. ஷெல் நிறுவனம் 20 மவாதங்களுககு முன தனது ச்பட்ரவால் நிலையங்களில் ்வா்கன மினனூடடு வசதி்கமை ஏற்படுத்தியது. அதன பி்றகு தீவின வடககில் செவாங ்பவாங, கிழககில் சாங்கி, தமறகில் ஜூதரவாங ஸ்பிரிங, மத்திய ்பகுதியில் டனனர்ன ஆகிய தனது நான்கு நிலையங்களில் மினனூடடு வசதி்கமை ஏற்படுத்தப் த்பவா்தவா்க ்கவால்சடகஸ் கூறிளைது. சாங்கி நிலையத்தில் இரண்டு மினனூடடுக கூடங்கள இருககும். அஙகு ஒரு ்வா்கனத்துககு 100 கிதலவா்வாட மின்சாரம் ஏற்ற முடியும். மற்ற மூனறு நிலையங்களில் 50 கிதலவா்வாட மின்சாரத்தை ஏற்றககூடிய மினனூடடுக கூடங்கள அமைக்கப்்படும். அதன மூலம் ஒரு ்வா்கனத் துககு 30 நிமிடங்களில் மினனூடடம் செய்துவிடலவாம். ்கவால்சடகஸ் நிலையங்களில் ஒரு கிதலவா்வாட மின்சாரத் துககு 46.63 ்கவாசு ்கடடணம் வசூலிக்கப்்படும். ஷெல் நிலை யத்தில் அதே அளவுககு 55 ்கவாசு வசூலிக்கப்்படுகி்றது. செவ்ரோன் சிங்கப்பூர் நிறுவனமும் சிங்கப்பூர் ்ப்ர் நிறுவனமும் தநறறு வெளியிடட கூடடறிக்கையில், ச்பட்ரவால் நிலையங்களில் மினனூடடு கூடங்களுக்கவா்க வரத்றபு, ்பயன்படுத்தும் நடைமும்ற்கள ஆகியவற்றை ஆரவாய்நது, அதன பி்றகு இனனும் ்பல ்கவால்சடகஸ் ச்பட்ரவால் நிலையங்களில் அதி்கமவான மினனூடடுக கூடங்களை ஏற்படுத்துவது பற்றி ்பரிசீலிப்த்பவாம் எனறும் தெரிவித்தன. ்கவால்சடகஸ் நிலையங்களில் மினனூடடுக கூடங்கள இவ்வாண்டு பிற்பவாதியில் அமைக்கப்்படும் எனறும் அருகில் உளை மினனூடடு வசதிகள் எஙகுளைன த்பவான்ற த்க்ல்்கள எஸ்பி நிறுவனத்தின தி்றன்பேசிச் செயலியில் ்பதிவேற்றம் செய்யப்்படும் எனறும் கூ்றப்்படடது. Microsoft Word - SPPA-FS-Draft11.docxhttps://www.spgroup.com.sg/dam/spgroup/pdf/annual-reports/2023-SPPA-FS-FINAL.pdf SPPowerAssets Limited AnnualReport Yearended31March2023 RegistrationNumber:200302108D Directors’ statement SP PowerAssets Limited Directors’ statement Year ended 31 March 2023 We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2023. Opinion of the Directors In our opinion, (a) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2023 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Mr Ong Teng Koon Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Mr Steve Lee Hee Kwang (appointed on 19 September 2022) 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: Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mr Stanley Huang Tian Guan Holdings at beginning of the year Holdings at end of the year Paragon REIT^ – units (formerly known as SPH REIT) – 323,000 Singapore Airlines Limited – 10,000 SIA Engineering Company Limited – 10,000 Astrea 7 Pte Ltd - 4.125% Class A-1 Secured Bonds due 27 May 2032 – 40,000 CapitaLand China Trust – units – 100,000 1 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mrs Jeanne Cheng Holdings at beginning of the year SP PowerAssets Limited Directors’ statement Year ended 31 March 2023 Holdings at end of the year Singapore Telecommunications Limited 11,180 11,180 Singapore Technologies Engineering Ltd 10,000 10,000 Ms Amelia Champion Singapore Telecommunications Limited 1,430 1,430 CapitaLand Investment Limited 5,000 5,000 CapitaLand Integrated Commercial Trust – units 773 773 Paragon REIT^ – units (formerly known as SPH REIT) – 3,128 Ms Loong Hui Chee CapitaLand Ascendas Real Estate Investment Trust – units (formerly known as Ascendas Real Estate Investment Trust) 14,615 14,615 CapitaLand Ascott Trust – units (formerly known as Ascott Residence Trust) 159,248 159,248 CapitaLand Investment Limited 21,531 21,531 CapitaLand Integrated Commercial Trust – units 71,680 69,043 Mapletree North Asia Commercial Trust * – units 60,321 – Mapletree Treasury Services Limited - 3.95% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited 20,669 20,669 Singapore Technologies Engineering Ltd 1,495 1,495 Singapore Telecommunications Limited 117,108 117,108 Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 S$13,000 S$13,000 ^ Became a related corporation with effect from 29 April 2022 and therefore holdings at beginning of the year, if any, is not reflected. * Merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust ("MNACT") by way of a trust scheme of arrangement, pursuant to which every 1 MNACT Unit was exchanged for S$1.1949 wholly in cash. Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. 2 SP PowerAssets Limited Directors’ statement Year ended 31 March 2023 Share options During the financial year, there were: (i) no options granted by the Company to any person to take up unissued shares in the Company; and (ii) no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors ──────────────────────── MR STANLEY HUANG TIAN GUAN Chairman ──────────────────────── MS LOONG HUI CHEE Director 25 May 2023 3 Independent Auditor’s Report For the financial year ended 31 March 2023 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2023, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements 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 Company as at 31 March 2023 and of the financial performance, changes in equity and cash flows of the Company 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 Company 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. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. 4 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2023 We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 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 Company’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 Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. 5 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2023 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 Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’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 Company 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. 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. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. 6 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2023 From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 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 have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 25 May 2023 7 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Balance sheet As at 31 March 2023 Note 2023 2022 $ million $ million Non-current assets Property, plant and equipment 4 10,758.5 10,647.7 Intangible assets 6 2,171.0 2,169.3 Derivative assets 7 139.3 124.6 13,068.8 12,941.6 Current assets Inventories 8 37.3 34.8 Trade and other receivables 9 346.3 340.0 Derivative assets 7 0.4 55.6 Cash and cash equivalents 10 0.1 0.2 384.1 430.6 Total assets 13,452.9 13,372.2 Regulatory deferral accounts (“RDA”) debit balances 11 214.3 223.2 Total assets and RDA debit balances 13,667.2 13,595.4 Equity Share capital 12 2,512.4 2,512.4 Hedging reserve 13 93.1 81.6 Accumulated profits 2,694.6 2,595.4 Total equity 5,300.1 5,189.4 Non-current liabilities Debt obligations 14 2,281.2 2,416.7 Derivative liabilities 7 299.6 160.4 Deferred tax liabilities 15 1,469.4 1,442.3 Deferred income 16 124.9 133.8 Deferred construction cost compensation 17 256.2 256.2 Lease liabilities 5 4.2 0.4 4,435.5 4,409.8 Current liabilities Debt obligations 14 − 777.8 Derivative liabilities 7 2.5 5.2 Current tax payable 82.0 50.6 Trade and other payables 18 3,807.1 3,121.3 Lease liabilities 5 3.6 3.4 3,895.2 3,958.3 Total liabilities 8,330.7 8,368.1 Total equity and liabilities 13,630.8 13,557.5 Regulatory deferral accounts (“RDA”) related deferred tax liabilities 11 36.4 37.9 Total equity, liabilities and RDA related deferred tax liabilities 13,667.2 13,595.4 The accompanying notes form an integral part of these financial statements. 8 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Income statement Year ended 31 March 2023 Note 2023 2022 $ million $ million Revenue 19 1,721.6 1,660.4 Other income 20 88.2 73.3 Expenses - Depreciation of property, plant and equipment 4 (661.6) (622.2) - Amortisation of intangible assets 6 (0.9) (2.8) - Maintenance (107.0) (101.8) - Management fees (159.3) (153.9) - Property taxes (50.8) (60.2) - Agency fee (28.9) (27.6) - Support services (33.8) (36.1) - Other operating expenses (59.4) (54.3) Operating profit 708.1 674.8 Finance income 21 0.3 0.1 Finance costs 22 (146.1) (135.8) Profit before taxation 562.3 539.1 Tax expense 23 (104.3) (100.7) Profit for the year 24 458.0 438.4 Net movement in RDA balances related to profit or loss and the related deferred tax movement 11 4.4 0.8 Profit for the year and net movement in RDA balances 462.4 439.2 The accompanying notes form an integral part of these financial statements. 9 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of comprehensive income Year ended 31 March 2023 2023 2022 $ million $ million Profit for the year and net movement in RDA balances 462.4 439.2 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax 53.3 31.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (43.2) (2.6) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.4 0.1 Other comprehensive income for the year, net of tax 11.5 29.2 Total comprehensive income for the year 473.9 468.4 The accompanying notes form an integral part of these financial statements. 10 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of changes in equity Year ended 31 March 2023 Share capital Hedging reserve Accumulated profits Total equity Note $ million $ million $ million $ million At 1 April 2021 2,512.4 52.4 2,511.5 5,076.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 439.2 439.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 31.7 − 31.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (2.6) − (2.6) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 0.1 − 0.1 Total other comprehensive income − 29.2 − 29.2 Total comprehensive income for the year − 29.2 439.2 468.4 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (355.3) (355.3) At 31 March 2022 2,512.4 81.6 2,595.4 5,189.4 The accompanying notes form an integral part of these financial statements. 11 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of changes in equity Year ended 31 March 2023 (cont'd) Share capital Hedging reserve Accumulated profits Total equity Note $ million $ million $ million $ million At 1 April 2022 2,512.4 81.6 2,595.4 5,189.4 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 462.4 462.4 Other comprehensive income Effective portion of changes in fair value of cash − 53.3 − 53.3 flow hedges, net of tax Net change in fair value of: - Cash flow hedges reclassified to profit or loss, − (43.2) − (43.2) net of tax - Cash flow hedges on recognition of the − 1.4 − 1.4 hedged items on balance sheet, net of tax Total other comprehensive income − 11.5 − 11.5 Total comprehensive income for the year − 11.5 462.4 473.9 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (363.2) (363.2) At 31 March 2023 2,512.4 93.1 2,694.6 5,300.1 The accompanying notes form an integral part of these financial statements. 12 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of cash flows Year ended 31 March 2023 2023 2022 Note $ million $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 462.4 439.2 Adjustments for: Tax expense 23 104.3 100.7 Depreciation and amortisation 4,6 662.5 625.0 (Gain)/loss on disposal of property, plant and equipment and intangible assets 24 (0.8) 4.0 Deferred income 16 (9.1) (8.8) Inventories written down, net 8 6.0 4.3 Write-back of allowance for expected credit loss on trade receivables, net 9 (2.0) (2.3) Finance income 21 (0.3) (0.1) Finance costs 22 146.1 135.8 Exchange loss/(gain), net 24 0.6 (0.3) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 (4.4) (0.8) 1,365.3 1,296.7 Changes in working capital: Inventories (8.5) (4.1) Trade and other receivables (3.6) (56.8) Trade and other payables 35.5 76.0 Funding for regulatory accounts 11 14.2 − Cash generated from operations 1,402.9 1,311.8 Interest received 0.3 0.1 Income tax (paid)/refunded (50.6) 13.4 Net cash generated from operating activities 1,352.6 1,325.3 Cash flows from investing activities Purchase of property, plant and equipment (798.5) (860.6) Purchase of intangible assets (2.6) (1.0) Proceeds from disposal of property, plant and equipment and intangible assets 7.2 6.2 Net cash used in investing activities (793.9) (855.4) Cash flows from financing activities Interest paid (47.5) (56.6) Commitment fees paid − (0.1) Repayment of bond (723.8) − Proceeds from/(repayment of) related company loans 215.9 (411.5) Payment of principal portion of lease liabilities 5 (3.4) (3.3) Net cash used in financing activities (558.8) (471.5) Net decrease in cash and cash equivalents (0.1) (1.6) Cash and cash equivalents at beginning of the year 0.2 1.8 Cash and cash equivalents at end of the year 10 0.1 0.2 During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2022 of $363.2 million (2022: $355.3 million) were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. 13 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 25 May 2023. 1 Domicile and activities SP PowerAssets 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 principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 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 The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 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: 14 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. 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. Details of key assumptions made are set out in Note 6. 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 3.14) 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 and volume of electricity delivered to consumers. Note 3.12 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Company has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2022. The adoption of these standards did not have any material effect on the financial performance or position of the Company. 3 Significant accounting policies The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company, which addresses changes in accounting policies due to the adoption of new and revised standards. 3.1 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency 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 translated to the functional currency at the exchange rate prevailing on the date 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 qualifying cash flow hedges, which are recognised in other comprehensive income. 15 SP PowerAssets Limited Financial statements Year ended 31 March 2023 3.2 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, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. 16 SP PowerAssets Limited Financial statements Year ended 31 March 2023 The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease ranging from 30 to 99 years Buildings and tunnels 30 to 40 years or the lease term, if shorter Transformers and switchgear 30 years Other plant and machinery - Works and other equipment 3 to 10 years - Standby electricity generator and other machinery 15 to 25 years Mains 30 years Other fixed assets (principally meters and motor vehicles) 3 to 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. Other intangible assets Deferred expenditure relates mainly to contributions paid by the Company in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Company derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 23 years. Computer 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 5 years. Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 17 SP PowerAssets Limited Financial statements Year ended 31 March 2023 3.4 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 Company 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 Company 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 Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. 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. Derecognition The Company derecognises 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 Company 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 Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. 18 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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 derecognised, 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. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, 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 sheet when, and only when, the Company 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 Company 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 Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. 19 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. Hedges directly affected by interest rate benchmark reform Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Company amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. 20 SP PowerAssets Limited Financial statements Year ended 31 March 2023 A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Company amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Company amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Company first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Company amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Company deems that the hedging reserve recognised in other comprehensive income for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 21 SP PowerAssets Limited Financial statements Year ended 31 March 2023 3.5 Impairment Non-derivative financial assets The Company 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 Company 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 Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company 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. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. 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 Company’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 amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. 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. 22 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 3.6 Inventories Inventories are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.7 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.8 Provisions A provision is recognised if, as a result of past event, the Company 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. 3.9 Government grants Capital grants are 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 grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.10 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 3.9 sets out the government grant accounting policy. 3.11 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. 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. 23 SP PowerAssets Limited Financial statements Year ended 31 March 2023 3.12 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges 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. 3.13 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to 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 Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ 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 are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.14 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the 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. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. 24 SP PowerAssets Limited Financial statements Year ended 31 March 2023 3.15 Leases The Company 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 Company 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. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. 25 SP PowerAssets Limited Financial statements Year ended 31 March 2023 In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.16 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.17 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: - temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and - taxable temporary differences arising on the initial recognition of goodwill. 26 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.18 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. 3.19 New standards and interpretations not yet adopted A number of new amendments to standards that are effective for annual periods beginning after 1 April 2022 have not been early adopted in preparing these financial statements. The following amended standards are not expected to have a significant impact on the Company’s financial statements: - Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current - Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies - Amendments to SFRS(I) 1-8: Definition of Accounting Estimates - Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 27 SP PowerAssets Limited Financial statements Year ended 31 March 2023 4 Property, plant and equipment Freehold land Leasehold land Buildings and tunnels Switchgear Transformers Other plant and machinery Mains Other fixed Constructionin-progress assets Total $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Cost At 1 April 2021 0.3 504.4 1,692.4 3,351.0 1,840.3 479.8 7,253.3 255.7 1,552.5 16,929.7 Additions − − 7.2 1.2 − 3.2 − 19.6 775.4 806.6 Disposals − − (0.1) (30.1) (30.4) (7.0) (106.7) (9.3) (3.2) (186.8) Reclassification − (0.4) 154.8 123.8 86.9 27.7 308.0 9.0 (709.8) − At 31 March 2022 0.3 504.0 1,854.3 3,445.9 1,896.8 503.7 7,454.6 275.0 1,614.9 17,549.5 Additions − − − − − 1.9 − 26.0 743.6 771.5 Lease Modification (Note 5) − − 7.4 − − − − − − 7.4 Disposals − − − (80.0) (28.4) (7.4) (106.7) (10.9) − (233.4) Reclassification − 0.2 17.8 137.5 69.1 123.4 447.7 1.1 (796.8) − At 31 March 2023 0.3 504.2 1,879.5 3,503.4 1,937.5 621.6 7,795.6 291.2 1,561.7 18,095.0 Accumulated depreciation At 1 April 2021 − 172.7 682.2 1,722.1 683.4 291.7 2,778.6 125.5 − 6,456.2 Depreciation − 10.1 61.9 148.8 67.7 43.6 255.7 34.4 − 622.2 Disposals − − (0.1) (26.2) (27.9) (6.9) (106.7) (8.8) − (176.6) At 31 March 2022 − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 Depreciation − 10.0 66.3 156.2 67.4 57.4 266.0 38.3 − 661.6 Disposals − − − (76.8) (25.3) (7.4) (106.8) (10.6) − (226.9) At 31 March 2023 − 192.8 810.3 1,924.1 765.3 378.4 3,086.8 178.8 − 7,336.5 Carrying amounts At 31 March 2022 0.3 321.2 1,110.3 1,601.2 1,173.6 175.3 4,527.0 123.9 1,614.9 10,647.7 At 31 March 2023 0.3 311.4 1,069.2 1,579.3 1,172.2 243.2 4,708.8 112.4 1,561.7 10,758.5 28 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: 2023 2022 $ million $ million Management fees (staff cost) 84.9 78.8 As at 31 March 2023, property, plant and equipment includes right-of-use assets of $319.2 million (2022: $325.0 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets/ Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold land Buildings and tunnels Total $million $million $ million At 1 April 2021 331.7 − 331.7 Additions − 7.2 7.2 Reclassification (0.4) − (0.4) Depreciation (10.1) (3.4) (13.5) At 31 March 2022 321.2 3.8 325.0 Lease modification − 7.4 7.4 Reclassification 0.2 − 0.2 Depreciation (10.0) (3.4) (13.4) At 31 March 2023 311.4 7.8 319.2 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: 2023 2022 $ million $ million At 1 April 3.8 − Lease modification 7.4 − Additions − 7.1 Accretion of interest # 0.1 Payments (3.4) (3.4) At 31 March 7.8 3.8 Current 3.6 3.4 Non-current 4.2 0.4 7.8 3.8 # Less than $0.1 million The maturity analysis of lease liabilities is disclosed in Note 26. 29 SP PowerAssets Limited Financial statements Year ended 31 March 2023 During the financial year, lease liabilities were modified as there had been revision to lease payments and office space which were not part of the terms and conditions of the original lease contracts. The following are the amounts recognised in profit or loss: 2023 2022 $ million $ million Depreciation expense of right-of-use assets 13.4 13.5 Interest expense on lease liabilities # 0.1 Expenses relating to short-term leases (included in other 0.4 1.7 operating expenses) 13.8 15.3 # Less than $0.1 million The Company had total cash outflow for leases of $3.8 million (2022: $5.1 million) for the financial year ended 31 March 2023. 6 Intangible assets Goodwill on acquisition Deferred expenditure Computer software Computer software development in-progress Total $ million $ million $ million $ million $ million Cost At 1 April 2021 2,166.8 110.2 39.1 1.0 2,317.1 Additions − 1.0 − − 1.0 Disposals − (0.3) − − (0.3) Reclassification − − 0.9 (0.9) − At 31 March 2022 2,166.8 110.9 40.0 0.1 2,317.8 Additions − 1.3 − 1.3 2.6 At 31 March 2023 2,166.8 112.2 40.0 1.4 2,320.4 Accumulated amortisation At 1 April 2021 − 107.5 38.5 − 146.0 Amortisation − 2.4 0.4 − 2.8 Disposals − (0.3) − − (0.3) At 31 March 2022 − 109.6 38.9 − 148.5 Amortisation − 0.4 0.5 − 0.9 At 31 March 2023 − 110.0 39.4 − 149.4 Carrying amounts At 31 March 2022 2,166.8 1.3 1.1 0.1 2,169.3 At 31 March 2023 2,166.8 2.2 0.6 1.4 2,171.0 30 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 6.89% (2022: 6.28%) per annum that reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2022: 1.3 times) of the carrying amounts of property, plant and equipment. 31 SP PowerAssets Limited Financial statements Year ended 31 March 2023 7 Derivative assets and liabilities 2023 2022 Outstanding notional amounts Assets Liabilities Outstanding notional amounts Assets Liabilities $ million $ million $ million $ million $ million $ million Current: Cross-currency interest rate swaps − − − 623.8 53.6 − Interest rate swaps 100.0 − (0.2) 200.0 1.1 − Foreign exchange forwards 171.4 0.4 (2.3) 224.0 0.9 (5.2) 0.4 (2.5) 55.6 (5.2) Non-current: Cross-currency interest rate swaps 2,149.1 − (296.4) 2,149.1 − (160.4) Interest rate swaps 2,749.1 139.2 (2.5) 2,599.1 124.6 − Foreign exchange forwards 56.5 0.1 (0.7) 1.2 − # 139.3 (299.6) 124.6 (160.4) # Less than $0.1 million 32 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets Gross amounts of recognised financial assets Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2023 Derivative assets 139.7 (64.0) 75.7 2022 Derivative assets 180.2 (108.9) 71.3 Types of financial liabilities Gross amounts of recognised financial liabilities Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2023 Derivative liabilities 302.1 (64.0) 238.1 2022 Derivative liabilities 165.6 (108.9) 56.7 33 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Hedge Accounting As at 31 March 2023 and 2022, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. ---- Hedge instrument ---- ----------------- Hedged item ----------------- Financial statement line that includes the hedged Changes in fair value used for calculating ------------ hedge ineffectiveness ---------- Carrying Accumulated Hedge Outstanding amount of amount of ineffectiveness notional Assets/ assets/ fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2023 Cash flow hedge Interest rate risk – Finance cost 4,473.2 119.2 − − − (43.3) 43.3 − 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 227.9 (2.5) − − − (0.8) 0.8 − CHF/SGD: 1.397 - 1.524 CNY/SGD: 0.191 - 0.195 EUR/SGD: 1.424 - 1.656 JPY/SGD: 0.010 - 0.013 MYR/SGD: 3.031 USD/SGD: 1.292 - 1.462 Up to 2025 Up to 2023 Up to 2024 Up to 2024 Up to 2023 Up to 2026 Fair value hedge Interest rate risk 525.0 (1.5) (431.6) Debt obligations (7.5) (7.5) 7.6 0.1 6 month SOR/ SORA Up to 2032 Foreign exchange risk 2,149.1 (277.6) (1,849.6) Debt obligations 294.8 (77.3) 75.0 (2.3) Refer to footnotes of Note 14 Up to 2027 34 SP PowerAssets Limited Financial statements Year ended 31 March 2023 ---- Hedge instrument ----- ----------------- Hedged item ----------------- Financial statement line that includes the hedged Changes in fair value used for calculating ----------- hedge ineffectiveness ------------ Carrying Accumulated Hedge Outstanding amount of amount of ineffectiveness notional Assets/ assets/ fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2022 Cash flow hedge Interest rate risk – Finance cost Foreign exchange risk – Refer to Note 26 under Foreign currency risk 5,197.0 158.0 − − − 52.4 (52.4) − 0.2780% - 2.3450% Up to 2027 225.2 (4.3) − − − 3.6 (3.6) − CHF/SGD: 1.397 - 1.501 CNY/SGD: 0.187 - 0.196 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.031 USD/SGD: 1.334 - 1.382 Up to 2022 Up to 2023 Up to 2024 Up to 2023 Up to 2022 Up to 2022 Fair value hedge Interest rate risk 375.0 6.0 (281.7) Debt obligations (7.1) (13.8) 14.0 0.2 6 month SOR/ SORA Up to 2029 Foreign exchange risk 2,149.1 (145.1) (1,986.5) Debt obligations 156.5 (113.1) 108.6 (4.5) Refer to footnotes of Note 14 Up to 2027 35 SP PowerAssets Limited Financial statements Year ended 31 March 2023 8 Inventories 2023 2022 $ million $ million Cables 24.3 24.6 Transformers 3.3 1.6 Switchgear 7.6 7.4 Spare parts and accessories 2.1 1.2 37.3 34.8 In the financial year ended 31 March 2023, inventories recognised as an expense in the income statement amounted to $4.3 million (2022: $4.2 million). The write-down of inventories to net realisable value amounted to $6.0 million (2022: $4.3 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $2.2 million (2022: $3.1 million). 9 Trade and other receivables 2023 2022 $ million $ million Trade receivables: - Third parties 121.4 123.9 - Related companies 52.4 63.5 - Immediate holding company 5.0 0.1 178.8 187.5 Impairment loss (4.5) (6.5) 174.3 181.0 Accrued revenue 126.4 117.6 Deposits 0.4 0.4 301.1 299.0 Prepayments 45.2 41.0 346.3 340.0 Trade receivables The average credit term is between 8 to 30 calendar days (2022: between 8 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. 36 SP PowerAssets Limited Financial statements Year ended 31 March 2023 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: 2023 2022 $ million $ million Contestable transmission/ distribution customers 133.6 133.0 Non-contestable transmission/ distribution customers 10.1 22.9 Project-based customers 22.1 22.3 Others 8.5 2.8 174.3 181.0 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: 2023 2022 $ million $ million Not past due 162.9 167.7 Past due 0-30 days 5.1 5.3 Past due 31-90 days 1.6 2.9 Past due 91-180 days 0.8 0.6 Past due more than 180 days 8.4 11.0 178.8 187.5 37 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: 2023 2022 $ million $ million At 1 April 6.5 8.8 Impairment loss recognised 0.3 − Impairment loss written back (2.3) (2.3) At 31 March 4.5 6.5 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2023 2022 $ million $ million Cash at bank and in hand 0.1 0.2 As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. 11 Regulatory deferral accounts 2023 2022 $ million $ million Net movement in RDA balances related to profit or loss 5.3 0.9 RDA related deferred tax movement (0.9) (0.1) Net movement in RDA balances related to profit or loss and the related deferred tax movement 4.4 0.8 38 SP PowerAssets Limited Financial statements Year ended 31 March 2023 At 1 April 2022 $ million Net movement in RDA balances related ------------------ to profit or loss ----------------- Balances arising in the period $ million (Recovery)/ reversal $ million Net movement in RDA balances related ------- to balance sheet ------- Funding $ million At 31 March 2023 $ million RDA debit balances Deferral of revenue based on service rendered 314.0 52.3 (77.5) (14.2) 274.6 Under recovery of volume variance (90.8) (47.9) 78.4 − (60.3) 223.2 4.4 0.9 (14.2) 214.3 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.9) (0.7) (0.2) 2.4 (36.4) At 1 April 2021 $ million Net movement in RDA balances related ------------------ to profit or loss ----------------- Balances arising in the period $ million (Recovery)/ reversal $ million At 31 March 2022 $ million RDA debit balances Deferral of revenue based on service rendered 256.9 106.4 (49.3) 314.0 Under recovery of volume variance (34.6) (78.6) 22.4 (90.8) 222.3 27.8 (26.9) 223.2 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.8) (4.7) 4.6 (37.9) The recovery/reversal period of RDA debit and credit balances are directed by EMA. The Company is currently the sole electricity transmission and distribution company in Singapore. The EMA may not terminate the Company’s Transmission Licence except by giving 25 years’ notice, or otherwise revoking the Transmission Licence in accordance with the Electricity Act (including where the EMA is satisfied that the Company has gone into compulsory liquidation or voluntary liquidation other than for the purpose of amalgamation or reconstruction, or the public interest or security of Singapore requires). The Company therefore considers the exposure on recovery of regulatory deferral debit balances to be minimal. During the financial year, the EMA provided the Company with a funding of $14.2 million to offset the RDA debit balances. 39 SP PowerAssets Limited Financial statements Year ended 31 March 2023 12 Share capital 2023 2022 No. of shares No. of shares Ordinary shares million million Issued and fully-paid, with no par value At 1 April and 31 March 2,512.4 2,512.4 The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. 13 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to highly probable forecast transactions. 2023 2022 $ million $ million Hedging reserves At beginning of year 81.6 52.4 Effective portion of changes in fair value of cash flow hedges: - Interest rate risks 55.4 34.8 - Foreign exchange risks (2.1) (3.1) Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks (43.2) (2.6) Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 1.4 0.1 At end of year 93.1 81.6 40 SP PowerAssets Limited Financial statements Year ended 31 March 2023 14 Debt obligations Principal amount Date of maturity 2023 2022 Fixed rate notes $ million $ million SGD 100 million August 2022 − 100.7 USD 500 million (1) September 2022 − 677.1 JPY 15 billion (2) April 2024 156.8 162.7 SGD 75 million May 2024 84.7 77.3 USD 700 million (3) November 2025 861.9 937.7 JPY 7 billion (4) October 2026 69.6 78.2 USD 600 million (5) September 2027 761.3 807.8 SGD 100 million May 2029 96.8 103.7 SGD 250 million September 2032 250.1 249.3 2,281.2 3,194.5 (1) USD 500 million swapped to SGD 623.8 million (2) JPY 15 billion swapped to SGD 230.0 million (3) USD 700 million swapped to SGD 996.0 million (4) JPY 7 billion swapped to SGD 114.7 million (5) USD 600 million swapped to SGD 808.5 million The debt obligations are on bullet repayment terms. Interest rates on debt obligations denominated in Singapore dollars range from 3.40% to 5.07% (2022: 3.14% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2022: 1.95% to 3.25%) per annum. 41 SP PowerAssets Limited Financial statements Year ended 31 March 2023 A reconciliation of liabilities arising from financing activities is as follows: 2022 ----------------- Cash flows----------------- -----------------------------------------Non-cash changes----------------------------------------- 2023 Foreign Additions/ exchange Changes in Proceeds Repayment Interest paid (reduction) movement fair value Interest Reclassification $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Debt obligations Current 777.8 − (723.8) − − (53.5) (0.5) − − − Non-current 2,416.7 − − − − (55.1) (80.4) − − 2,281.2 Interest payable 9.5 − − (46.0) − − − 45.3 * − 8.8 Loans from a related company Current 2,490.0 215.9 − (1.5) 363.2 − − 96.9 − 3,164.5 Lease liabilities Current 3.4 − (3.4) # − − − − 3.6 3.6 Non-current 0.4 − − − 7.4 − − − (3.6) 4.2 5,697.8 215.9 (727.2) (47.5) 370.6 (108.6) (80.9) 142.2 − 5,462.3 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. # Less than $0.1 million 42 SP PowerAssets Limited Financial statements Year ended 31 March 2023 2021 ----------Cash flows---------- ---------------------------------------------Non-cash changes--------------------------------------------- 2022 Foreign Additions/ exchange Changes in Repayment Interest paid (reduction) movement fair value Interest Reclassification $ million $ million $ million $ million $ million $ million $ million $ million $ million Debt obligations Current − − − − − − − 777.8 777.8 Non-current 3,320.1 − − − (4.9) (120.7) − (777.8) 2,416.7 Interest payable 11.1 − (55.6) − − − 54.0 * − 9.5 Loans from a related company Current 2,471.8 (411.5) (0.9) 355.3 − − 75.3 − 2,490.0 Lease liabilities Current − − − − − − − 3.4 3.4 Non-current − (3.3) (0.1) 7.1 − − 0.1 (3.4) 0.4 5,803.0 (414.8) (56.6) 362.4 (4.9) (120.7) 129.4 − 5,697.8 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 43 SP PowerAssets Limited Financial statements Year ended 31 March 2023 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: Recognised in profit or loss (Note 23) Recognised in other Recognised in profit or loss (Note 23) Recognised in other At 31 comprehensive At 31 comprehensive At 31 March income March income March 2021 (Note 23) 2022 (Note 23) 2023 $ million $ million $ million $ million $ million $ million $ million Deferred tax liabilities Property, plant and equipment (1,476.0) 28.1 – (1,447.9) (23.0) – (1,470.9) Intangible assets (0.7) 0.3 – (0.4) (0.3) – (0.7) (1,476.7) 28.4 – (1,448.3) (23.3) – (1,471.6) Set off of tax 90.2 6.0 2.2 Net deferred tax liabilities (1,386.5) (1,442.3) (1,469.4) Deferred tax assets Deferred income 24.3 (1.5) – 22.8 (1.4) – 21.4 Derivative liabilities (10.8) – (6.0) (16.8) – (2.4) (19.2) Unutilised capital allowances 76.6 (76.6) – – – – – Others 0.1 (0.1) – – – – – 90.2 (78.2) (6.0) 6.0 (1.4) (2.4) 2.2 Set off of tax (90.2) (6.0) (2.2) Net deferred tax assets – – – 16 Deferred income 2023 2022 $ million $ million Customers’ contributions 265.9 265.9 Government grant for depreciable assets 0.5 0.3 Accumulated accretion (141.5) (132.4) 124.9 133.8 Movements in accumulated accretion are as follows: At 1 April 132.4 123.6 Accretion for the year 9.1 8.8 At 31 March 141.5 132.4 17 Deferred construction cost compensation 2023 2022 $ million $ million Deferred construction cost compensation 256.2 256.2 44 SP PowerAssets Limited Financial statements Year ended 31 March 2023 18 Trade and other payables 2023 2022 $ million $ million Trade payables: - Third parties 64.0 80.9 - Related companies 35.3 32.0 - Immediate holding company 0.1 1.8 Interest payable 8.8 9.5 Deposits received 80.1 54.4 Advance receipts 185.5 175.4 Accrued operating expenditure 95.9 95.6 Accrued capital expenditure 172.9 181.7 Loans from a related company - Loan balances 3,082.4 2,422.7 - Interest payable 82.1 67.3 3,807.1 3,121.3 Payables denominated in currencies other than the Company’s functional currency comprise $7.8 million (2022: $9.5 million) of payables and accruals denominated in United States dollar (“USD”), $0.5 million (2022: $0.7 million) in Chinese Yuan (“CNY”), $1.1 million (2022: $1.7 million) in Japanese yen (“JPY”), $1.0 million (2022: $0.3 million) in Euro (“EUR”) and $0.9 million (2022: $0.9 million) in Malaysian Ringgit (“MYR”). As at 31 March 2023, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 2.37% to 4.19% (2022: 1.59% to 3.93%) per annum. 19 Revenue Revenue comprises use of system charges and the service is transferred over time. Transaction price allocated to remaining performance obligations The Company has applied the practical expedient not to disclose information about its remaining performance obligations as the Company recognises revenue in the amount to which the Company has a right to invoice customers in amounts that correspond directly with the value to the customer of the Company’s performance completed to date. 45 SP PowerAssets Limited Financial statements Year ended 31 March 2023 20 Other income 2023 2022 $ million $ million Rental income 2.6 3.2 Leasing income 5.8 5.3 Disbursement recoverable jobs 29.9 21.9 Sale of scrap 24.8 26.4 Accretion of deferred income 9.1 8.8 Grant income 2.9 0.6 Others 13.1 7.1 88.2 73.3 21 Finance income 2023 2022 $ million $ million Interest income receivable/received from banks 0.3 0.1 22 Finance costs 2023 2022 $ million $ million Interest expense on loans from a related company 96.9 75.3 Interest expense on debt obligations 97.4 57.2 Net change in fair value of cash flow hedges reclassified (52.1) (3.2) from equity Loss/(gain) arising from financial assets/liabilities in a fair value hedge: - hedged items (82.6) (122.6) - hedging instruments 84.8 126.9 Amortisation of capitalised transaction costs 1.7 2.0 Commitment fees − 0.1 Interest expense on lease liabilities # 0.1 146.1 135.8 # Less than $0.1 million 46 SP PowerAssets Limited Financial statements Year ended 31 March 2023 23 Tax expense Tax recognised in profit or loss 2023 2022 $ million $ million Current tax expense Current year 80.0 50.6 (Over)/under provision in respect of prior years (0.4) 0.3 79.6 50.9 Deferred tax expense Origination and reversal of temporary differences 24.6 49.3 Under provision in respect of prior years 0.1 0.5 24.7 49.8 Total tax expense 104.3 100.7 Tax recognised in other comprehensive income Effective portion of changes in fair value of cash flow hedges Net change in fair value of: - Cash flow hedges reclassified to profit or loss - Cash flow hedges on recognition of the hedged items on balance sheet 2023 2022 Tax Tax Before (expense)/ Net of Before (expense)/ Net of tax credit tax tax credit tax $ million $ million $ million $ million $ million $ million 64.2 (10.9) 53.3 38.2 (6.5) 31.7 (52.0) 8.8 (43.2) (3.1) 0.5 (2.6) 1.7 (0.3) 1.4 0.1 # 0.1 13.9 (2.4) 11.5 35.2 (6.0) 29.2 # Less than $0.1 million Reconciliation of effective tax rate 2023 2022 $ million $ million Profit before taxation 562.3 539.1 Tax calculated using Singapore tax rate of 17% (2022: 17%) 95.6 91.6 Non-deductible expenses 9.2 8.9 Non-taxable income (0.2) (0.6) Under/(over) provision in respect of prior years - current tax (0.4) 0.3 - deferred tax 0.1 0.5 104.3 100.7 47 SP PowerAssets Limited Financial statements Year ended 31 March 2023 24 Profit for the year The following items have been included in arriving at profit for the year: 2023 2022 $ million $ million Exchange (loss)/gain, net (0.6) 0.3 Gain/(loss) on disposal of property, plant and equipment and intangible assets 0.8 (4.0) 25 Related parties For the purpose of the financial statements, parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited (“Temasek”) respectively. These companies are incorporated in the Republic of Singapore. Temasek is an investment company headquartered in Singapore with a diversified investment portfolio. Accordingly, all the subsidiaries of Temasek are related corporations and are subject to common control. The Company engages in a wide variety of transactions with related corporations in the normal course of business on terms similar to those available to other customers. Such transactions include but are not limited to sales and purchases of power, provision of consultancy and engineering services, leasing of cables and ducts, agency services and financial and banking services. The related party transactions are carried out on terms negotiated between the parties which are

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Growing Greener and Cooler Outdoors SUSTAINABILITY Photo: NDP 2018 Exco Powering Singapore’s birthday celebrations comes with a greener and cooler upgrade. Back for a second year, SP Group and ST Engineering have an improved outdoor cooling solution at the National Day Parade 2018, to help spectators beat the heat. The system will cool sections seating beneficiaries with special needs, such as those in wheelchairs. These spectators can enjoy the parade, performances and festivities in cool comfort outdoors, through this made-in-Singapore innovation. This year’s improved version has direct individualised air outlets with adjustable louvers that uniformly distributes cold air as low as 22 degrees celsius throughout the area. It has also been designed to blend into the seating area to optimise space and avoid obstructing spectators’ view. "It's a brilliant idea that is cooling everyone. It's helping all the spectators here, making them so comfortable. I was here last year and this makes it a world of difference." — Suresh Vanaz "This is my first NDP, and when I arrived, I was surprised to find this cooling solution at my seat. It certainly makes it a more comfortable and enjoyable experience." — Theresa Lee Building on SP’s underground district cooling network at Marina Bay, this solution also consumes 90 per cent less energy than conventional air-conditioning for the same cooling capacity. — 6 August 2018 TAGS SUSTAINABILITYOUTDOOR COOLINGDISTRICT COOLING 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