Staying Focused BUILDING A SUSTAINABLE FUTURE Annual Report 2008 CONTENTS 01 ABOUT SP GROUP 04 FROM THE CHAIRMAN 07 FINANCIAL HIGHLIGHTS 08 GROUP STRUCTURE 10 CORPORATE REVIEW 12 CORPORATE GOVERNANCE 12 Board of Directors 16 Organisational Structure 17 Ethics & Accountability 20 Senior Management 24 OPERATIONS REVIEW – SINGAPORE OPERATIONS 26 SP PowerAssets 28 PowerGas 30 SP PowerGrid 34 SP Services 37 SP Global Solutions 39 Singapore District Cooling 40 OPERATIONS REVIEW – AUSTRALIA OPERATIONS 42 SP AusNet 46 SPI (Australia) Assets / Jemena 50 AWARDS & ACCOLADES 52 OPERATIONAL SUPPORT 52 Human Resource 55 Information Systems 56 Enterprise Risk Management 57 COMMUNITY & ENVIRONMENT 61 FINANCIAL SUMMARY OUR MISSION We provide reliable and efficient energy utility services to enhance the economy and the quality of life. OUR VALUES COMMITMENT We commit to creating value for our customers, our people, and our shareholders. We uphold the highest standards of service and performance. INTEGRITY We act with honesty. We practise the highest ethical standards. PASSION We take pride and ownership in what we do. TEAMWORK We support, respect and trust each other. We continually learn, and share ideas and knowledge. ABOUT SP GROUP Singapore Power Group (SP) is a leading energy utility company in the Asia Pacific. We own and operate electricity and gas transmission and distribution businesses in Singapore and in Australia, primarily in Victoria, New South Wales and Queensland. Over a million Singapore industrial and domestic customers benefit from SP’s world-class electricity and gas transmission and distribution, and market support services. Singapore has one of the fewest and shortest power outages of cities worldwide as rated by international industry indices. In Australia, SP owns a diversified energy utility company, SPI (Australia) Assets, which includes the Jemena companies, and 51 per cent of SP AusNet, which is publicly-listed on the Australian and Singapore Stock Exchanges. As one of Singapore’s largest corporations, SP achieved revenue of S$6.6 billion and managed S$26.3 billion of assets in FY 08/09. Staying Focused BUILDING A SUSTAINABLE FUTURE Reliability is the hallmark of SP’s energy utility services. We build on our foundations, and strive to improve continually. Focused on our operations and ever strengthening our competencies and capabilities, we aim to build a sustainable future. FROM THE CHAIRMAN Staying Focused BUILDING A SUSTAINABLE FUTURE Ng Kee Choe CHAIRMAN FY 08/09 saw the global economy slip into recession. Business conditions deteriorated across major economies as the financial crisis took hold. Demand for electricity dipped with the contraction of the economy. The difficult operating environment notwithstanding, the Singapore Power Group turned in a creditable performance. 04 SP Annual Report 08 Financial Performance Our Group’s net profit for financial year ended 31 March 2009 was S$616 million, excluding exceptional and non-recurring items. This was comparable to the previous year’s results. Group revenue rose by 22 per cent to S$6.6 billion, mainly from higher pass through cost of electricity and full year contribution from our Australian subsidiary, SPI (Australia) Assets, while total assets declined by 9 per cent to S$26.3 billion, mainly as a result of a weakened Australian dollar. The Group’s return on equity stood at 14.4 per cent, excluding exceptional and non-recurring items. Despite the volatile debt markets, we successfully refinanced our maturing debts and secured funding for capital expenditure at competitive terms. A total of S$11 billion financing was completed in FY 08/09, demonstrating strong support from financial institutions and investors. With completion of the financing, SP is better placed to focus on strengthening our businesses. Upholding Excellence SP PowerGrid continued to excel in its electricity and gas network performances in FY 08/09. The System Average Interruption Duration Index (SAIDI) score of 0.69 minutes for our electricity grid was a significant improvement over the 1.14 minutes registered in FY 07/08. For the second time in our Group’s history, electricity SAIDI went below a minute, which is equivalent to a network reliability of 99.99%. Similarly, the SAIDI score for our gas network was 0.125 minutes, bettering FY 07/08’s score of 0.491 minutes. SP Services has done well in its stride towards service excellence. For the fourth consecutive year, it was ranked top among benchmarked service providers in Singapore for customer satisfaction. In a separate benchmarking study by KEMA, an international utility consultant, SP Services was highlighted for being very cost effective in providing a high level of service. SP Services’ cost to serve per customer was found to be lowest among major utilities in USA, Europe, Australia and Asia with performance standards that were very competitive by international standards. SP AusNet became the first business in Australia to receive certification to British Asset Management Specification – BSI PAS 55. The specification is recognised as the leading global standard against which asset-intensive industries, such as utilities, are benchmarked. Towards a Sustainable Future The Group underwent restructuring to streamline operations towards better corporate governance, business alignment, efficiencies and positioning for growth. In Singapore, the integration of electricity and gas operations under a restructured SP PowerGrid was completed. In Australia, Jemena (ex-Alinta) has been restructured to give clear focus to the separate businesses of asset ownership and asset servicing. SP AusNet also adopted a new organisational functions model, strengthening itself to meet challenges and opportunities ahead. SP AusNet’s and Jemena’s information technology services were outsourced to EB Services (Australia) Pty Ltd, a newlyformed subsidiary of SPI Pte Ltd, to achieve operational efficiencies. The SP Group is rapidly coming together to derive greater synergy and stronger competitive advantage. Major Developments and Projects In October 2008, SP PowerAsset’s second regulatory reset was concluded. This determines its annual revenue cap for the electricity transmission and distribution charges for the next five years. SP Services successfully launched a new billing system, named Enterprise Business System (EBS) on 9 August 2008, after 11 months of rigorous system integration and user acceptance tests. The system enables SP Services to enhance the quality of its customer services and streamline its business processes for better performance. Singapore’s gas market was restructured with effect from 15 September 2008 to facilitate the liberalisation of the gas market. The restructuring involved the transfer of SembCorp Gas’ pipeline to PowerGas, in line with PowerGas’ role as the sole licensed gas transporter and gas system operator in Singapore, delivering both town gas and natural gas. In support of the restructured gas market, PowerGas developed and implemented a web-based 24/7 Gas Transportation System Solution to manage the transportation of natural gas in accordance with the rules of the Gas Network Code. The unfavourable economic circumstances notwithstanding, SP’s infrastructure development went on as planned. We invested S$1 billion in capital expenditure in Singapore and Australia. Notable among our investments is a new 400kV circuit to Paya Lebar substation commissioned in September 2008. In Australia, Jemena achieved an Australia-first with its design and building of the A$104 million Colongra Lateral gas line. The line not only delivers gas to the power station, but can also store enough gas to allow the station to run at full capacity for five hours. SP Annual Report 08 05 FROM THE CHAIRMAN In early February 2009, the state of Victoria was impacted by bushfires. The Victorian Government subsequently established a Royal Commission of Inquiry into the Victorian bushfire crisis and SP AusNet is extending its full support and assistance to the Inquiry. On 16 April 2009, SP AusNet was served with a writ, an earlier version of which was previously filed in the Supreme Court of Victoria on 16 February 2009, and other associated documents. The writ alleges that “faulty and/or defective power lines” caused loss and damage. SP AusNet believes the claim is both premature and inappropriate, given the establishment of the 2009 Victorian Bushfires Royal Commission. SP AusNet will vigorously defend the claim. SP AusNet has liability insurance which provides cover for bushfire liability. SP AusNet reviews its insurance cover annually and ensures it is commensurate with the scale and size of its operations and the risks assessed to be associated with its operations and with industry standards and practice. SP AusNet’s bushfire mitigation and vegetation management programmes fully comply with Electricity Safety (Bushfire Mitigation) Regulations and are audited annually by Energy Safe Victoria. All bushfire mitigation programmes, including vegetation management, were completed prior to the declaration of the bushfire season in December 2008. Together as One We continue our emphasis on people development through Individual Learning Roadmaps for each SP staff. To encourage team bonding among staff and to build leadership skills, a corporate core programme comprising Team Engagement and Motivation (TEAM) and Leading Excellence and Development (LEAD) was launched. In Australia, Jemena relaunched its Development Programmes, focused on building people management and leadership capability at all levels within the company. An integrated talent management initiative was also implemented to support staff development. In April 2008, SP strengthened our partnership with the Union of Power and Gas Employees (UPAGE) through our signing of the Employers’ Pledge of Fair Employment Practices. This reinforces our commitment to endorse the key principles of fair and merit-based employment practices. Recognising our strong dedication and contributions towards serving the less privileged elderly in our community, the Community Chest awarded SP the SHARE Corporate Gold Award and Special Events Platinum Award at its awards ceremony in 2008. In Australia, following the bushfires in February 2009, Jemena matched personal staff donations dollar-for-dollar to raise over A$100,000 for the Red Cross Victorian Bushfire Appeal to help fire victims in their time of need. SP AusNet, through the company’s Community Development Fund, contributed A$30,000 towards community groups and various charities for Special Children. Everybody Counts We are privileged to have the services of highly qualified Board members with vast experience in management and business. They provide sound judgement and guidance which contribute in no small measure to the resilience and success of SP. I would like to thank our Board members for their invaluable counsel. To our stakeholders including our business partners, I thank you for your unstinting support and cooperation. Not least, I would like to thank the management and staff for their dedication and hard work in keeping SP on course towards further excellence. Our appreciation also goes to UPAGE for its unrelenting support in upholding the interests of its members while partnering our management. Making the Future More than ever, SP has the scale of operations, a sound and prudent financial strategy, strategic focus, and a complete range of transmission and distribution competencies for electricity and gas. Led by a highly competent and experienced management, our dedicated workforces in Singapore and Australia have in recent times proven, as they had done before, their resilience and ability to stand up against the adverse business conditions. The future is what we make it to be. I am confident we in SP have the talent and passion to achieve our vision of being a leading energy infrastructure group in the Asia Pacific. Community Caring Our commitment to aiding the needy elderly was reaffirmed through our pledge of continued support for the Home Help Service for the period October 2008 to September 2009. SP also sponsored the fund-raising efforts of various charities for their cost of direct mailers. Ng Kee Choe Chairman 17 June 2009 06 SP Annual Report 08 FINANCIAL HIGHLIGHTS S$ Million 7,000 6,000 5,000 4,000 3,000 2,000 Operating Revenue 6,618 5,243 5,447 S$ Million 30,000 25,000 20,000 15,000 10,000 18,271 Total Assets 29,043 26,298 1,000 5,000 0 FY 06/07 FY 07/08 FY 08/09 0 FY 06/07 FY 07/08 FY 08/09 S$ Million Net Profit After Tax S$ Million Shareholders’ Equity 1,400 1,200 905 1,086 458 4,800 4,600 4,615 1,000 235 719 4,400 800 600 400 670 628 103 616 4,200 4,000 3,800 3,912 4,052 200 3,600 0 FY 06/07 FY 07/08 FY 08/09 3,400 FY 06/07 FY 07/08 FY 08/09 Exceptional & Non-recurring items Recurring Profit S$ Million 450 400 350 300 250 200 150 100 50 0 Economic Value Added (EVA) – Proforma 370 220 172 Percentage Return On Shareholders’ Equity 0 FY 06/07 FY 07/08 FY 08/09 FY 06/07 FY 07/08 FY 08/09 35 30 25 20 15 10 5 23.2% 5.8% 17.4% 25.5% 9.9% 15.6% 16.6% 2.2% 14.4% Exceptional & Non-recurring items Recurring Profit SP Annual Report 08 07 GROUP STRUCTURE Singapore Power Limited Singapore Operations Australia Operations Main Businesses Other Businesses Main Businesses SP PowerAssets* SP Global Solutions SP AusNet* (51%) PowerGas* SP Telecommunications SPI Management Services** SP PowerGrid** Singapore District Cooling (60%) SPI (Australia) Assets* SP Services Jemena Asset Management Companies** * Asset owning companies ** Management services companies 08 SP Annual Report 08 Singapore Operations Our Singapore Operations has four main business units – SP PowerAssets, PowerGas, SP PowerGrid and SP Services. It also has a technical management consultancy arm and related businesses. SP PowerAssets owns the electricity transmission and distribution assets in Singapore. PowerGas owns the gas transmission and distribution assets in Singapore. SP PowerGrid manages and operates the electricity and gas transmission and distribution networks owned by SP PowerAssets and PowerGas. SP Services provides market support services to electricity, gas and water customers, and facilitates electricity retail market competition. SP Global Solutions provides consultancy, training and management services, leveraging SP’s expertise in developing and operating energy utility infrastructure and businesses. SP Telecommunications provides telecom infrastructure services, leveraging SP’s expertise in managing and developing infrastructure assets. Australia Operations Our Australia Operations has four main business units – SP AusNet, SPI Management Services, SPI (Australia) Assets and Jemena Asset Management Companies. SP AusNet owns and operates Victoria’s primary electricity transmission network, an electricity distribution network in eastern Victoria, and a gas distribution network in western Victoria. SPI Management Services is the management company operating the business of SP AusNet under a management services agreement. SPI (Australia) Assets is the holding company for assets acquired from the former Alinta Ltd. SPIAA and its subsidiaries own gas transmission pipelines, gas and electricity distribution networks, and an asset services provider business. Jemena Asset Management Companies manage the assets owned by SPI (Australia) Assets and its subsidiaries. They also provide third party asset development, construction and management services. Singapore District Cooling is a joint venture company providing chilled water for the air-conditioning of commercial buildings. SP Annual Report 08 09 CORPORATE REVIEW The 2008/2009 financial year was one marked by unprecedented changes which have altered the global financial and economic landscape. The credit crisis that hit global financial markets in mid-2007 continued throughout the financial year. Singapore Power Group’s strategic focus on electricity and gas transmission and distribution assets and businesses has stood us in good stead, providing SP with defensive, stable and predictable revenues and earnings. These assets have positioned us well in times of increased volatility. Despite the difficult economic conditions, we have continued to strengthen our core capabilities and expertise in operations and human resource through our investments in our competencies and people. In the midst of these turbulent times, we have been able to hold our ground due to the strengthening of our key pillars of growth: Investment Strategy Financing Strategy and Capital Management Operational Excellence Human Capital Investment Strategy In Singapore, SP owns and operates electricity and gas transmission and distribution businesses, and provides energy market support services. In Australia, where two-thirds of SP’s assets are located, we own and operate electricity and gas transmission and distribution businesses in Victoria, New South Wales, Queensland and the Australian Capital Territory. SP has continued to drive organic growth of our regulated asset base. Capital investments in our networks during the past 12 months exceeded S$1 billion. These investments secure future regulated revenues for the business and enhance service to our customers. The newly acquired businesses in Australia have also enabled SP to venture into new growth areas such as water distribution network development and the provision of electricity infrastructure services for the growing wind farm developments in Australia. Given the significant size of our operations in Australia, SP is now well placed to derive synergies from the Australia business, particularly in the areas of IT operations, capital works and asset management services. To this end, EB Services (Australia) Pty Ltd (“EB Services”) was established on 1 October 2008 to provide IT services to the Australia entities in the SP Group. Leveraging size and scale, EB Services will create efficiencies in the delivery of IT services and achieve synergies through the consolidation of IT personnel and resources. 10 SP Annual Report 08 Financing Strategy and Capital Management Despite the volatility in debt markets, SP successfully refinanced our maturing debts and funded our capital expenditure at competitive rates. These include the following: � � � ��� ����������� ����� ��� ��� ��������� ������� � A$3.4 billion syndicated bank debt facility in July 2008. �� ������ ������� ��������� � ���� ������� ������� Sterling bond issue in June 2008. �� ����������� ������� �������� ������������ ������ S$600 million of fixed rate notes in August 2008. The issuance comprised both 7-year and 12-year notes and was issued under the SPPA’s Global Medium Term Note Programme. The success of these financing transactions reflects the strength of our underlying business fundamentals and attests to the support of the market for our prudent and disciplined debt strategy. The Group is committed to an optimal capital structure and to maintaining our strong credit ratings. SP is currently rated AA- by Standard & Poor’s and Aa3 by Moody’s Investors Service. Operational Excellence SP outperforms our peers operating comparable underground networks. In Singapore, the average duration of unplanned electricity supply interruption a customer experienced was less than a minute, which represents a system reliability of 99.9999 per cent. Similarly, our gas network achieved its best network reliability performance in the past 12 years, where a customer experienced only an average of 7.5 seconds of unplanned gas interruptions during the year. These stellar network performances were achieved through SP’s intensive network infrastructure development and planning. SP PowerGrid took on the additional role of managing the gas network in July 2008, ahead of the gas market restructuring. This integration of electricity and gas management staff allows synergistic management of SP’s electricity and gas networks, streamlining operations for better efficiencies and enhanced performance. SP AusNet and SPI (Australia) Assets achieved operational efficiencies, particularly in the information technology area. Through operational agreements concluded between SP AusNet and the SP Group, SP AusNet now delivers end-to-end network metering services, technical services and vegetation management services to the electricity and gas networks owned and managed by Jemena. SP AusNet also implemented a new operating structure to provide more focus on growing this important part of its business to the wider market. Building Human Capital SP’s continued success depends on our people and their capabilities giving us a competitive advantage in the global marketplace. Today, the Group has about 6,500 staff located in Singapore and Australia. We remain firmly committed to investing in our people to empower them to achieve their full potential. We groom and nurture them to continuously grow their talents. We upgrade their skills by offering education, on-the-job training, participation in special projects, overseas postings, job rotations and mentorship programmes. We support them in their pursuit of lifelong learning by providing subsidies for personal development courses. We actively cultivate and create communication avenues to listen to them and understand their needs. We introduced flexible work arrangements such as flexi-hours and pro-family leave schemes to help them to balance the demands of work and family. We harvest their ideas, and harness their skills and creativity through the Value Creation Idea Award Scheme and Economic Value Projects. Recognising the need to renew our talent pool, we continued our search for talented people to join and rejuvenate our organisation through participation in scholarship fairs, career fairs, internships and referrals. Our core values of teamwork, integrity, commitment and passion guide the actions and decisions of our people towards achieving SP’s strategic and business goals. SP Annual Report 08 11 BOARD OF DIRECTORS Mr Ng Kee Choe Mr Ng Kee Choe, 64, is the non-executive Chairman of Singapore Power Limited. He was appointed Director on 1 September 2000 and became its Chairman on 15 September 2000. He is also the non-executive Chairman of SP AusNet*. Mr Ng is also Chairman of NTUC Income Insurance Co-operative Limited and President Commissioner of PT Bank Danamon Indonesia Tbk. His other directorships include those of Singapore Airport Terminal Services Limited, Singapore Exchange Limited and Fullerton Financial Holdings Pte Ltd. He is also a member of the Temasek Advisory Panel, a member of the International Advisory Council of China Development Bank and Chairman of Tanah Merah Country Club. Mr Ng was the Vice-Chairman of DBS Group Holdings. He retired from his executive position in July 2003 after 33 years of service with DBS. Mr Ng was conferred the Public Service Star in 2001 for his contributions to the public service. Mr Alan Chan Heng Loon Mr Alan Chan Heng Loon, 56, is a non-executive independent Director of Singapore Power Limited. He was appointed on 1 June 2001 and is also the Chairman of SP PowerAssets Limited and PowerGas Limited. Mr Chan is currently the Chief Executive Officer and a Director of Singapore Press Holdings Limited. He is the Chairman of the Urban Redevelopment Authority and SPH Magazines Pte Ltd. He is a member of the Board of Governors of The Singapore-China Foundation and the Board of the Casino Regulatory Authority of Singapore. Previously, Mr Chan was the Permanent Secretary for the Ministry of Transport and held directorships in DBS Group Holdings Ltd, The Development Bank of Singapore Ltd and PSA Corporation Ltd. He sits on the boards of MediaCorp TV Holdings Pte Ltd, MediaCorp Press Ltd, Singapore Press Holdings Foundation Limited, TP Ventures Pte Ltd, GMM Times Company Limited, OpenNet Pte. Ltd., Business China, Magazines World Sdn Bhd, Blu Inc Holdings Malaysia Sdn Bhd, and Blu Inc Media Sdn Bhd. Mr Chan was awarded the Public Administration Medal (Gold) in 2002. 12 SP Annual Report 08 From far left: Mr Ng Kee Choe Chairman, Mr Alan Chan Heng Loon, Mr Eric Gwee Teck Hai, Mr Ho Tian Yee & Mr Tan Chee Meng, SC Mr Eric Gwee Teck Hai Mr Eric Gwee Teck Hai, 70, is a non-executive independent Director of Singapore Power Limited. He was appointed on 1 January 2001. He is the Chairman of SP Services Limited and a Director of SP AusNet*. Mr Gwee is also a Director of WorleyParsons Ltd and the Melbourne Business School Ltd. He was the Chairman of the Board of Governors for the Institute of Technical Education (ITE) and the Public Transport Council until 2001. For his many years of dedicated service to the community, Mr Gwee was awarded the Public Service Star in 1994 and the Public Service Star (Bar)[BBM(L)] in 2004. He was also honoured with the Meritorious Service Medal in 2007. Mr Ho Tian Yee Mr Ho Tian Yee, 56, is a non-executive independent Director of Singapore Power Limited. He joined the Board on 1 May 2003 and is also a Director of SP AusNet*. Currently, Mr Ho is the Managing Director of Pacific Asset Management (S) Pte Ltd and holds directorships in publicly-listed companies including Fraser and Neave Limited and Singapore Exchange Limited. He is a member of the Risk Committee of The Government of Singapore Investment Corporation Pte Ltd and the Chairman of Times Publishing Limited. Mr Ho was a former director of Great Eastern Holdings Limited, The Overseas Assurance Corporation Limited and The Great Eastern Life Assurance Company Limited. He was awarded the Public Service Medal in 1997. Mr Tan Chee Meng, SC Mr Tan Chee Meng, 52, is a non-executive independent Director of Singapore Power Limited. He was appointed on 1 August 2005. He is also a Director of SP PowerAssets Limited and PowerGas Limited. Mr Tan is Head (International Projects) and a Partner of WongPartnership LLP. He was appointed Senior Counsel in January 2006, and a Specialist Judge in July 2006 for a period of two years. Mr Tan is a Fellow of the Singapore Institute of Arbitrators and an Accredited Adjudicator of the Singapore Mediation Centre. He is a Regional Panel Arbitrator of the Singapore International Arbitration Centre and is on the Panel of Accredited Arbitrators of Badan Arbitrase Nasional Indonesia. Mr Tan is also a board member of the National Council of Social Service, Urban Redevelopment Authority and St Gabriel’s Foundation. SP Annual Report 08 13 BOARD OF DIRECTORS Mr Bobby Chin Yoke Choong Mr Bobby Chin Yoke Choong, 57, is a non-executive independent Director of Singapore Power Limited. He was appointed on 23 January 2006. Mr Chin is the Chairman of Singapore Totalisator Board. Mr Chin serves on the boards of the Competition Commission of Singapore and Singapore Labour Foundation. He is a director of several listed companies including Oversea-Chinese Banking Corporation Limited, AV Jennings Limited, Yeo Hiap Seng Ltd, Ho Bee Investment Limited, Neptune Orient Lines Limited and Sembcorp Industries Limited. He also sits on the Board of Trustees of the Singapore Indian Development Association (SINDA). Mr Chin was the Managing Partner of KPMG Singapore from 1992 to 2005. He served as Chairman of the Urban Redevelopment Authority from April 2001 to March 2006. In 2003, Mr Chin was awarded the Public Service Medal. Prof Jeremy Guy Ashcroft Davis AM Prof Jeremy Guy Ashcroft Davis, 66, is a non-executive independent Director of Singapore Power Limited. He was appointed on 1 August 2006 and is also a Director of SP AusNet*. Prof Davis is the Chairman of UNSW Professorial Superannuation Pty Ltd and the Deputy Chairman of AMWIN Management Pty Ltd. He currently serves as a Director of the Transurban Group, CHAMP Ventures Pty Ltd, Australian Institute of Management NSW & ACT Ltd and the Australian Institute of Management Canberra. He was the former AMP Society Professor at the Australian Graduate School of Management. Prof Davis earlier spent 10 years as a management consultant with the Boston Consulting Group. He also served as a Director of the Australian Stock Exchange from 1990 to 1996, and as a Director and Chairman of AIDC Limited and Amdel Holdings Pty Ltd. Mr Paul Chan Kwai Wah Mr Paul Chan Kwai Wah, 55, is a non-executive independent Director of Singapore Power Limited. He was appointed on 1 August 2006. He is a Director of SIA Engineering Company Limited, National Healthcare Group Pte Ltd and Integrated Health Information Systems Pte Ltd. He was a former Director of Verigy Ltd, the Singapore Economic Development Board, Noel Gifts International Ltd and Singapore Telecommunications Limited. 14 SP Annual Report 08 From far left: Mr Bobby Chin Yoke Choong, Prof Jeremy Guy Ashcroft Davis AM, Mr Paul Chan Kwai Wah, Mr Choi Shing Kwok & Mr Quek Poh Huat Mr Chan was formerly the Senior Vice President & Managing Director (Asia Pacific & Japan) of Hewlett- Packard Asia Pacific Pte Ltd and the Vice President & Managing Director (Asia Pacific) of Compaq Computer Asia Pacific Pte Ltd. He was also a member of the Tax Review Committee, Ministry of Finance and the Listings Committee of the Stock Exchange of Singapore. Mr Chan sat on the Advisory Board of the Lee Kong Chian School of Business at the Singapore Management University. He was awarded the Public Service Star (BBM) in 2005. Mr Choi Shing Kwok Mr Choi Shing Kwok, 50, is a non-executive independent Director of Singapore Power Limited. He was appointed on 1 August 2006. He is currently the Permanent Secretary of the Ministry of Transport. He was formerly a Director of Singapore Technologies Electronics Limited, Sembawang Resources Development Corporation Ltd, Singapore Automotive Engineering Ltd and Chartered Ammunition Industries Pte Ltd. He has also served as a Board member of the National University of Singapore Council, the Singapore Broadcasting Authority and the Jurong Town Corporation. Mr Choi was awarded the Meritorious Service Medal in 2000 and the Long Service Award (25 years) in 2004 by the Government of Singapore, and has also received state awards from foreign governments. Mr Quek Poh Huat Mr Quek Poh Huat, 62, was appointed a Director of Singapore Power Limited in November 2001 and Group Chief Executive Officer in May 2004. Within the Singapore Power Group, Mr Quek serves as Director on the boards of SP PowerAssets Limited, PowerGas Limited and SP Services Limited. He is currently Chairman of SP PowerGrid Limited, SPI Management Services Pty Ltd, SPI (Australia) Assets Pty Ltd and Enterprise Business Services (Australia) Pty Ltd. He retired as Director of SP AusNet* in July 2008. He is also a board director of publicly-listed Singapore Technologies Engineering Ltd and Chairman of ST Kinetics Ltd. Mr Quek is Singapore’s non-resident Ambassador to Sweden. He was conferred the Public Service Star in 1994. * A stapled group comprising SP Australia Networks (Transmission) Ltd, SP Australia Networks (Distribution) Ltd and SP Australia Networks (Finance) Trust, acting through its responsible entity, SP Australia Networks (RE) Ltd. It is dual listed on the Australian Stock Exchange and the Singapore Exchange Securities Trading Limited. As at 9 May 2009 SP Annual Report 08 15 ORGANISATIONAL STRUCTURE Board of Directors Chairman Mr Ng Kee Choe Nominating Committee Chairman Mr Alan Chan Heng Loon Finance Committee Chairman Mr Ng Kee Choe Board Risk Management Committee Chairman Mr Ho Tian Yee Staff Development & Compensation Committee Chairman Mr Ng Kee Choe Audit Committee Chairman Mr Bobby Chin Yoke Choong Head (Internal Audit) Ms Madalene Hee Subsidiaries’ Internal Audit Group Chief Executive Officer Mr Quek Poh Huat General Counsel & Company Secretary Ms Chi Ping Huey Chief Operating Officer Mr Ong Boon Hwee Chief Financial Officer Ms Lim Lay Hong Managing Director SPI Management Services & SP AusNet Mr Nino Ficca Managing Director & Acting Executive General Manager (Infrastructure Services) Jemena Ltd Mr Paul Adams Managing Director SP PowerGrid Mr Sim Kwong Mian Deputy Managing Director (Gas) Mr John Baptist Tay Deputy Managing Director (Planning & Strategy) Mr Jimmy Khoo Deputy Managing Director (Network Management) Mr Chang Swee Tong Deputy Managing Director (Network Development) Mr Chung Choon Heong Head Human Resource & Administration Mrs Lynn Loh Information Systems Corporate Affairs SP Global Solutions Subsidiaries’ Corporate Services Managing Director SP Services Mr Wong Chit Sieng Deputy Managing Director SP Services Mrs Jeanne Cheng Managing Director Strategic Investments Mr Lim Howe Run Finance � ��������� ���������� � �������� � ����� �������� � ����� ��� � ���� ���������� � ����������� � �������� � ���������� ���������� Group Risk Management Reports to Board Risk Management Committee Subsidiaries’ Risk Management Deputy Managing Director & Acting Executive General Manager (Asset Strategy) Jemena Ltd Mr Lim Howe Run Subsidiaries’ Finance 16 SP Annual Report 08 CORPORATE GOVERNANCE ETHICS & ACCOUNTABILITY The SP Board is solidly committed to good corporate governance. The principles set out in the revised Code of Corporate Governance 2005 (the Code) for listed companies are adhered to closely by the Company. The Company has used the Code as its guide and best practice standard and has put in place an internal framework to ensure good corporate governance in its business practices and activities. The Whistleblower Policy, which was launched in 2005, seeks to strengthen ethical business conduct in the Group. The Group endeavours to enhance shareholder value by ensuring the highest standards of corporate governance, transparency, accountability and integrity. Setting Directions The Board provides broad strategic directions for the Group and undertakes key investment and funding decisions. In addition, the Board ensures that Management maintains a robust system of internal controls to protect the Group’s assets and reviews the Group’s financial performance. The Board meets at least four times a year to review the Group’s business performance. In the last financial year, the Board met four times and held a Board Strategic Review in November 2008. Access to Information The Board is provided with relevant information prior to Board meetings and on an ongoing basis. Board papers include management financial reports, annual budgets and performance against budget, announcement of results, matters requiring the Board’s decision, updates on key outstanding issues and disclosure documents as well as updates on new legislative developments. Newly-appointed Board Directors attend an orientation programme to familiarise themselves with the Group’s business and governance practices. The Group also provides ongoing education on legislative updates and best practices. The Board has separate and independent access to the Senior Management and the Company Secretary. Should the Directors, whether as a group or individually, require independent professional advice to carry out their duties, the Company will arrange to appoint, at the Company’s expense, a professional advisor to render due advice. Accountability In presenting the annual financial statements to the shareholder, the Board aims to provide the shareholder with a balanced and comprehensive assessment of the Group’s position and prospects. The Management provides the Board with appropriately detailed management accounts of the Group’s performance, prospects and a risk dashboard on a monthly basis. There is a strong element of independence in the Board composition – independent non-executive Directors constitute more than three-quarters of the entire Board. The independence of each Director is reviewed annually by the Nominating Committee in accordance with the Code. The current size of ten Board members is appropriate for effective decision-making, taking into account the scope and nature of the Group’s operations. Collectively, the Directors have a wealth of expertise and experience in the management of business at senior and international levels. SP AusNet, as a publicly-listed stapled entity on the Australian Stock Exchange and the Singapore Exchange Securities Trading Limited, has established its own Audit and Risk Management Committee, Nomination Committee, Remuneration Committee as well as Compliance Committee to ensure a high standard of corporate governance. SP Annual Report 08 17 CORPORATE GOVERNANCE Board Committees The SP Board is supported by specialised board committees to facilitate effective supervision of Management. These are the Audit Committee, the Board Risk Management Committee, the Finance Committee, the Nominating Committee and the Staff Development and Compensation Committee. As and when required for specific projects, special board steering committees and due diligence committees will be constituted to provide support and guidance to Management. Audit Committee The Audit Committee (AC) comprises four nonexecutive Directors, all of whom are independent Directors as defined in the Code. The Board is of the view that the members of the AC have the financial management expertise and experience to discharge the AC’s responsibilities. The main function of the AC is to assist the Board in discharging its statutory and oversight responsibilities relating to the financial reporting and audit processes, the systems of internal controls and the process of monitoring compliance with the applicable laws, regulations and codes of conduct. The AC holds at least three meetings each year and is responsible for the following: � ������ ��� �������� �� ��� ����� ����� �� �������� ��� internal auditors; � ������ �� ��� �������� �� ��� �������� ����� ��������� � ������ �� ��� ��������� �������� �� ��� ����� ��� the Company; � ������ �� ��� ������������ ��� ����������� �� ��� external auditors; and � ���������� �� �������� �������� ��� ��������������� The members are: Mr Bobby Chin Yoke Choong (Chairman) Mr Tan Chee Meng Mr Choi Shing Kwok Mr Timothy Chia Chee Ming (co-opted external member) Board Risk Management Committee The Board Risk Management Committee (BRMC) assists the Board in fulfilling its oversight responsibilities. The BRMC reviews and approves: � ��� ���� ��� ����� �� �������� ����� ����� ��������� that the Company, its subsidiaries and associated companies undertake on an integrated basis to achieve their business strategy; and � ��� ���������� ���� ��������� ���������� ��� methodologies for identifying, measuring, monitoring and managing risks that are consistent with its risk appetite. The BRMC meets at least three times a year. The members are: Mr Ho Tian Yee (Chairman) Mr Paul Chan Kwai Wah Mr Tan Chee Meng (appointed wef 3 Dec 08) Mrs Oon Kum Loon (co-opted external member) Mr Quek Poh Huat (ex-officio)* The BRMC is supported by the Group Risk Management Office in its governance of SP Group risks. Although the risk management responsibilities of the Board are executed through the organisational set-up mentioned above, the ultimate risk ownership rests with the business groups. Finance Committee The Finance Committee (FC) assists the Board in reviewing proposed mergers, acquisitions, disposals and corporate restructuring and financing for the SP Group. The responsibilities of the FC are to: � �������� ��� ���������� ��� ��� ������� ��������� SP’s annual operating and capital expenditure budgets and business plans; � ������� �� ������� �������� ������������� divestments or corporate restructuring; � ������� �� ������� ���� ���������� ��� financings; and � ������� �� ������� ���� ����� ������� �� provided from time to time in the Authority Manual of SP Board. The FC holds at least two meetings a year. The members are: Mr Ng Kee Choe (Chairman)* Mr Ho Tian Yee Mr Eric Gwee Teck Hai Mr Quek Poh Huat* 18 SP Annual Report 08 Nominating Committee The Nominating Committee (NC) is responsible for formulating policies and guidelines on matters relating to Board appointments, re-appointments, retirement and rotation of Directors. The Directors’ performance, contribution and independence are taken into consideration in the NC’s review and assessment. The NC, in consultation with the Chairman of the Board, considers and makes recommendations to the Board concerning the appropriate size and needs of the Board. New Directors are currently appointed by way of a Board resolution after the NC has endorsed their appointment. The new Directors must submit themselves for re-election at the next Annual General Meeting (AGM) of the Company pursuant to the Articles of Association of the Company. The Articles of Association of the Company also requires not less than one-third of Directors to retire by rotation at every AGM. The NC meets at least twice a year. The NC comprises three Directors. The Chairman of the NC is an independent non-executive Director. The members are: Mr Alan Chan Heng Loon (Chairman) Mr Ng Kee Choe* Mr Quek Poh Huat* Staff Development and Compensation Committee The Staff Development and Compensation Committee (SDCC) oversees the remuneration of the Group Chief Executive Officer and senior executives. The SDCC establishes and maintains an appropriate and competitive level of remuneration to attract, retain and motivate senior executives to manage the Group successfully. No Director is involved or has participated in any proceedings with respect to his own remuneration. The SDCC meets at least twice a year. The SDCC comprises three Directors, two of whom are independent Directors. The members are: Mr Ng Kee Choe (Chairman)* Mr Alan Chan Heng Loon Mr Bobby Chin Yoke Choong Communication with Shareholder The Company values communication and ensures that timely and adequate disclosures of material information on the Company are made available to its shareholder. It holds regular dialogue and liaison sessions with the shareholder. Board Composition Board Members Audit Committee Board Risk Management Committee Finance Committee Nominating Committee Staff Development & Compensation Committee Mr Ng Kee Choe, Chairman* – – Chairman Member Chairman Mr Alan Chan Heng Loon – – – Chairman Member Mr Eric Gwee Teck Hai – – Member – – Mr Ho Tian Yee – Chairman Member – – Mr Tan Chee Meng Member Member – – – Mr Bobby Chin Yoke Choong Chairman – – – Member Prof Jeremy Guy Ashcroft Davis – – – – – Mr Paul Chan Kwai Wah – Member – – – Mr Choi Shing Kwok Member – – – – Mr Quek Poh Huat* – Ex-officio Member Member – Board Committee Members Mr Timothy Chia Chee Ming Co-opted Member – – – – Mrs Oon Kum Loon – Co-opted Member – – – As at 9 May 2009 * Non-independent SP Annual Report 08 19 SENIOR MANAGEMENT Mr Quek Poh Huat Mr Quek Poh Huat, Group Chief Executive Officer, is Chairman of SP PowerGrid Limited, SPI Management Services Pty Ltd, SPI (Australia) Assets Pty Ltd and Enterprise Business Services (Australia) Pty Ltd, and a Director on the boards of Singapore Power Limited, SP PowerAssets Limited, PowerGas Limited and SP Services Limited. He retired as Director of SP AusNet* in July 2008. Mr Quek has a Bachelor of Science (Chemical Engineering) degree with First Class Honours from University of Leeds, UK and a Master of Science (Management) with Distinction from the Naval Postgraduate School, Monterey, US. He has also completed the Advanced Management Program at the Harvard Business School, US. Mr Ong Boon Hwee Mr Ong Boon Hwee, Chief Operating Officer, oversees SP’s business units in Singapore as well as corporate services at the Group level. He also drives business development initiatives in the region. Prior to joining SP, he was Temasek’s Managing Director for Strategic Relations, and concurrently CEO of Temasek Management Services. Mr Ong is Director of ST Kinetics, Aetos Security Management and Singapore Institute of Management. He also serves on the committees of non-profit organisations such as the National Volunteer & Philanthropy Centre, A*STAR and Temasek Foundation. Mr Ong graduated from the National University of Singapore with a First Class Honours in Economics, and holds a Masters in Military Art & Science from the US Leavenworth General Staff College. Ms Lim Lay Hong Ms Lim Lay Hong is the Chief Financial Officer of the SP Group where she is responsible for providing financial strategy and leadership. This includes overseeing the corporate finance, treasury, financial management, tax planning and risk management functions of the Group. She is also responsible for corporate planning and strategic investments and has oversight of the SP Group’s overseas investments, including its Australia operations. Prior to joining SP, Ms Lim held a number of management and executive positions in a Singapore bank. Ms Lim holds a Bachelor of Accountancy degree from the National University of Singapore and a Master of Business Administration (Finance) from New York University. 20 SP Annual Report 08 From far left: MR QUEK POH HUAT Group Chief Executive Officer MR ONG BOON HWEE Chief Operating Officer MS LIM LAY HONG Chief Financial Officer MR SIM KWONG MIAN Managing Director SP PowerGrid MR NINO FICCA Managing Director SPI Management Services & SP AusNet Mr Sim Kwong Mian Mr Sim Kwong Mian, Managing Director, SP PowerGrid, has been with SP for 14 years. Prior to this, he was with the Public Utilities Board for 18 years. Mr Sim represents Singapore in the Heads of ASEAN Power Utilities/Authorities, which leads the power interconnection project to link the member countries’ electricity networks. He also represents Singapore in the Association of Electricity Supply Industry of East Asia and Western Pacific (AESIEAP). Mr Sim is a registered Professional Engineer with the Professional Engineers Board, Singapore, and a Senior Member of the Institution of Engineers, Singapore. He holds a Bachelor of Engineering (Electrical) degree from the University of Singapore, a Master of Science (Electrical) from the University of Manchester Institute of Science & Technology, UK, and a Diploma in Management Studies from the Singapore Institute of Management. He has also completed the Advanced Management Program at the Harvard Business School, US. Mr Nino Ficca Mr Nino Ficca, Managing Director, SPI Management Services, is also Managing Director, SP AusNet. He is a Director of SP Australia Networks (Transmission), SP Australia Networks (Distribution), SP Australia Networks (RE) and SP PowerGrid, as well as Managing Director of SPI PowerNet. Mr Ficca has worked in the energy industry for over 25 years, including in a number of senior management roles. He was a Director and Deputy Chairman of the Energy Supply Association of Australia until December 2007, and a member of the National Electricity Market Operations Committee. Mr Ficca holds a Bachelor of Engineering (Electrical) Honours degree and a Graduate Diploma in Management from Deakin University, Australia. He has also completed the Advanced Management Program at the Harvard Business School, US. * A stapled group comprising SP Australia Networks (Transmission) Ltd, SP Australia Networks (Distribution) Ltd and SP Australia Networks (Finance) Trust, acting through its responsible entity, SP Australia Networks (RE) Ltd. It is dual listed on the Australian Stock Exchange and the Singapore Exchange Securities Trading Limited. SP Annual Report 08 21 SENIOR MANAGEMENT Mr Paul Adams Mr Paul Adams was appointed Managing Director of Jemena Ltd in November 2008. He was previously General Manager, Network Services Group at SP AusNet. Mr Adams has a breadth of experience having worked in various roles in the electricity and gas industries for more than 25 years, including transmission, distribution, generation, trading and retailing. Mr Adams holds a Bachelor of Engineering Degree (First Class Honours) and a Graduate Diploma of Financial Management. He has completed courses in Leading Change and Organisational Renewal (Harvard), Executive Development Program (Australian Graduate School of Management) and Company Directors Course (Australian Institute of Company Directors). Mr Adams is also a Director of the Energy Networks Association of Australia and Member of the Institution of Engineers (Australia). Mr Wong Chit Sieng Mr Wong Chit Sieng, Managing Director, SP Services, is concurrently the Head (Information Systems). He has over 30 years’ experience in strategic business IT planning and the development and management of banking application systems. Before joining SP, Mr Wong was Director of Operations and Principal Consultant, Asia Pacific & Japan, at a US banking software company. He was also with the Overseas Union Bank for nine years as its Senior Vice President & Deputy CIO, and Vice President of Chase Manhattan Bank for 10 years. Mr Wong has a Bachelor of Business Administration degree with Distinction and a Master of Business Administration from the Royal Melbourne Institute of Technology, Australia. Mr Lim Howe Run Mr Lim Howe Run, Managing Director, Strategic Investments and Deputy Managing Director, Jemena Ltd, is responsible for the management of SP’s overseas investments. Prior to his appointment as Managing Director and Deputy Managing Director, he held various positions in risk management, asset management and business development within the Group. Mr Lim holds a Bachelor of Engineering (Mechanical) degree from the National University of Singapore. 22 SP Annual Report 08 From far left: MR PAUL ADAMS Managing Director & Acting Executive General Manager (Infrastructure Services) Jemena Ltd MR WONG CHIT SIENG Managing Director SP Services & Head (Information Systems) MR LIM HOWE RUN Managing Director Strategic Investments & Deputy Managing Director & Acting Executive General Manager (Asset Strategy) Jemena Ltd MS CHI PING HUEY General Counsel & Company Secretary MRS LYNN LOH Head (Human Resource & Administration) Ms Chi Ping Huey Ms Chi Ping Huey, General Counsel & Company Secretary, provides legal advice on all the Group’s major M&A deals including the acquisition of SPI (Australia) Assets in 2007. She is responsible for implementing policies involving board governance and reviews complaints under the Whistleblower policy for submission to the Audit Committees. Prior to joining SP, Ms Chi held various senior positions in the Singapore Technologies Group including Head (Legal) at Singapore Aerospace Ltd. She has more than 20 years of legal experience which spans negotiations with military and commercial customers, M&As, banking projects and a working stint with leading aviation insurance brokers and underwriters in The Lloyds/London. She began her career with a major local bank and has also been in private practice. Ms Chi is a member of the Singapore Law Academy. An OCBC scholar, she has a Bachelor of Law degree with Honours from the National University of Singapore and was admitted as an Advocate and Solicitor to the Supreme Court in 1985. Mrs Lynn Loh Mrs Lynn Loh, Head (Human Resource and Administration), has over 20 years’ experience in human resource. Mrs Loh is overall responsible for the Human Resource policies, programmes and services of SP. Before joining the Group, she was with the Central Provident Fund Board, Changi International Airport Services, PepsiCo Group International and Singapore General Hospital. She is the Vice President on the Council of Singapore Human Resources Institute and a National Assessor for the People Developer Standard. She is also a member of the Manpower Skills and Training Council of Singapore Workforce Development Agency, a statutory board under the Ministry of Manpower. Mrs Loh was previously a resource member of the Government Parliamentary Committee for Manpower. Mrs Loh holds a Bachelor of Arts degree majoring in Economics from the National University of Singapore and a Master of Business Administration (Accountancy) from the Nanyang Business School, Nanyang Technological University. As at 17 April 2009 SP Annual Report 08 23 OPERATIONS REVIEW SINGAPORE Operations Singapore Operations has four main business units – SP PowerAssets, PowerGas, SP PowerGrid and SP Services. It also has a technical management consultancy arm, SP Global Solutions, and related businesses such as Singapore District Cooling. OPERATIONS REVIEW SP POWERASSETS Meeting Singapore’s Growing Power Needs SP PowerAssets invests in infrastructure development to meet the growing power needs of Singapore. 26 SP Annual Report 08 SP PowerAssets owns the electricity transmission and distribution assets in Singapore. Its S$7.2 billion fixed assets base comprises modern and robust networks at 400kV, 230kV and 66kV for transmission, and 22kV, 6.6kV and 400V for distribution. In FY 08/09, SP PowerAssets continued its network infrastructure development, planning for additional capacity to meet the growing power needs of Singapore. Progressive upgrading and replacement of existing transmission assets were also carried out to ensure the continuity of the electricity grid’s track record of high reliability. � � � � � � � ��� ����� ������� �� ���� ����� ���������� was commissioned in September 2008 and an additional 400/230kV 500MVA transformer in February 2009 to further reinforce the 400kV transmission connection to the eastern part of Singapore. ����� ����������� ���� �� ��� ��� �� ������� Drive-Labrador cable tunnel was completed in March 2009. Installation of 400kV cables for the two Seraya-Labrador 400kV circuits, targeted to be completed in the third quarter of 2009, will bring more power from the western to the central part of Singapore. ��� ������������ �� � ��� ����� ���������� at Rangoon Road to meet growing electricity demand in central Singapore will commence in 2009 and is targeted for commissioning by end-2013. ����� �������� ������ ��� ����� ������� 75MVA transformers were commissioned and a new 230kV substation at Labrador will be commissioned in the second quarter of 2009 to meet load growth. ����� ����� ����������� ��� ��������� ����� constructed at Marina South, Choa Chu Kang and Tampines. ������� �������� ���� ����������� ��� ����� progressively upgraded as part of a network renewal programme. Five substations have since been commissioned. The Harbour Drive-Labrador cable tunnel will bring more power to the central part of Singapore when cable installation is completed. SP PowerAssets is developing two major cable tunnels for the future installation of transmission cables on the island. Soil investigation work is expected to be completed in the third quarter of 2009. The project, comprising a 17 km East-West tunnel and an 18 km North-South tunnel, will provide secure corridors for faster and more efficient installation of transmission cables, as well as enable ageing 230kV circuits to be replaced in an orderly and controlled manner. SP PowerAssets concluded a second 5-year regulatory price reset with the Energy Market Authority (EMA). Grid charges were reduced by an average of 8-11 per cent in various customer supply categories on 1 October 2008, without compromising the high quality performance standards of its transmission and distribution networks. SP Annual Report 08 27 OPERATIONS REVIEW POWERGAS Being Singapore’s Sole Licensed Gas Transporter and System Operator Laying of gas transmission pipelines that will cater to future needs. 28 SP Annual Report 08 PowerGas owns the gas transmission and distribution networks in Singapore which include two onshore natural gas receiving facilities and 2,900 km of underground pipelines. With the transfer of Sembcorp Gas pipeline assets to PowerGas on 15 September 2008 following the restructuring of the gas market, PowerGas became the sole licensed gas transporter and gas system operator in Singapore, delivering both natural gas and town gas. New Gas Industry Framework The new restructured gas market came into effect on 15 September 2008 with the implementation of the Gas Network Code (GNC) regime, a multi-lateral contract between PowerGas and gas shippers for transporting natural gas from injection points to end-user offtake points. PowerGas has developed and is operating the web-based 24/7 Gas Transportation IT System Solution (GTSS) which manages the transportation of natural gas according to the rules of the GNC. Enhancing the Town Gas Network PowerGas successfully extended the town gas network by 15.6 km to reach more customers in new public housing estates, private residences and commercial premises. In FY 08/09, PowerGas also renewed and reinforced 6.9 km of pipelines and diverted 1.6 km of pipelines affected by the Mass Rapid Transit (MRT) system extension works. PowerGas continues to renew and reinforce gas pipelines. PowerGas is the sole licensed gas transporter and gas system operator in Singapore, delivering both natural gas and town gas. SP Annual Report 08 29 OPERATIONS REVIEW SP POWERGRID Management MR SIM KWONG MIAN Managing Director MR JOHN BAPTIST TAY Deputy Managing Director (Gas) MR JIMMY KHOO Deputy Managing Director (Planning & Strategy) MR CHUNG CHOON HEONG Deputy Managing Director (Network Development) MR CHANG SWEE TONG Deputy Managing Director (Network Management) MR CHENG SEE TAU General Manager (Operations & Maintenance) MR LAW CHIN HO Director (Finance) & Head (Regulatory) DR YOON KOK THEAN Director (Procurement) 30 SP Annual Report 08 SP POWERGRID Ensuring High Reliability SP PowerGrid manages and operates the electricity and gas transmission and distribution networks in Singapore. SP PowerGrid’s network performance for its electricity operations in FY 08/09 was well within regulatory targets and an improvement over the previous year’s performance. Its network performance for gas operations was also well within regulatory targets. For FY 08/09, electricity’s System Average Interruption Duration Index (SAIDI) score of 0.69 minutes was better than the 1.14 minutes registered in FY 07/08. Gas’ SAIDI score of 0.125 minutes was a significant improvement over FY 07/08’s score of 0.491 minutes. Electricity’s System Average Interruption Frequency Index (SAIFI) score of 0.016 was better than its score of 0.023 in FY 07/08. Gas’ SAIFI score was 0.0020 interruptions compared to the previous year’s score of 0.0011. SAIDI measures the average duration of unplanned electricity or gas interruptions a consumer experiences in a year and SAIFI, the average number of such interruptions. SP PowerGrid’s impressive network performance is founded on the use of cutting-edge technology in condition monitoring, rigorous quality processes, and investment in network infrastructure and staff expertise. Condition Monitoring for Better Performance SP PowerGrid’s comprehensive efforts in condition monitoring continued to enhance electricity network performance with 43 potential failures averted in FY 08/09. The Oscillating Wave Testing System (OWTS), which monitors the condition of the underground 66kV, 22kV and 6.6kV cables, has successfully prevented 88 potential cable failures since its inception in January 2006. In FY 08/09, OWTS was conducted on nine 66kV circuits. OWTS for 230kV cables will be introduced in May 2009. The wireless SCADA system helps SP engineers monitor the electricity grid, swiftly isolate any fault and restore supply. The 230kV switchgear in Kampong Java substation was fitted with an online condition monitoring system. Remote Monitoring of Distribution Network The installation of the wireless Supervisory Control and Data Acquisition (SCADA) system for remote monitoring of the 6.6kV distribution network is in progress. By the third quarter of 2009, some 1,000 substations supplying densely populated public residential estates will be fitted with wireless SCADA to enable real-time monitoring of the network and further reduce outage time. As of February 2009, installation works at 800 substations were completed. Enhancing Communication Network The Time Division Multiplex over Ethernet (TDMoE) technology was commissioned and deployed in the Metropolitan Area Network (MAN) in December 2008. The use of this new technology for SCADA application resulted in lower maintenance costs. SP Annual Report 08 31 OPERATIONS REVIEW The tender for the wireless network connection to the MAN was awarded in January 2009. The wireless technology will be deployed at about 100 substations and installations to further extend the coverage for applications like SCADA, condition monitoring, power quality monitoring and security surveillance. Strengthening Customer Relationships During the year in review, SP PowerGrid implemented new initiatives aimed at serving its customers better. In August 2008, a new Power Quality Interest Group was formed for the essential services industry. This enables SP PowerGrid to better support the sector’s needs and future growth. Three meetings were held for the semiconductor & electronics, pharmaceutical, and chemical & petrochemical interest groups. Chief Executive Officers representing these high-tech industries on the Power Quality Advisory Panel also met in April 2008 to discuss power quality issues across industry sectors. SP PowerGrid organised four half-day workshops in July 2008 and a two-day workshop in February 2009 to share with large industrial and commercial customers its knowledge on the latest technologies and practices to enhance power quality. SP PowerGrid embarked on new initiatives to provide a higher level of customer service to affected public housing residents during electricity supply interruptions. Standby teams working on three shifts and decentralising mobile generators to six locations have improved the response time to site and shortened supply restoration time by up to 30 minutes. Service vans with LED panels are deployed to keep customers informed on the progress of supply restoration during an outage. As part of efforts to keep customers informed during supply interruptions, service vans with LED panels are deployed to provide residents with timely information on the progress of supply restoration. ISO Certification SP PowerGrid first obtained its ISO 9001:2000 certifications in 2002. In FY 08/09, it received ISO 9001:2000 recertification for the development and management of its electricity transmission and distribution networks, and for its gas operations covering network management and system operations. It also continued to comply with ISO 9001:2000 standards for the operation, control and monitoring of the distribution network as well as the management of network incidents and customer calls. These certifications affirm SP PowerGrid’s institutionalised quality processes that drive consistently high performance standards. SP PowerGrid’s institutionalised quality processes drive consistently high performance standards. Challenging Economic Environment The current economic downturn has impacted on domestic electricity demand. Electricity demand began to slide in the second half of the year as the deepening global financial crisis took its toll, particularly on Singapore’s export-dependent industries. In FY 08/09, the volume of electricity transmitted and distributed shrank by 1.0 per cent year-on-year to 37,464 GWh. The reduction in electricity consumption was broad-based, affecting both the manufacturing and non-manufacturing sectors. 32 SP Annual Report 08 SP POWERGRID Singapore Has One Of The World’s Best Performing Electricity And Gas Networks SYSTEM AVERAGE INTERRUPTION DURATION INDEX (SAIDI) measures the average duration of unplanned interruptions a consumer experiences in a year 10 2.5 Interruption minutes per customer per year 8 6 4 2 0 5.37 5 3.7 4 3.85 2.2 2.25 1.21 1.14 1.99 0.69 0.47 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 Up to Mar 09 Electricity SAIDI – Singapore Interruption minutes per customer per year 2.0 1.5 1.0 0.5 0 2.101 1.422 1.020 0.577 0.451 0.331 0.387 0.491 0.269 0.149 0.199 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 Up to Mar 09 Gas SAIDI – Singapore 0.125 SYSTEM AVERAGE INTERRUPTION FREQUENCY INDEX (SAIFI) measures the average number of unplanned interruptions a consumer experiences in a year Interruptions per customer per year 0.12 0.10 0.08 0.06 0.04 0.02 0.00 0.106 0.090 0.073 0.071 0.053 0.097 0.097 0.041 0.011 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 Up to Mar 09 Electricity SAIFI – Singapore 0.031 0.023 0.016 Interruptions per customer per year 0.025 0.020 0.015 0.010 0.005 0.000 0.0216 0.0147 0.0105 0.0058 0.0035 0.0028 0.0021 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 Up to Mar 09 Gas SAIFI – Singapore 0.0047 0.0040 0.0011 0.0020 0.0016 KEY NETWORK INDICATORS – SINGAPORE % Change Year-On-Year 10 8 6 4 2 0 (2) (4) 1.6 (2.4) 5.0 4.1 3.8 2.4 9.3 7.3 4.6 4.4 8.4 3.3 7.8 4.2 1.5 1.1 Real GDP Growth (%) Demand Growth (%) 01 02 03 04 05 06 07 08 Calendar Year GWh 40,000 35,000 30,000 25,000 0 29,960 31,446 32,199 33,635 34,995 36,287 37,838 37,464 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 Financial Year Real GDP Vs Electricity Demand Growth (% Change) Electricity Transmitted and Distributed (GWh) SP Annual Report 08 33 OPERATIONS REVIEW SP SERVICES Management MR WONG CHIT SIENG Managing Director MRS JEANNE CHENG Deputy Managing Director MR LAWRENCE LEE Acting Director (Operations) MS LILY TAN Acting Director (Information Systems) MR HEY BONG KOI Head (Finance & Accounts) 34 SP Annual Report 08 SP SERVICES Putting the Customer First SP Services provides every household and business in Singapore with a convenient and efficient one-stop utility service, including for electricity, water, and piped gas supplies. As the Market Support Services Licensee, SP Services offers meter data management, billing and payment collection services to the electricity market. It also facilitates competition in the retail market by enabling consumers to switch seamlessly between retailers, and between buying from retailers and from the electricity pool. For the convenience of customers, SP Services also provides billing and payment collection on behalf of other utility service providers such as the PUB for water charges, City Gas for gas charges, and the various refuse collection companies for refuse removal fees. Enhancing operational efficiency and cost effectiveness without compromising service quality will continue to be the key to SP Services’ success in weathering the current economic crisis. During the year in review, SP Services continued to focus on re-engineering its operations and business processes, combining the use of technology with service innovation in meeting the evolving lifestyle needs and expectations of IT-savvy customers today. Leveraging technology, the Integrated Call Centre Home Agent Pilot Scheme allows customer service officers to attend to service requests from home and process transactions for customers’ accounts remotely. The initiative has increased work productivity and provided flexible work arrangements for employees. Delivering Service Excellence Providing quality service and greater convenience has always been a key priority for SP Services. To assess its service performance level, SP Services engages independent research agencies to conduct customer surveys across all service touch points. The surveys also allow us to proactively gather feedback from customers for service improvements. Results from the customer satisfaction survey conducted during the year showed that SP Services was ranked top among local benchmarked service providers in Singapore for the fourth consecutive year. Leveraging Technology to Delight Customers Tapping on modern info-communications technology, SP Services embarked on a pilot scheme to explore the work-from-home concept for its field operations and Integrated Call Centre staff, with the aim of achieving savings in rental and other overhead costs which could be a win-win proposition for customers, staff and the business in the long run. The Wireless Workforce Management System enables technicians to receive their job orders daily for supply turn-on and cut-off through their PDAs. The application of wireless communications technology minimises the technicians’ travelling time and enhances their punctuality for appointments with customers. The Wireless Workforce Management System is used in field operations to provide real-time information for better customer servicing and optimal resource allocations. SP Annual Report 08 35 OPERATIONS REVIEW Introduced in 2005, the SP Services Pay-As-You-Use Metering Scheme continued to help 13,000 customers with utility arrears better manage their consumption while paying for their arrears over time. SP Services was ranked top among local benchmarked service providers in Singapore for responsive and courteous service. Customers were satisfied with the responsive and convenient services they received. SP Services staff were also rated highly for their responsiveness, helpfulness and courtesy, and providing clear information. In its latest ‘Mystery Shopping Audit’ conducted annually, its service performance index leapt from 88 per cent in the previous year to 92 per cent this year. In another benchmarking study conducted by KEMA, an international utility consultancy, SP Services scored highly for performance standards in comparison with its peers in other countries. The survey findings also highlighted that SP Services placed emphasis on its customer service while maintaining cost-effectiveness. It has the lowest cost-toserve per customer and the lowest metering cost. Customer-driven, Service-oriented Working in close partnership with utility service providers, SP Services’ Customer Service Centre is co-located with City Gas at Somerset Road. Customers enjoy a seamless one-stop convenience for all their utility needs – electricity, water and piped gas. Major Projects SP Services completed a major upgrading of its billing and payment system during the year. After 11 months of rigorous system integration and user acceptance tests, the new Enterprise Business System went live on 9 August 2008. This initiative was recognised under SAP’s Awards of Customer Service Excellence 2009 (ACE) scheme as the Most Outstanding Project. This is an award given to project partners who have achieved exemplary performance in project implementation, demonstrated their commitment to providing good customer satisfaction, and invested in training. The upgraded system enables SP Services to enhance the quality of its customer services and streamline its business processes for better customer service. It allows for faster information retrieval and reduces transaction time, contributing towards an enhanced service experience and customer satisfaction. Moving forward, SP Services will further enhance the system to gain even more operational efficiencies. In support of market liberalisation, SP Services participated in the Electricity Vending System (EVS) pilot project trial run initiated by Energy Market Authority. The objective of the EVS is to re-engineer the electricity retail process to provide competition through smart meter technology and e-payment systems. Smart meters will enable consumers to choose from different retail packages and help them better monitor their consumption. Service Commitment Going forward, providing quality service and greater convenience for customers will remain SP Services’ focus in an increasingly competitive and demanding environment. Founded on its strong service-oriented culture, SP Services will continue to explore ways to further improve its customer service and operational efficiency. Young visitors learn about efficient use of electricity at SP Services’ Electricity Efficiency Centre. 36 SP Annual Report 08 SP GLOBAL SOLUTIONS New Markets, Enhanced Capabilities SP Global Solutions (SPGS), as a recently established consultancy arm of Singapore Power, leverages the experience, operational expertise and domain knowledge of our people and institutions to provide practical solutions, services as well as training to a widening market of utilities clients in the region. FY 08/09 was an engaging and meaningful year for SPGS as it continued to build the capacity in providing a wider spectrum of services to reach out to new markets and to strengthen its network of partners. Besides taking on a number of new projects, SPGS also hosted numerous overseas delegations in Singapore and participated in various local and overseas industry forums. SPGS made headway in India, securing a consultancy contract with CESC Limited. CESC Vice Chairman Sanjiv Goenka (left) and SP Chief Operating Officer Ong Boon Hwee sealed the partnership with a warm handshake. Delegates from Beijing Electric Power Company participating in hands-on workshops in Singapore to learn different condition monitoring techniques. SP PowerGrid engineers conducting Oscillating Wave Testing System tests in Kolkata, India. SP Annual Report 08 37 OPERATIONS REVIEW CEOs of companies under Druk Holding and Investments Limited of Bhutan were hosted by SP Senior Management and engaged in a lively exchange of views and possible collaboration. SPGS conducted a seminar on Condition Monitoring for Taiwan Power Company. The seminar, held in Taipei, was attended and well received by engineers and management from Taipower. Through SPGS, overseas delegates from Shenzhen Gas Corporation attended training on gas network conducted by SP AusNet in Australia. Delegates from Guangzhou Power Supply Bureau receiving a briefing on the role of the Geographical Mapping System in operations management of the network. 38 SP Annual Report 08 SINGAPORE DISTRICT COOLING Working Towards Sustainable Development Singapore District Cooling, an SP joint venture company, produces chilled water for the air-conditioning of commercial buildings. It completed its third year of commercial operation with performance exceeding its own targets and regulatory requirements. In FY 08/09, revenue rose to S$8.6 million and an EBITA of S$0.8 million was achieved. The Supply Availability Index 1 was 99.99 per cent compared to the regulatory standard of 99.50 per cent. Growing its Customer Base Several major development sites, including the Integrated Resort and Marina Bay Financial Centre, will soon be connected to the district cooling system. The demand for district cooling system is projected to grow six to seven fold from the current base of 18 MWr to 120 MWr by mid-2010. Expanding Capacity To meet the quantum leap in demand for district cooling service, Singapore District Cooling is implementing major capital projects to expand the district cooling system. An aggregate of 100 MWr production capacity will be added to the existing district cooling plant located at One Raffles Quay Development and the new plant located at the Integrated Resort. A new piping network is being installed within the Common Services Tunnels to link the two district cooling plants and various customer intake stations. The capital projects are funded with a S$140 million limited recourse credit facility. The successful funding arrangement in the current cautious financial market is a testament to the robust fundamentals of the project. Complementary Services for Environment Protection In an initiative to contribute to environmental sustainability, Singapore District Cooling will be providing hot water services to the hotels and convention centre of the Integrated Resort. Heat pumps will extract the heat energy for hot water production that would otherwise be discharged to the atmosphere at the cooling towers. Installation of a new piping network in the Common Services Tunnels will link the district cooling plants and customer intake stations. OHSAS Certification for Occupational Health & Safety Singapore District Cooling achieved its BS OHSAS 18001:2007 certification in July 2008, affirming the company’s commitment and institutionalised processes towards occupational health and safety management. The existing district cooling plant also achieved zero accident record for work safety during the year. Looking Ahead Singapore District Cooling will continue to work with government agencies and building owners to broaden its customer base beyond its current service area at Marina Bay. 1 Measured in terms of supply temperature being maintained within specifications SP Annual Report 08 39 OPERATIONS REVIEW AUSTRALIA Operations Australia Operations has four main business units – SP AusNet, SPI Management Services, SPI (Australia) Assets and Jemena Asset Management Companies. Its business activities span Victoria, Queensland and New South Wales. OPERATIONS REVIEW SP AUSNET Management MR NINO FICCA Managing Director MR CHARLES POPPLE Group General Manager (Networks Strategy and Development) MR NORM DREW Group General Manager (Integrated Network Services) MR GEOFF NICHOLSON Chief Financial Officer & General Manager (Finance and Strategy) MS SUSAN TAYLOR General Counsel and Company Secretary MR JOHN KELSO General Manager (Select Solutions) MR JOHN AZARIS General Manager (Operations & Services) MS CLAIRE HAMILTON General Manager (Risk and Assurance) MR PETER MERRITT General Manager (Information Technology) MR MICHAEL BESSELINK General Manager (People and Safety) (acting) 42 SP Annual Report 08 SP AUSNET Sustainable Growth SP AusNet is the largest diversified energy infrastructure business in Victoria. It owns and operates a state-wide electricity transmission network, as well as an electricity distribution network in eastern Victoria and a gas distribution network in western Victoria. In FY 08/09, SP AusNet connected more than 26,000 new customers to its gas and electricity network. Undertaking maintenance works near Benalla. SP Annual Report 08 43 OPERATIONS REVIEW SP AusNet’s financial performance and transmitted 51,777 GWh of electricity. SP AusNet invested A$140.1 million to improve network performance on the transmission system. Electricity Distribution The electricity distribution network carries electricity from the transmission network to substations for distribution to connected electricity customers in eastern metropolitan Melbourne and eastern Victoria. The network is 47,000 km in length, spans an area of approximately 80,000 square km and services more than 600,000 customers. SP AusNet crew working on distribution insulators. Electricity Transmission SP AusNet’s electricity transmission network comprises over 6,500 km of transmission lines that carry electricity from power stations to electricity distributors and large customers in Victoria. The network is centrally located among the five eastern states of Australia that form the National Electricity Market and provides key links between the electricity transmission networks of South Australia, New South Wales and Tasmania. In FY 08/09, the electricity transmission network contributed A$492.2 million in regulated revenue to In FY 08/09, the electricity distribution network contributed A$509.2 million in revenue to SP AusNet’s financial performance, and distributed 7,894 GWh of electricity. SP AusNet invested A$262.4 million to improve network performance and connected 9,500 new customers across eastern Victoria. The electricity distribution business was affected in 2009 by bushfires, extreme heat conditions and storms. SP AusNet, however, continues to monitor and improve business resilience and operational response to incidents of this nature. Gas Distribution SP AusNet’s 10,000 km distribution pipelines carry natural gas from the transmission network to over 554,000 customers across 60,000 square km in central and western Victoria. It also owns 183 km of gas transmission pipelines. In FY 08/09, the gas distribution network contributed A$179.2 million revenue and distributed 75.3 PJ of gas. SP AusNet invested A$69.0 million to expand the network and connected 17,100 new customers across western Victoria. Gas distribution works with gas meters. 44 SP Annual Report 08 SP AUSNET The Condition Monitoring team identifies potential network failures before they occur. SP AusNet secured long-term operational agreements with the Singapore Power Group to deliver competitive niche services to the Jemena group of companies. These arrangements allowed SP AusNet to extend its footprint to implement these services into New South Wales for the first time and obtain operational efficiencies through the Information Technology area. SP AusNet also implemented a new operating structure to provide more focus on growing this important part of its business to the wider market. This year, SP AusNet became the first business in Australia to receive certification to British Asset Management Specification – BSI PAS 55. The specification is recognised as the leading global standard against which assetintensive industries, such as utilities, are benchmarked. Looking ahead, SP AusNet is planning the rebuilding of new terminal stations in Thomastown, Ringwood, Richmond, Geelong and Hazelwood. It is also planning the securing of electricity supply for an additional 120,000 customers in the Northern corridor growth region of Melbourne. SP AusNet will also continue its extensive gas mains renewal programme, improving supply capacity and making the gas distribution network safer and more reliable. SP Annual Report 08 45 OPERATIONS REVIEW SPI (AUSTRALIA) ASSETS / JEMENA Management MR PAUL ADAMS Managing Director & Acting Executive General Manager (Infrastructure Services) MR LIM HOWE RUN Deputy Managing Director & Acting Executive General Manager (Asset Strategy) MR IAN WELLS Chief Financial Officer MR DAVID CLERK Executive General Manager (Strategy and Business Development) MR SHAUN REARDON Executive General Manager (Infrastructure Investments) MS LINDA DAWSON Executive General Manager (People, Safety and Services) MS CATHY BIBBY Chief Information Officer MS YASMIN BROUGHTON General Counsel and Company Secretary 46 SP Annual Report 08 SPI (AUSTRALIA) ASSETS / JEMENA Building on Core Capabilities SPI (Australia) Assets Pty Ltd, together with its Jemena subsidiaries, builds, owns and maintains a combination of major electricity, gas and water assets. In FY 08/09, new growth paths were achieved through the acquisition of electricity and water infrastructure service companies. It also focused on optimising its core business in the areas of electricity and gas and asset management services, and on leveraging its people and safety capabilities. A New Beginning The Jemena brand was launched in August 2008, marking a new beginning for the company renowned for its high quality gas, water and electricity infrastructure and contracted works services. Jemena is an aboriginal word meaning ‘to hear, to listen and to think’, and it aptly represents how the company conducts its business and focuses on delivering the best services. Jemena Gas Network In FY 08/09, the gas distribution network contributed A$373 million in revenue to the Group and distributed 100 PJ of gas. A total of A$96 million was invested to maintain and expand the network. This investment was across a range of activities including market expansion, capacity development, facilities renewal and upgrade, metering, mains and services renewals, and ancillary equipment. The customer base continued to grow with the connection of an additional 25,013 new customers. Major projects included the construction of a 2.5 km steel main, at approximately A$5.0 million, through one of Sydney’s oldest and most congested areas, the Eastern Suburbs. A Jemena worker conducts maintenance work on gas transmission pipelines. SP Annual Report 08 47 OPERATIONS REVIEW Workers consult with one another before fixing overhead power lines. Jemena Electricity Networks Network revenue of A$200 million was A$1.7 million above target and A$4.0 million higher than the prior year, reflecting the higher level of energy delivered – 4,446 GWh compared to 4,021 GWh in the prior year. Capital investment in the network of A$100 million included A$25 million of investment in the initial design and planning phase of the Advanced Interval Meter Rollout Program mandated by the Victorian Government. A maintenance optimisation project was delivered by Jemena to reduce the ongoing maintenance costs on the Jemena Electricity Networks. This project realised a A$1.7 million benefit in FY 08/09 by adjusting maintenance frequencies, scopes and resource requirements, aligning them to industry benchmarks and completing risk assessments to ensure the changes were acceptable. Development of Major Assets The major Mila Compressor Station project was completed in July 2008 and has increased the pipeline capacity by 24 per cent. The pipeline transports natural gas from Bass Strait to Canberra, Nowra, Tallawarra (near Wollongong), Port Kembla and Sydney. The Queensland Gas Pipeline expansion project, consisting of the installation of the Rolleston and Banana Compressor Stations and Looping from Oombabeer to Callide, will increase the pipeline capacity by 69 per cent when completed in 2010. The addition of compression will also allow for more effective control of the pipeline. A significant new delivery point is also being constructed at Yarwun to deliver gas to Rio Tinto’s upgraded aluminium refinery. 48 SP Annual Report 08 SPI (AUSTRALIA) ASSETS / JEMENA In an Australia-first, Jemena designed and built the A$104 million Colongra Lateral gas pipeline which delivers gas to the new Delta peaking power station near Newcastle, and provides sufficient gas storage to allow the station to run at full capacity for five hours in the event of a major interruption to the normal supply of gas. Safety First During the year in review, the business faced a number of challenges in the safety arena. In response to these challenges Jemena put in place systems and procedures to focus on and help achieve “Zero Harm – Safety First”. The new initiatives include establishing electricity and gas safety taskforces charged with identifying, capturing and implementing new ideas to improve safety in the business, such as independent performance reviews to recommend change, ensuring all staff undertake “Safety First” training and rewarding the display of safety behaviour. A monthly Safety Hero Award was also established to recognise individuals or teams for their outstanding contribution to safety at Jemena. FY 09/10 will see a continued focus on safety and ensuring “Zero Harm – Safety First”. Heatwave Heroes In late January 2009, Victoria experienced unprecedented hot weather conditions, resulting in three separate emergency events. The staff of Jemena worked tirelessly to restore power during these extraordinary conditions. Its field personnel, along with contractors and line workers from around the country, worked for days in temperatures exceeding 40°C to repair network damage and restore power to over 200,000 customers. Equally important were those who managed the response around the clock as well as Jemena volunteers who looked after the field personnel and answered calls at the call centre. Fixing a power line in Melbourne. The Year Ahead Jemena is on track to deliver over A$300 million of contracted services work in FY 09/10, as well as an additional A$300 to A$400 million per annum in contracts for work over the next three to five years as a result of being appointed to various client panels. The new structure supports the growth in Contracting Services while focusing on maximising return from its assets, developing new assets and partnering with other developers where it makes good business sense. SP Annual Report 08 49 AWARDS & ACCOLADES Business Alliance Award 2008 � Singapore Power Group by the Australian Chamber of Commerce, Singapore Best Syndicated Loan (Best Australia Deals 2008) � SPI (Australia) Assets Pty Ltd, by The Asset ISO/IEC 17025 for Calibration and Measurement of Meters � �������� by Singapore Accreditation Council-Singapore Laboratory Accreditation Scheme, 2005 to present BSI PAS 55 Certification to British Asset Management Specification ISO 9001:2000 Certification for Quality Management System � �� ������ by Asset Management Consulting Limited, 2008 � � � � �� ��������� (Distribution Control & Customer Services Section) by Certification International, FY 06/07 to present �� ��������� (Network Development) (Electricity) by Certification International, FY 02/03 to present �� ��������� (Network Management) (Electricity) by Certification International, FY 02/03 to present �� ��������� (Gas Operations) by SGS International Certification Services Singapore Pte Ltd, FY 08/09 ISO 9001:2008 Certification for Quality Management System � �� �������� by BSI Management System, FY 04/05 to present Singapore Quality Class Certification � �� �������� by SPRING Singapore, 2006 to present SAP Most Outstanding Project Award � �� ��������, 2009 OHSAS Certification for Occupational Health & Safety Management System � ��������� �������� �������, 2008 People Developer Standard by SPRING Singapore � ��������� ����� �����, 2000 to 2010 � �� ���������, 2005 to 2012 � �� ��������, 2005 to 2009 Singapore H.E.A.L.T.H. (Helping Employees Achieve Life-Time Health) Award, Gold � ��������� ����� ����� by Health Promotion Board, 2004 to 2010 50 SP Annual Report 08 Work-Life Achiever Award � ��������� ����� ����� by Ministry of Manpower, 2006 to 2010 Leading HR Practices Awards in Employee Relations & People Management, Quality Work-Life, and Health & Employee Wellness, the Singapore HR Awards � ��������� ����� ����� by Singapore Human Resources Institute, 2008 Special Mention in Learning & Human Capital Development, E-HR Management, and HR Communications, the Singapore HR Awards � ��������� ����� ����� by Singapore Human Resources Institute, 2008 Minister for Defence Award � ��������� ����� ����� by Ministry of Defence, 2005 to 2010 The Minister’s Honours Roll & Minister for Home Affairs Award � ��������� ����� ����� by Ministry of Home Affairs, 2008 to 2010 Labour Relations/Human Capital Management Award, Ethical Investor Australian Sustainability Awards � �� ������, 2008 SHARE Corporate Gold Award � ��������� ����� ����� by Community Chest, 2003 to 2007 5-Year Outstanding SHARE Award � ��������� ����� ����� by Community Chest, 2007 Special Events Platinum Award � ��������� ����� ����� by Community Chest, 2006 to 2007 SP received the 2008 Business Alliance Award from the Australian Chamber of Commerce in Singapore for our outstanding contributions to the Singapore-Australia business relationship. SP Annual Report 08 51 OPERATIONAL SUPPORT HUMAN RESOURCE Developing Capabilities Staff expertise and commitment contribute significantly to SP’s superior performance. As such, the company invests considerable resources to develop the skills and core competency of its workforce, and expand and groom its talent pool. This is further supported by a healthy work-life balance strategy and a strong union-management partnership. Continuous Staff Training During the year in review, SP invested an average of 54 training hours for each staff. An annual Total Training Plan was drawn up, incorporating staff’s Individual Learning Roadmaps. Team Engagement and Motivation (TEAM), a corporate core programme, was launched to provide each functional section with the opportunity to bond and foster a close and supportive relationship through fun and challenging activities. This was supplemented by the Leading Excellence and Development (LEAD) programme for unit heads to hone their people management skills and leadership style so that they can better manage and engage their teams. 76 employees were sponsored for part-time courses in FY 08/09 under the Union of Power and Gas Employees (UPAGE)-SP MOU. To date, the scheme has sponsored a total of 348 employees for nationally certified programmes leading to a technical certificate or a diploma. “My Learning Path” was launched to encourage junior staff to upgrade themselves through the national Employability Skills System on workplace literacy and numeracy. Some 38 employees have completed either the Beginner or Intermediate level. To encourage continuous learning among staff, SP put together 54 e-courses, four of which are specific to its business and developed in-house, on its Human Resource Management System. SP is committed to promoting work-life balance through various Quality Life Programmes, such as the Sports for Life event. 52 SP Annual Report 08 SP’s scholars and Management Associates are trained and developed through attachments, job rotations and specially tailored training courses. Five employees from SP and one from SP AusNet were given overseas postings ranging from six months to more than two years, to provide them with international exposure and professional development opportunities. Such attachments also facilitate the exchange of technical expertise and knowledge across countries. Growing and Grooming the Talent Pool SP awarded seven scholarships in FY 08/09, bringing its pool of undergraduates to 21. Upon graduation, these scholars will undergo a series of job rotations under the Management Associate Scheme. They will be exposed to different aspects of SP’s business and operations and specially tailored training programmes in finance, business and personal development to equip them for corporate management roles. In Australia, SP AusNet continued to recruit apprentices, graduates and trainees under its ‘Skilling for the Future’ programme to ensure operational sustainability. The Jemena Companies also conducted a number of graduate programmes, aimed at developing a talent pool for the business to ensure leadership succession. These programmes have enjoyed much success, attracting excellent candidates. They have contributed to positive retention rates and garnered positive feedback from both managers and employees alike. Jemena relaunched its Development Programmes aligned with its business strategy, focusing on building people management and leadership capability at all levels within the company. More than 200 staff benefited from the programmes. An integrated talent management initiative was also rolled out to support staff development. This process identifies successors for business critical roles and career moves. Development opportunities are subsequently planned for these successors. The successor development programme instills market confidence and ensures a competitive edge through the retention of knowledge and skills within the business. SP Annual Report 08 53 SP’s support of the UPAGE Endowment Fund was a testament to the strong partnership between SP and UPAGE. Recognition by Awards For its efforts in promoting a healthy work-life balance among staff and nurturing a dynamic and meaningful work environment, SP was accorded the Singapore H.E.A.L.T.H (Helping Employees Achieve Life-Time Health) Gold Award by the Health Promotion Board in 2008 and the Work-Life Achiever Award by the Ministry of Manpower. SP also won three Leading HR Practices Awards from Singapore HR Institute for Employee Relations & People Management, Quality Work-Life, and Health & Employee Wellness. It received special mention in three other categories, namely Learning & Human Capital Development, E-HR Management and HR Communications. SP was a finalist in the HRM Awards 2009 for the categories of “Best Training, Learning and Development”, and “Best Use of Technology”. In Australia, SP AusNet was awarded the Labour Relations/Human Capital Management award at the 2008 Ethical Investor Australian Sustainability Awards. The award recognised SP AusNet’s acknowledgement of the greater contribution that women can make to a male-dominated engineering industry and its focus on diversity. Strategic Union-Management Partnership SP enjoys a strong partnership with UPAGE that is built on an open and consultative approach to resolving operational and strategic issues. In a milestone partnership with UPAGE to create a harmonious and progressive work environment, SP signed the Employers’ Pledge of Fair Employment Practices in April 2008. The pledge reinforces its commitment towards endorsing the key principles of fair and merit-based employment practices, including equal opportunities for training and development for employees. SP also pledged S$200,000 a year for five years to the UPAGE Endowment Fund. The Fund contributes towards the long-term financial independence of UPAGE, thereby assisting the Union to continue providing benefits to its members. 54 SP Annual Report 08 OPERATIONAL SUPPORT INFORMATION SYSTEMS Investing in Technology Technology enables the automation of key processes, freeing staff from manual tasks and improves productivity. At SP, IT initiatives are aligned closely with business unit goals to ensure efficient and effective execution of business strategies. Common shared systems and infrastructure across the Group drive greater synergies. Supporting the Gas Network The Singapore gas market was de-regulated on 15 September 2008. PowerGas developed and launched a web-based IT system, Gas Transportation System Solution (GTSS), to manage the transportation of natural gas according to the rules of the Gas Network Code. The Information Systems Department (ISD) worked closely with the system integrator, Accenture, to ensure that the design of the GTSS is robust and reliable. The supporting infrastructure and computer operations processes were tested very thoroughly to ensure that they meet system performance expectations and reliability standards. Enhancing Human Resource Management with Business Intelligence Tools ISD spearheaded the design and implementation of a business data warehouse for business intelligence for the Human Resource department. The solutions became operational in January 2009. The system allows for the creation of analytical reports detailing manpower statistics through the Enterprise Portal. It also enables key business users to slice and dice the data and to perform ad-hoc analysis and reporting via an on-line interface, hence improving productivity and efficiency. Users can also access this function via the internet, thereby granting them 24-hr global access. Automated Monitoring The ISD Data Centre operates 76 units of UNIX servers, 280 Intel servers and 175 networking equipment. During the year, ISD implemented an Enterprise Management System to proactively monitor all critical systems, hardware and services. This has led to improved management of the inventory of hardware and software, and automation of the performance reporting for critical servers and the patch management of the Microsoft Operating Systems. Common shared systems and infrastructure across SP drive greater synergies. SP Annual Report 08 55 OPERATIONAL SUPPORT ENTERPRISE RISK MANAGEMENT Managing Risk Proactively Staff employ a systematic and holistic approach to identify, assess, mitigate, report and monitor risks. SP is committed in its practice of Enterprise Risk Management and recognises risk management as a fundamental tool of effective corporate governance and operational efficiency. SP adopts a proactive and structured approach to risk management as an integral part of day-to-day activities at all levels within the organisation. Institutionalised and comprehensive enterprise-wide risk management policies and procedures within SP ensure that practices enhance stakeholders’ value. A systematic and holistic approach is implemented to identify, assess, mitigate, report and monitor the different types of risks, which include operational and IT risk, regulatory risk, financial risk, legal risk as well as strategic and reputational risk. The Group’s guiding principle is that all employees are responsible for risk management in their respective areas of work. The roles and responsibilities of risk escalation and communication are clearly defined. The risk management practice in SP is an evolving and continuous process. For the year under review, SP

Letter of Appointment – Electrical Installation Please fill up this form to appoint a Licensed Electrical Worker (LEW) to take charge of your electrical installation. You need your appointed LEW’s card license to fill up this form. To: Name of Licensed Electrical Worker (LEW): ___________________________________________ License No. of LEW: _____________________________ Signature of LEW: _____________________________ APPOINTMENT TO TAKE CHARGE OF THE ELECTRICAL INSTALLATION AT __________________________________________________________________________ __________________________________________________________________________ (Installation Address) FOR ____________________________________________________________________ (Name of Company) I would like to appoint you as the licensed electrical worker to take charge of the above-mentioned electrical installation. __________________________________________ Full Name & Designation of Applicant’s Authorised Person _____________________ Signature / Date Correspondence Address: __________________________________________ __________________________________________ Postal Code: ________________________________ Email Address: _______________________________ (Company Stamp) UEN: ___________________ Business Tel. No.: ___________________ ext.: ______ Fax No.: ___________________________________ This form is intended for SP Services Ltd only.

Fast electric vehicle charging at four Caltex stations SAMUEL DEVARAJ Four Caltex service stations will soon offer fast electric vehicle charging, in a partnership between SP Group and Chevron Singapore, which markets the Caltex brand. The 50kW direct current fast chargers that will be installed at these stations by the second quarter of this year will be able to charge up an electric vehicle in 30 minutes, SP and Chevron said in a joint press release yesterday. This is compared with the few hours required by the more commonly available alternating current chargers. Three stations – in Chong Pang, Jurong Spring and Dunearn – will each be equipped with one fast charger. The fourth, in Changi, will have two 50kW direct current charging points that are designed to allow a compatible car to charge up to a speed of 100kW, provided only one car is utilising the charging points. REAL-TIME UPDATES The chargers will also be incorporated on the SP Utilities mobile app, which allows electric vehicle drivers to search for the availability of the nearest charging points, receive realtime updates on their charging sessions and make direct, cashless payment. Three Caltex service stations will each be equipped with one fast charger while a fourth will have two 50kW direct current charging points. TNP PHOTO: LIM YAOHUI SP and Chevron said they will be studying electric vehicle charging usage patterns and behaviour at the stations to refine and enhance accessibility and utilisation, and plan for more charging points and locations. Group chief executive officer of SP Stanley Huang said: “We are pleased to partner Caltex in our first collaboration with a fuel and lubricant retailer. “This gives electric vehicle drivers greater convenience as it accelerates the accessibility of charging locations that are incorporated in our daily activities. “ Our aim is to build Singapore’s largest public electric vehicle charging network and expand our integrated green mobility solutions to meet the evolving needs and sustainability goals of businesses and individuals.” samuelsd@sph.com.sg

News Release CapitaLand, SP Group and Sembcorp to Study Use of Integrated Energy Solutions to Green Data Centres CapitaLand’s data centre is the first to pilot in Singapore under SP’s Energy Partnership Programme Singapore, 5 November 2020 – CapitaLand, SP Group (SP) and Sembcorp Industries (Sembcorp) have signed a Memorandum of Understanding (MOU) to jointly study the use of integrated energy solutions to power data centres. CapitaLand’s data centre is the first to pilot in Singapore under SP’s Energy Partnership Programme. The integrated energy solutions will potentially include a combination of solar photovoltaic, green hydrogen and energy storage amongst others. These will be further enhanced with smart technologies to increase energy efficiency and effectiveness. CapitaLand’s drive for sustainability The study covered under the MOU will initially focus on developing solutions to power CapitaLand’s flagship data centre, 9 Tai Seng Drive with green energy. 9 Tai Seng Drive has been certified with the top rating of Green Mark Platinum for data centres by the Building and Construction Authority and Infocomm Media Development Authority. The feasibility study results planned for the second half of 2021, would potentially be applicable to benefit other data centres in Singapore. This initiative dovetails with CapitaLand’s 2030 Sustainability Master Plan to elevate its commitment to global sustainability. Among CapitaLand’s 2030 sustainability targets unveiled on 1 October 2020, it aims to reduce its carbon emissions intensity by 78% by 2030, reduce its energy consumption intensity at its operating properties by 35% and increase its proportion of total electricity consumption from renewable sources by 35% by 2030. CapitaLand also aims to green its entire global portfolio by 2030, including its data centres. Mr Kelvin Fong, Managing Director, Data Centre, CapitaLand Group, said: “As a responsible company, CapitaLand is partnering SP and Sembcorp to further enhance the sustainability of our data centres to support the growth of a clean digital economy. The ability to leverage smart energy solutions and tap renewable energy sources at our data centres will extend CapitaLand’s competitive advantage within the data centre industry while meeting our commitments towards global sustainability. Besides powering our data centres with renewable energy, we aim to offer energyefficient designs and facility operations at our data centres. CapitaLand remains committed to contribute to the environmental and social well-being of the communities we operate in.” SP’s Energy Partnership Programme This collaboration between CapitaLand, SP and Sembcorp is the first under SP’s Energy Partnership Programme. The programme aims to help corporates meet their green ambitions and overcome energy-related business challenges using integrated energy solutions. Leveraging SP’s technical expertise in smart energy solutions, research and testing will be undertaken at SP’s Concept Lab1 . Corporates enjoy the benefits of researching and testing the viability of sustainable solutions before advancing to real-world applications. Mr Chuah Kee Heng, Chief Executive Officer, Sustainable Energy Solutions, SP Group, said: “We are pleased to work with CapitaLand and Sembcorp to green CapitaLand’s data centres. Under SP Group’s Energy Partnership Programme, we provide expertise and a conducive environment to help corporates solve their energy challenges and contribute to a low carbon, smart energy Singapore.” Sembcorp harnesses the power of collaboration As an integrated energy player across the utilities and energy value chain, Sembcorp brings expertise in providing urban sustainability solutions to energy-intensive businesses with customised combinations of solar energy, energy storage, sustainable energy retail and other innovative energy solutions. One of the targeted outcomes for Sembcorp in this partnership is to determine how green hydrogen fuel cell technologies can be most efficiently deployed in Singapore to reduce the carbon footprint of data centres. Mr Lim Yeow Keong, Senior Vice President, Singapore and Southeast Asia (Energy), Sembcorp Industries, said: “Sembcorp looks forward to this collaboration with CapitaLand and SP. A key goal of this project is to find the most efficient way to lower the carbon footprint of data centres without compromising their operational resilience. With growing demand for data centres, finding carbonefficient solutions to power them is key to enable a sustainable future.” CapitaLand’s joint study with SP and Sembcorp is another of its efforts to strengthen the use of renewable energy and reduce its carbon footprint. In collaboration with Sembcorp, over 21,000 solar panels were installed atop CapitaLand’s six industrial properties2 held under Ascendas Real Estate Investment Trust (Ascendas Reit) in Singapore in 2019. It is the largest combined rooftop solar facility in Singapore by a real estate company. These solar farms can collectively generate around 10,292 megawatt hours of energy annually, equivalent to powering about 2,300 four-room HDB flats each year3. CapitaLand’s corporate offices in Singapore will be 100% powered by renewable energy. Three of its corporate offices will be 100% powered by renewable energy by end 2020 through Renewable Energy Certificates from the clean energy generated atop these industrial properties. Greening data centres for a low-carbon future The joint study is timely, given current trends in data network electricity use. According to a June 2020 report by the International Energy Agency, global data centre electricity demand in 2019 contributed close to one per cent of global demand4 . Demand for data services is expected to continue its exponential growth over the coming years, which in turn will lead to an accelerated growth in data centre loads. 1 SP’s Concept Lab is the group’s innovation space to test new concepts and technologies and develop solutions for its customers. 2 The six properties are LogisTech, 1 Changi Business Park Avenue 1, 9 Changi South Street 3, 2 Senoko South Road, 40 Penjuru Lane, and Techpoint. 3 Average annual electricity consumption of a four-room HDB household is based on Singapore’s Energy Market Authority’s 2019 Singapore Energy Statistics 4 Data Centres and Data Transmission Networks (https://www.iea.org/reports/data-centres-and-data-transmissionnetworks). Global data centre electricity demand in 2019 was approximately 200 TWh, which is equivalent to the annual consumption of about 47 million 4-room HDB flats and 83.76 million tonnes of carbon emissions.   About CapitaLand Limited (www.capitaland.com) CapitaLand Limited (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth about S$133.3 billion as at 30 September 2020. CapitaLand’s portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 220 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA. CapitaLand has one of the largest real estate investment management businesses globally. It manages six listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. CapitaLand launched Singapore’s first REIT in 2002 and today, its stable of REITs and business trusts comprises CapitaLand Integrated Commercial Trust, Ascendas Real Estate Investment Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust and CapitaLand Malaysia Mall Trust. CapitaLand places sustainability at the core of what it does. As a responsible real estate company, CapitaLand contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders. Follow @Capital and on social media Facebook: @capitaland / facebook.com/capitaland Instagram: @capitaland / instagram.com/capitaland Twitter: @capitaLand / twitter.com/capitaland Linkedin: linkedin.com/company/capitaland-limited YouTube: youtube.com/capitaland About SP Group (www.spgroup.com.sg) SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. Beyond traditional utilities services, SP Group provides a suite of sustainable energy solutions such as cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. About Sembcorp Industries (www.sembcorp.com) Sembcorp Industries (Sembcorp) is a leading energy and urban development player, driven by its purpose to do good and play its part in creating a sustainable future. Leveraging its sector expertise and global track record, Sembcorp delivers innovative energy and urban solutions that support the energy transition and sustainable development. Sembcorp has a balanced thermal and renewable energy portfolio of over 12,600MW, with more than 2,600MW of renewable energy capacity globally. The company also has a proven track record of transforming raw land into sustainable urban developments, with a project portfolio spanning over 12,000 hectares across Asia. Sembcorp is listed on the main board of the Singapore Exchange. It is a component stock of the Straits Times Index and sustainability indices including the FTSE4Good Index, the Dow Jones Sustainability Asia Pacific Index and the iEdge SG ESG indices. For more information, please visit www.sembcorp.com  

Media Release Smart Building Solution by SP Group and 75F Helps Buildings Achieve More Than 30% Energy Savings Singapore, 5 December 2019 – SP Group (SP), a leading energy utilities group and 75F, a building intelligence solutions provider, are offering a micro-climate control solution that can save more than 30 per cent in energy consumption while improving occupant comfort. The solution uses applied Artificial Intelligence (A.I.) and Internet of Things (IoT) to reduce energy consumption in a building. It takes into consideration factors like occupancy and weather and optimises air-flow to evenly cool areas. SP partnered with 75F to customise and test the performance and viability of the solution for Singapore’s tropical environment. The solution was trialled for a year at Singapore Institute of Technology’s (SIT) campus at Dover, and the Mercatus Co-operative Limited’s corporate office at One Marina Boulevard in Raffles Place. Both locations achieved more than 30 per cent in energy savings, while improving comfort for occupants by ensuring that the indoor temperature, and air quality were optimal. With the validated outcomes, SP and 75F will offer the solution to customers in Singapore, China, Vietnam, Indonesia and Australia. Air-conditioning contributes 60 per cent of a building’s electricity consumption. With buildings consuming a third of Singapore’s total electricity consumption1 , this new solution will help Singapore reduce electricity consumption and support the goal of cutting national emissions intensity by 36 per cent below 2005 levels by 2030. Mr Brandon Chia, Head, Centre of Excellence, SP Group said: “SP Group has partnered with 75F on this micro-climate control solution that leverages A.I. and IoT. It enables customers to enjoy cooler comfort in buildings while lowering their carbon footprint. We look forward to developing more next-generation technologies to help customers in Singapore and the region save energy and cost.” The micro-climate control solution is a self-learning, intuitive building intelligence system that optimises and regulates air-conditioning in buildings to improve operational efficiency and occupant experience. The system’s central control unit divides large open spaces into smaller zones that balances the temperature, air flow, carbon dioxide (CO2) within each zone. It also optimises the air-conditioning operation by using the least amount of energy to achieve the required comfort. Gaurav Burman, APAC President, 75F said: “Both 75F and SP are committed to saving energy and reducing the carbon footprint of commercial buildings. The Asia Pacific market, especially Singapore, China, Vietnam, Indonesia and Australia, represent a huge opportunity given their economic growth, rising energy costs and the growing focus to improve occupant experience and operational efficiency. This partnership combines 75F’s award-winning technology with SP’s capabilities and track record in the region, allowing both companies to accelerate our growth.” SP’s partnership with 75F first started as part of SP’s Energy Advanced Research and Development (SPEAR) programme, under the SP Centre of Excellence (SP CoE). SP CoE is an initiative supported by the Singapore Economic Development Board (EDB), and drives the research, development, and integration of cutting-edge solutions and next-generation technologies for Singapore’s energy infrastructure network. -Ends- Notes to Editor: About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.6 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG. About SP Centre of Excellence The SP Centre of Excellence (CoE) is an initiative by SP Group (SP) to drive the innovation and commercialisation of next-generation energy network technologies for the greater reliability and efficiency of Singapore’s infrastructure. Supported by the Singapore Economic Development Board, the CoE aims to establish SP as a thought leader in the utility industry forefront and build future-ready energy networks and resource capabilities. This allows SP to stay ahead of global trends such as the drive for smarter and greener performance, and to sustainably meet evolving customer needs About 75F 75F is an award-winning, IoT and Machine Learning company taking a fresh approach to HVAC, lighting and controls in commercial buildings. Founded in 2012, 75F offers data-driven, proactive, predictive building intelligence and controls. 75F is backed by investment groups including billionaire-led Breakthrough Energy Ventures and Oil & Gas Climate Initiative. 75F has delivered hundreds of energy-efficient, comfortable and healthy spaces to enthusiastic customers who rave about the results. 75F launched its operations in India in August 2016 and has been growing steadily since with companies such as Firstsource Solutions, Flipkart, Bennett-Coleman Group, Mercedes Benz, Mapletree, HP, Shell, Smartworks and other leading brands in India, joining US customers such as HOM Furniture, Border Foods, Magnet 360, Rockler and Yoga Fit. 1 Source: The Building and Construction Authority (BCA) Super Low Energy Technology Roadmap Report

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Unveils Blockchain-Powered Renewable Energy Certificates Marketplace INNOVATION SP Group presented one of the world’s first blockchain powered marketplace platform that will promote the transaction of renewable energy certificates (REC) – tradable certificates of energy generated by renewable sources. The world-wide preview took place in Berlin on 19 April at Event Horizon, a global energy sector blockchain summit. This platform enables companies and individuals to trade RECs in a simple, secure and cost-effective manner. It helps corporates achieve their sustainability goals by ensuring that the electricity they consume comes from renewable sources. The platform will encourage a greater integration of renewable energy sources onto the electricity grid, by enabling “green conscious” homeowners to market their RECs easily and conveniently. — 27 June 2018 TAGS SUSTAINABILITYBLOCKCHAININNOVATION YOU MIGHT BE INTERESTED TO READ SP partners Pyxis to launch direct-current fast charging point for electric harbour crafts Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP.

News Release JTC AND SP GROUP TO DEVELOP AND OPERATE SINGAPORE’S FIRST SMART GRID FOR BUSINESS PARKS AT PUNGGOL DIGITAL DISTRICT Partnership will help the District optimise energy consumption, reduce carbon footprint and save cost for businesses and consumers Singapore, 31 October 2018 – A Smart Grid system that provides green energy and increases energy efficiency will serve businesses and consumers in the upcoming Punggol Digital District (PDD). JTC and SP Group signed a Memorandum of Understanding (MOU) to collaborate on the Smart Grid at the Asia Clean Energy Summit 2018 today, witnessed by Minister for the Environment and Water Resources, Mr Masagos Zulkifli. This partnership will drive the design of smart energy solutions comprising the areas of renewable energy and electric mobility, that will be integrated with the Open Digital Platform in the District, announced in July this year. 2. Under the MoU, JTC and SP Group will develop and implement a Smart Grid within PDD. Companies in PDD can look forward to adopting clean sources of energy, such as solar energy generated from building roofs, and take advantage of new technologies, such as electric vehicle charging and smart metering. Through the Smart Grid, about 1,700 tonnes of carbon emissions could be reduced per year, equivalent to taking 270 cars off the road. 3. The Smart Grid will be integrated with the Open Digital Platform, allowing communication and interaction with other building systems in the District, such as the District Cooling System (DCS) and the Building Management System (BMS). For instance, on a hot sunny day, the Smart Grid will register an increase in electricity consumption as the air conditioning systems consume more energy to maintain the temperature in the building. It automatically sends a signal to the Open Digital Platform, which detects the specific rooms where the temperature has increased. The Open Digital Platform then activates the Building Management System within the building to lower the blinds in those rooms, reducing heat gain and conserving energy. 1 4. JTC’s Assistant Chief Executive Officer, Mr. David Tan, said, “Beyond utilities and technologies, it is about giving the community the data and tools to make informed decisions about their energy consumption, be it adopting clean sources of energy or optimising usage to reduce costs. Aggregated data on energy consumption from the Smart Grid will be made available for academics, researchers, start-ups and enterprises to encourage innovation in the domains of clean energy and energy management.” 5. Mr Goh Chee Kiong, Head, Strategic Development of SP Group said, “SP Group is committed to design and implement smart energy solutions, driven by our deep energy integration and digital capabilities. We are pleased to work with JTC to help businesses in the Punggol Digital District save cost and go green through our innovative smart grid.” 6. At the forefront of Singapore’s Smart Nation push, PDD is envisioned to be a vibrant and inclusive district where cutting-edge technology and social innovation transform the way we work, live, learn and play in the future. PDD will house key growth sectors such as digital and cybersecurity, and will also be the first district in Singapore to be fully integrated with Internet of Things systems from the ground up. This infrastructure will create conducive testbed environments for businesses and entrepreneurs, allowing them to thrive in a digital economy, while the enhanced experience brought about by the digitalisation will provide a sustainable and connected environment for the community. The first buildings in District are expected to be completed by 2023. --------------------------------------------------------------------------------------------------------------------------- 2 About JTC Set up in 1968, JTC is the lead government agency responsible for the planning and development of industrial infrastructure to support and catalyse the growth of industries and enterprises in Singapore. Landmark projects by JTC include the Jurong Industrial Estate; the Jurong Island for energy and chemical industries; business and specialised parks such as the International and Changi Business Parks, Seletar Aerospace Park and Tuas Biomedical Park; a work-live-play-&-learn development called one-north; next generation districts including Jurong Innovation District and the Punggol Digital District, as well as the Jurong Rock Caverns, Southeast Asia’s first commercial underground storage facility for liquid hydrocarbons. JTC also develops innovative space such as the JTC Surface Engineering Hub, JTC MedTech Hub, JTC Food Hub @ Senoko, and TimMac @ Kranji which incorporate innovative features and shared infrastructure and services to enable industrialists to start their operations quickly and enhance productivity. For more information on JTC and its products and services, please visit www.jtc.gov.sg. About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.5 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG. 3

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The Porsche Destination Charging network forms a key part of the brand’s three-pronged approach to developing a comprehensive charging ecosystem in Singapore. At home, Porsche offers bespoke solutions for safe and secure private charging; outside, the expanded PDC network will further augment public charging with AC and DC charging points at frequently-visited lifestyle locations. Finally, Porsche’s recently-announced High Performance Charging network along the North-South highway in Malaysia caters to ultra-fast, en-route charging needs for long-distance travel. By partnering with SP, Porsche powers up a charging ecosystem that addresses the broad spectrum of mobility needs for PHEV and BEV drivers in Singapore, accelerating local take-up and paving the way for the brand’s long-term goal of achieving 80% electrified sales and a carbon neutral balance sheet across its entire value chain by 2030. SP operates Singapore’s largest public fast-charging EV network, and currently runs 10 PDC charging points at ONE ̊15 Marina Sentosa Cove and Jewel Changi Airport. The three new lifestyle PDC destinations announced today at Gardens by the Bay, South Beach and Sembawang Country Club are scheduled to go live by January 2022, adding 15 new charging points to the PDC network. Porsche and SP have also joined hands with City Developments Limited (CDL) to expand EV charging infrastructure at four of its properties: new charging sites at City Square Mall, King’s 1 Centre, Palais Renaissance and Quayside Isle will add another 15 charging points to the PDC network. Combined with existing PDC sites at Marina Bay Sands (6) and Sentosa Golf Club (5), the Porsche Destination Charging network will number a grand total of 51 charging stations islandwide by mid-2022, becoming the largest manufacturer-branded EV charging network in the country whilst continuously expanding to even more locations. All upcoming PDC charging points will be available on the SP Utilities app, which allows EV drivers to seamlessly locate the nearest available charging point, start and track the charging process, and make payment. The PDC network is open to all electrified vehicle drivers, with additional benefits accorded to owners of Porsche PHEVs and BEVs. From 1 January 2022, all customers that take delivery of a new Porsche PHEV or BEV from Porsche Centre Singapore will enjoy one year of complimentary charging and 20% off the public EV charging tariff thereafter at all PDC sites operated by SP Group. Existing Porsche PHEV or BEV owners registered at Porsche Centre Singapore will also get one year of complimentary charging from 1 January 2022, and 20% off the public EV charging tariff at all PDC sites operated by SP Group thereafter. In addition, from now until 31 December 2021, existing Porsche PHEV or BEV owners registered at Porsche Centre Singapore will enjoy 10% of the EV public charging tariff on SP Group’s islandwide network of public charging stations. Porsche plug-in hybrid and electric vehicle owners may also access porsche.sg/charging for a full listing of charging locations islandwide. Dr. Henrik Dreier, Director of New Business Fields at Porsche Asia Pacific, said: “Accelerating electromobility take-up in Singapore is a big mission that calls for collaboration across sectors, and we are thrilled to expand our partnership with SP Group and CDL. We need to be where our drivers go, so having charging stations available at lifestyle destinations like ONE ̊ 15 Marina, Jewel Changi Airport and upcoming at Gardens by the Bay are essential as we realise the vision of accessible electric mobility for all in Singapore.” Ms Olivia Oo, Vice President of Sustainable Energy Solutions at SP Group, said, “Operating Singapore’s largest high-speed EV charging network has provided SP Group with actionable insights on user behaviour. Building on this experience, we are optimising our infrastructure to provide accessible, convenient and reliable charging to support Singapore’s transition to green mobility at scale. We are pleased to partner Porsche and CDL as we focus on expanding our charging network and solutions to meet the demands and lifestyle habits of EV drivers.” SP currently operates over 450 charging points across more than 100 locations, including shopping malls, commercial buildings, business parks, industrial sites, residential and attractions 2 islandwide. Approximately one-third of SP’s nationwide charging network are high-speed DC chargers. Interested landlords keen to explore partnerships for more Porsche Destination Charging sites can reach out to e-performance@porsche-ap.com for an initial discussion. All existing and upcoming Porsche Destination Charging sites are listed below: Number of PDC Charging Location Power Rating - kilowatts (kW) Points Existing Locations ONE ̊ 15 Marina 4 22kW 1 Jewel Changi Airport 6 22 kW 1 Marina Bay Sands 6 22 kW 1# Sentosa Golf Club 5 11 kW 1# Ready by January 2022 4 22 kW 1 Gardens by the Bay 2 50 kW 2 Sembawang Country 2 43 kW 1 Club 2 50 kW 2 4 11 kW 1 South Beach 1 22 kW 1 Ready by mid-2022 2 22 kW 1 City Square Mall 2 50 kW 2 2 22 kW 1 King’s Centre 2 50 kW 2 Palais Renaissance 3 22 kW 1 Quayside Isle 4 7.4 kW 1 Total PDC Charging 51* Points 1 Available to all electric cars capable of accepting Type 2 AC chargers 2 Available to all electric cars capable of accepting CCS2 DC chargers # Complimentary charging for all EVs at these sites; PDC site not operated by SP Group *The Porsche Destination Charging network is constantly expanding and subject to change. Some charging points indicated above may be within members-only zones or may otherwise not be open to the public. Please take note of any access restrictions at selected locations before planning your visit. 3 A summary of all exclusive charging benefits for Porsche PHEVs and BEVs: Customers that take delivery of their Porsche PHEV or BEV from Porsche Centre Singapore: before 1 Jan 2022 on/after 1 Jan 2022 From now until 31 Dec 2021 1 Jan 2022 to 31 Dec 2022 1 Jan 2023 onwards Not Applicable Within first year of vehicle ownership After first year of vehicle ownership Charging Benefit 10% off public EV charging tariff at all SP-operated charging sites islandwide Complimentary charging at all SPoperated Porsche Destination Charging sites 20% off public EV charging tariff at all SP-operated Porsche Destination Charging sites -Ends- About SP Group SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with lowcarbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast charging and digital energy solutions for customers in Singapore and the region. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. About Porsche Asia Pacific Pte Ltd Porsche Asia Pacific Pte Ltd is a subsidiary of Dr. Ing. h.c. F. Porsche AG, the leading sports car manufacturer based in Stuttgart, Germany, with a vision to be the most successful brand for exclusive and sporty mobility. Best known for the 911 model line, Porsche also produces the Cayenne, Macan, Panamera, 718 Boxster and 718 Cayman models. In 2019, it introduced the Taycan, the first fully-electric sports car. 4 Porsche Asia Pacific commenced operations on 1 October 2001 and currently oversees 13 countries from its headquarters in Singapore: Brunei, Cambodia, French Polynesia, Indonesia, Malaysia, Mongolia, New Caledonia, New Zealand, the Philippines, Singapore, Sri Lanka, Thailand and Vietnam. As a market incubator, it offers support to its importers and dealers in After Sales, Business Development, Marketing, New Business Fields, Public Relations and Sales, helping them to further professionalise operations and cater to customer needs to ultimately grow their business. 5 [20210714]+Lianhe+Zaobao+-+SP+Group+helping+Wuhou+district+to+become+smart-eco+benchmark+in+Chengdu.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/3a0bc7e6-f23e-4898-ac54-fba78f260bc0/%5B20210714%5D+Lianhe+Zaobao+-+SP+Group+helping+Wuhou+district+to+become+smart-eco+benchmark+in+Chengdu.pdf?MOD=AJPERES&CVID= National-Average-Household-Consumption-------Mar23-to-Feb24.xlsxhttps://www.spgroup.com.sg/dam/spgroup/docs/our-services/utilities/tariff-information/National-Average-Household-Consumption-------Mar23-to-Feb24.xlsx Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 HDB 1-Room 69.41 75.78 77.52 81.09 78.98 79.00 78.86 80.17 80.39 77.86 77.18 78.99 HDB 2-Room 82.76 87.98 92.13 96.52 91.92 92.92 92.62 94.12 94.79 90.73 89.63 91.78 HDB 3-Room 103.38 110.82 115.06 119.49 114.80 116.91 116.30 118.85 118.49 112.22 112.11 115.94 HDB 4-Room 122.32 130.09 135.09 139.94 134.96 137.64 137.70 140.19 140.04 133.47 131.31 137.04 HDB 5-Room 129.76 138.14 142.59 147.54 142.78 145.35 145.56 148.64 148.87 141.61 136.79 144.16 HDB Executive 143.69 153.42 158.62 164.05 158.23 162.29 161.77 166.18 164.43 154.00 153.21 160.98 Apartment 149.92 159.67 168.05 175.53 167.39 164.61 167.46 175.43 177.46 164.16 156.19 163.04 Terrace 240.69 247.23 258.91 267.44 262.12 265.22 265.40 276.88 276.46 260.00 252.25 270.34 Semi-Detached 302.15 312.42 331.22 340.32 333.05 332.47 336.34 351.53 349.78 325.65 324.20 335.52 Bungalow 585.38 598.72 648.84 666.12 646.66 633.47 662.99 688.41 699.45 627.26 650.18 619.13 Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 HDB 1-Room 61.00 66.41 69.62 72.46 71.03 70.38 70.28 71.48 71.86 69.16 67.69 69.30 HDB 2-Room 73.69 78.51 82.96 87.55 83.48 84.15 83.90 85.46 85.94 81.99 80.46 82.23 HDB 3-Room 91.02 98.00 102.92 107.51 103.13 104.73 104.06 106.59 106.15 100.27 99.66 102.84 HDB 4-Room 106.81 114.19 120.14 125.27 120.86 122.70 122.47 125.06 124.99 118.78 116.20 120.97 HDB 5-Room 112.61 120.67 126.31 131.50 127.51 129.05 128.83 131.93 132.27 125.43 120.56 126.60 HDB Executive 125.79 135.24 141.39 147.11 141.81 144.94 144.02 148.42 146.81 137.03 135.88 142.35 Apartment 127.04 136.90 148.34 157.00 149.45 145.14 146.83 154.44 156.79 144.07 135.03 140.09 Terrace 213.47 221.92 235.82 244.04 239.52 241.71 240.94 251.32 251.12 235.05 227.31 243.21 Semi-Detached 273.12 283.78 303.14 313.22 305.01 304.96 308.47 323.21 319.99 297.18 295.56 305.12 Bungalow 536.08 549.93 596.94 621.34 599.37 589.03 615.12 636.98 650.72 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Chongqinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Power-To-Build-Advanced-Energy-Efficient-Cooling-Network-For-Capitaland-s-Raffles-City-Chongqing Media Release Singapore Power To Build Advanced Energy Efficient Cooling Network For Capitaland's Raffles City Chongqing Landmark agreement marks Singapore Power’s first district cooling network in China Singapore, 20 May 2015 – Singapore Power (SP) today signed an agreement with CapitaLand Limited (CapitaLand) for the delivery of district cooling for Raffles City Chongqing. SP will design, build, own and operate an advanced energy-efficient cooling system for Raffles City Chongqing. The district cooling system will deliver high-quality air conditioning services to consumers through an integrated underground pipe network. 2. Singapore Power’s advanced energy-efficient cooling network is expected to deliver up to 50% cost savings in energy consumption, compared to conventional building chiller plants. Raffles City Chongqing will enjoy lower energy usage with about S$30 million savings over 20 years. Tenants of Raffles City Chongqing will enjoy the same round-the- clock availability and high reliability as the consumers in Marina Bay Singapore. 3. Mr Wong Kim Yin, Group CEO of Singapore Power, said, “Singapore Power is excited to partner CapitaLand for Raffles City Chongqing. With our expertise in advanced energy-efficient cooling networks, we are confident Raffles City Chongqing will set a new benchmark in sustainability. Advanced energy-efficient cooling networks are uniquely suited to serve China’s drive towards urbanisation and clean development. Singapore Power will grow this business with high priority, leveraging our advanced engineering capabilities and our successful track in Marina Bay Singapore.” 4. Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand is one of the pioneer adopters of green building standards because we strongly believe sustainability is a continuous process that is integral to our business. As internationally recognised urban icons of excellence, Raffles City developments attest to CapitaLand’s commitment to develop user-centric built environments to improve the economic, environmental and social well-being of our stakeholders. We look forward to partnering Singapore Power in implementing this advanced energy-efficient district cooling system at Raffles City Chongqing – the single biggest development in Chongqing to date to adopt the system – which will enable us to avoid incurring about S$30 million in utility cost over 20 years and eventually benefit our tenants in the long run.” 5. Singapore Power has a strong track record in delivering advanced energy-efficient cooling services to developments at the Marina Bay business district since May 2006. With extensive development capabilities in designing, construction and commissioning, its district cooling footprint spans a service area of 1.6 million m2, including commercial, hotels, apartments, office and retail buildings. Leveraging its advanced engineering and technology, SP has delivered up to 50% energy savings compared to in-building chiller systems. --- 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. For more information, please visit www.singaporepower.com.sg. About CapitaLand Limited CapitaLand Limited is one of Asia’s largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand’s listed real estate investment trusts are Ascott Residence Trust, CapitaLand Commercial Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust and CapitaMalls Malaysia Trust. Issued by: Singapore Power Limited 10 PasirPanjang Road #03-01 Mapletree Business City Singapore 117438 Co. RegNo : 199406577N www.singaporepower.com.sg -- End -- Media Release - Singapore Power To Build Advanced Energy Efficient Cooling Network For Capitaland's Raffles City Chongqinghttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/b786435d-a2d8-41c9-a16a-e3c18a5a56ca/%5B20150520%5D+Media+Release+-+Singapore+Power+To+Build+Advanced+Energy+Efficient+Cooling+Network+For+Capitaland's+Raffles+City+Chongqing.pdf?MOD=AJPERES&CVID= 20 May 2015 News Release For immediate release SINGAPORE POWER TO BUILD ADVANCED ENERGY-EFFICIENT COOLING NETWORK FOR CAPITALAND’S RAFFLES CITY CHONGQING Landmark agreement marks Singapore Power’s first district cooling network in China Singapore, 20 May 2015 – Singapore Power (SP) today signed an agreement with CapitaLand Limited (CapitaLand) for the delivery of district cooling for Raffles City Chongqing. SP will design, build, own and operate an advanced energy-efficient cooling system for Raffles City Chongqing. The district cooling system will deliver high-quality air conditioning services to consumers through an integrated underground pipe network. 2. Singapore Power’s advanced energy-efficient cooling network is expected to deliver up to 50% cost savings in energy consumption, compared to conventional building chiller plants. Raffles City Chongqing will enjoy lower energy usage with about S$30 million savings over 20 years. Tenants of Raffles City Chongqing will enjoy the same round-theclock availability and high reliability as the consumers in Marina Bay Singapore. 3. Mr Wong Kim Yin, Group CEO of Singapore Power, said, “Singapore Power is excited to partner CapitaLand for Raffles City Chongqing. With our expertise in advanced energy-efficient cooling networks, we are confident Raffles City Chongqing will set a new benchmark in sustainability. Advanced energy-efficient cooling networks are uniquely suited to serve China’s drive towards urbanisation and clean development. Singapore Power will grow this business with high priority, leveraging our advanced engineering capabilities and our successful track in Marina Bay Singapore.” 4. Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand is one of the pioneer adopters of green building standards because we strongly believe sustainability is a continuous process that is integral to our business. As internationally recognised urban icons of excellence, Raffles City developments attest to CapitaLand’s commitment to develop user-centric built environments to improve the economic, environmental and social well-being of our stakeholders. We look forward to partnering Singapore Power in implementing this advanced energy-efficient district cooling system at Raffles City Chongqing – the single biggest development in Chongqing to date to adopt the system – which will enable us to avoid incurring about S$30 million in utility cost over 20 years and eventually benefit our tenants in the long run.” 1 5. Singapore Power has a strong track record in delivering advanced energy-efficient cooling services to developments at the Marina Bay business district since May 2006. With extensive development capabilities in designing, construction and commissioning, its district cooling footprint spans a service area of 1.6 million m 2 , including commercial, hotels, apartments, office and retail buildings. Leveraging its advanced engineering and technology, SP has delivered up to 50% energy savings compared to in-building chiller systems. --- Media contacts: Evelyn Yeo, Edelman • Phone: +65 6347 2359 or +65 9367 6017 • Email: evelyn.yeo@edelman.com Warren Wu, Corporate Affairs, Singapore Power Ltd • Phone: +65 6378 8779 or +65 9170 0175 • Email: warrenwu@singaporepower.com.sg Tan Bee Leng, Head, Group Communications, CapitaLand Limited • Phone: +65 6713 2871 • Email: tan.beeleng@capitaland.com 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. For more information, please visit www.singaporepower.com.sg. About CapitaLand Limited CapitaLand Limited is one of Asia’s largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand’s listed real estate investment trusts are Ascott Residence Trust, CapitaLand Commercial Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust and CapitaMalls Malaysia Trust. 2 Issued by: Singapore Power Limited 10 PasirPanjang Road #03-01 Mapletree Business City Singapore 117438 Co. RegNo : 199406577N www.singaporepower.com.sg -- end – 3 Searchhttps://www.spgroup.com.sg/search?tag=raffles-city-chongqing Search Singapore Power To Build Advanced Energy Efficient Cooling Network For Capitaland's Raffles City Chongqinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Power-To-Build-Advanced-Energy-Efficient-Cooling-Network-For-Capitaland-s-Raffles-City-Chongqing Media Release Singapore Power To Build Advanced Energy Efficient Cooling Network For Capitaland's Raffles City Chongqing Landmark agreement marks Singapore Power’s first district cooling network in China Singapore, 20 May 2015 – Singapore Power (SP) today signed an agreement with CapitaLand Limited (CapitaLand) for the delivery of district cooling for Raffles City Chongqing. SP will design, build, own and operate an advanced energy-efficient cooling system for Raffles City Chongqing. The district cooling system will deliver high-quality air conditioning services to consumers through an integrated underground pipe network. 2. Singapore Power’s advanced energy-efficient cooling network is expected to deliver up to 50% cost savings in energy consumption, compared to conventional building chiller plants. Raffles City Chongqing will enjoy lower energy usage with about S$30 million savings over 20 years. Tenants of Raffles City Chongqing will enjoy the same round-the- clock availability and high reliability as the consumers in Marina Bay Singapore. 3. Mr Wong Kim Yin, Group CEO of Singapore Power, said, “Singapore Power is excited to partner CapitaLand for Raffles City Chongqing. With our expertise in advanced energy-efficient cooling networks, we are confident Raffles City Chongqing will set a new benchmark in sustainability. Advanced energy-efficient cooling networks are uniquely suited to serve China’s drive towards urbanisation and clean development. Singapore Power will grow this business with high priority, leveraging our advanced engineering capabilities and our successful track in Marina Bay Singapore.” 4. Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand is one of the pioneer adopters of green building standards because we strongly believe sustainability is a continuous process that is integral to our business. As internationally recognised urban icons of excellence, Raffles City developments attest to CapitaLand’s commitment to develop user-centric built environments to improve the economic, environmental and social well-being of our stakeholders. We look forward to partnering Singapore Power in implementing this advanced energy-efficient district cooling system at Raffles City Chongqing – the single biggest development in Chongqing to date to adopt the system – which will enable us to avoid incurring about S$30 million in utility cost over 20 years and eventually benefit our tenants in the long run.” 5. Singapore Power has a strong track record in delivering advanced energy-efficient cooling services to developments at the Marina Bay business district since May 2006. With extensive development capabilities in designing, construction and commissioning, its district cooling footprint spans a service area of 1.6 million m2, including commercial, hotels, apartments, office and retail buildings. Leveraging its advanced engineering and technology, SP has delivered up to 50% energy savings compared to in-building chiller systems. --- 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. For more information, please visit www.singaporepower.com.sg. About CapitaLand Limited CapitaLand Limited is one of Asia’s largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand’s listed real estate investment trusts are Ascott Residence Trust, CapitaLand Commercial Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust and CapitaMalls Malaysia Trust. Issued by: Singapore Power Limited 10 PasirPanjang Road #03-01 Mapletree Business City Singapore 117438 Co. RegNo : 199406577N www.singaporepower.com.sg -- End -- Media Release - Singapore Power To Build Advanced Energy Efficient Cooling Network For Capitaland's Raffles City Chongqinghttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/b786435d-a2d8-41c9-a16a-e3c18a5a56ca/%5B20150520%5D+Media+Release+-+Singapore+Power+To+Build+Advanced+Energy+Efficient+Cooling+Network+For+Capitaland's+Raffles+City+Chongqing.pdf?MOD=AJPERES&CVID= 20 May 2015 News Release For immediate release SINGAPORE POWER TO BUILD ADVANCED ENERGY-EFFICIENT COOLING NETWORK FOR CAPITALAND’S RAFFLES CITY CHONGQING Landmark agreement marks Singapore Power’s first district cooling network in China Singapore, 20 May 2015 – Singapore Power (SP) today signed an agreement with CapitaLand Limited (CapitaLand) for the delivery of district cooling for Raffles City Chongqing. SP will design, build, own and operate an advanced energy-efficient cooling system for Raffles City Chongqing. The district cooling system will deliver high-quality air conditioning services to consumers through an integrated underground pipe network. 2. Singapore Power’s advanced energy-efficient cooling network is expected to deliver up to 50% cost savings in energy consumption, compared to conventional building chiller plants. Raffles City Chongqing will enjoy lower energy usage with about S$30 million savings over 20 years. Tenants of Raffles City Chongqing will enjoy the same round-theclock availability and high reliability as the consumers in Marina Bay Singapore. 3. Mr Wong Kim Yin, Group CEO of Singapore Power, said, “Singapore Power is excited to partner CapitaLand for Raffles City Chongqing. With our expertise in advanced energy-efficient cooling networks, we are confident Raffles City Chongqing will set a new benchmark in sustainability. Advanced energy-efficient cooling networks are uniquely suited to serve China’s drive towards urbanisation and clean development. Singapore Power will grow this business with high priority, leveraging our advanced engineering capabilities and our successful track in Marina Bay Singapore.” 4. Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand is one of the pioneer adopters of green building standards because we strongly believe sustainability is a continuous process that is integral to our business. As internationally recognised urban icons of excellence, Raffles City developments attest to CapitaLand’s commitment to develop user-centric built environments to improve the economic, environmental and social well-being of our stakeholders. We look forward to partnering Singapore Power in implementing this advanced energy-efficient district cooling system at Raffles City Chongqing – the single biggest development in Chongqing to date to adopt the system – which will enable us to avoid incurring about S$30 million in utility cost over 20 years and eventually benefit our tenants in the long run.” 1 5. Singapore Power has a strong track record in delivering advanced energy-efficient cooling services to developments at the Marina Bay business district since May 2006. With extensive development capabilities in designing, construction and commissioning, its district cooling footprint spans a service area of 1.6 million m 2 , including commercial, hotels, apartments, office and retail buildings. Leveraging its advanced engineering and technology, SP has delivered up to 50% energy savings compared to in-building chiller systems. --- Media contacts: Evelyn Yeo, Edelman • Phone: +65 6347 2359 or +65 9367 6017 • Email: evelyn.yeo@edelman.com Warren Wu, Corporate Affairs, Singapore Power Ltd • Phone: +65 6378 8779 or +65 9170 0175 • Email: warrenwu@singaporepower.com.sg Tan Bee Leng, Head, Group Communications, CapitaLand Limited • Phone: +65 6713 2871 • Email: tan.beeleng@capitaland.com 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. For more information, please visit www.singaporepower.com.sg. About CapitaLand Limited CapitaLand Limited is one of Asia’s largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand’s listed real estate investment trusts are Ascott Residence Trust, CapitaLand Commercial Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust and CapitaMalls Malaysia Trust. 2 Issued by: Singapore Power Limited 10 PasirPanjang Road #03-01 Mapletree Business City Singapore 117438 Co. RegNo : 199406577N www.singaporepower.com.sg -- end – 3 Agreement Between Chongqing Yuzhong Government And Singapore Power To Provide The City With Efficient Energy Solutionshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Agreement-Between-Chongqing-Yuzhong-Government-And-Singapore-Power-To-Provide-The-City-With-Efficient-Energy-Solutions Media Release Agreement Between Chongqing Yuzhong Government And Singapore Power To Provide The City With Efficient Energy Solutions Chongqing, August 1 2016 – Singapore Power (SP) today signed an agreement with Chongqing Yuzhong municipal government to implement technological solutions for energysaving and emission-reducing initiatives. It will draw upon SP’s experience in operating an advanced energy-efficient cooling network that delivers as much as 40 per cent energy savings for its customers in the major financial and convention centre in Marina Bay, Singapore. These sustainable solutions from Singapore will contribute towards creating a high quality, urban lifestyle for residents of Chongqing. Hu Wantai, Deputy Secretary and Governor of Yuzhong District, Chongqing, said: "Singapore Power, as a leading energy supply company, is committed to providing customers with reliable, efficient and world-class energy utility services, while looking at sustainable developments. The signing of the strategic cooperation agreement with government of Yuzhong District will bring advanced ideas and experience to the district, providing strong support for industrial upgrading and urban construction. The Yuzhong District government will also uphold the principle of ‘complementing strengths and promoting cooperation for mutual development’ to provide high quality government services and a conducive environment for enterprise development, which will result in a brighter future for Yuzhong District." SP’s Group Chief Executive Officer, Mr Wong Kim Yin, said, “We are privileged to contribute towards the sustainability goals of Chongqing city. In our first project at Raffles City Chongqing, we look forward to providing our expertise and experience from Singapore in running a world-class energy-efficient cooling network. This will contribute towards saving energy and reducing carbon emissions, enabling residents in Chongqing to enjoy a green, high quality urban lifestyle. This will serve the drive in the city and the country towards urbanisation, clean development and a sustainable future.” Last year, SP entered an agreement to provide district cooling services for the upcoming Raffles City Chongqing development which will be completed in 2018. SP will design, build, own and operate an advanced energy-efficient cooling system for Raffles City Chongqing – a strategically located integrated development project in the heart of Chongqing’s popular Yuzhong district where the Yangtze and Jialing Rivers meet. Raffles City Chongqing is co-developed by renowned property developers, CapitaLand and Ascendas-Singbridge. Raffles City Chongqing is expected to achieve substantial savings in energy consumption, compared to conventional building chiller plants. Tenants of Raffles City Chongqing will also be able to enjoy the same round-the-clock availability and high reliability as the consumers in Marina Bay Singapore. Mr Lucas Loh, Chief Executive Officer, CapitaLand China, said: “On behalf of CapitaLand Group, I extend my heartiest congratulations to Singapore Power and Chongqing’s Yuzhong District government on their strategic partnership to explore new opportunities in sustainable projects. Chongqing is part of CapitaLand’s five key city clusters in China and we have six properties in this Chinese city with a combined gross floor area of about 1 million square metres. The biggest of these is Raffles City Chongqing, an integrated development comprising retail, residential, serviced residence and hotel components that is under development in Yuzhong District on the prestigious Chao Tian Men site – considered the crown jewel of Chongqing. “Befitting Raffles City Chongqing’s iconic status, we have partnered Singapore Power to provide an advanced district cooling system for the integrated development, which will generate substantial energy savings and utility cost avoidance. We have also tied up with Yuzhong District government to set up a Sino-Singapore Collaboration Centre here to bridge companies to the immense growth opportunities in this fast-growing city. With the rising prominence of Chongqing under the ‘One Belt, One Road’ initiative and as the location of the third China-Singapore government-led project, there is tremendous growth potential in the sustainability sector that both Singapore Power and Yuzhong District can harness. CapitaLand looks forward to seeing all the businesses and people in Yuzhong District benefitting from this synergistic partnership.” With the Raffles City Chongqing as SP’s first foray into China, SP’s success story will definitely continue in China, especially with good partnership between government agencies and the private sector. SP looks forward to helping more enterprises achieve energy efficiency and savings through more cooperation and collaborative opportunities in the future. - Ends -   新加坡能源集团与重庆渝中区政府签订合作备忘录 为渝地区带来高效能源解决方案 中国，重庆 2016 年 8 月 1 日—新加坡能源集团(SP)今日与重庆渝中区市政府正式签署协议， 为重庆地区带来先进的节能减排技术解决方案。此前，新加坡能源为新加坡滨海湾工程打造的 区域供冷系统为整个滨海湾商务中心带来高达 40%的节能效果。在此基础之上，新加坡能源 将借鉴已有的实务经验及先进的可持续发展解决方案，为重庆居民打造高品质的绿色城市生活 方式。 重庆市渝中区委副书记、重庆市渝中区区长扈万泰表示：“新加坡能源集团作为首屈一指的能 源供应企业，一直致力于为客户提供可靠、高效以及可持续发展的世界一流能源公用事业服 务。此次与渝中区政府签订战略合作协议，必将为渝中区带来先进的理念和经验，为渝中的产 业升级、城市建设等方面提供有力的支持。渝中区政府也将秉持‘优势互补、促进合作、共同 发展’的原则，为企业发展提供优质的政务服务和发展环境，携手共赢，建设渝中美好的明 天。” 新加坡能源集团总裁黄锦贤先生表示：“我们很荣幸能够为重庆市的可持续发展做出贡献。重 庆来福士广场作为新加坡能源集团在中国的第一个项目，我们希望以来自新加坡的先进的工程 能力和实务经验提供一个世界级的高效节能制冷网。这将有助于城市节能减排的创新发展，并 为重庆居民打造一个绿色、高品质的城市生活方式。新的节能减排解决方案将推进城市化、清 洁及可持续发展的进程。” 2015 年，新加坡能源公司(SP)与凯德集团签署协议，为位于两江交汇处中心地带的重庆来福 士广场提供区域供冷工程。新加坡能源为重庆来福士广场设计、建造、持有并运营尖端高效节 能供冷系统。该区域供冷系统将通过整合式的地下管网，致力为消费者提供优质的空调服务项 目。重庆来福士广场项目由著名地产商凯德集团及星桥控股共同开发，并将于 2018 年竣工。 相较传统式的内置供冷器机组，新加坡能源的尖端高效节能供冷网预计可实现大幅度能源节 省。 重庆来福士广场的租户将比照新加坡滨海湾的消费者，同样享有高度可靠的 24 小时能源 供应。 凯德中国首席执行官罗臻毓先生表示：“我代表凯德集团，对新加坡能源集团与重庆市渝中区 政府在可持续发展项目建立的战略合作伙伴关系表示衷心地祝贺。重庆是凯德集团在中国的五 4 个主要城市群之一。目前，凯德集团已经在中国的六个城市建有建筑面积约百万平方米的综合 体项目，其中规模最大的是就是位于正在蓬勃发展的重庆市朝天门渝中区地段的重庆来福士广 场项目，它是一个包括了零售，住宅，服务式公寓及酒店等服务的综合商区。” “为了配合来福士广场标志性的地位，我们与新加坡能源集团合作为综合体提供了先进的区 域供冷系统，这将大大节省能效及资源成本。我们还与重庆市渝中区政府共同设立了中国 - 新 加坡合作中心，让企业在这个快速发展的城市中探索新的机遇。随着“一带一路”政策的兴 起，重庆市作为第三个中新政府主导项目地区，其发展显得越发重要。无论是对于新加坡能源 集团还是重庆市渝中区政府，在城市可持续发展领域都存在着巨大的增长潜力。我们希望位于 渝中区的企业和居民可以从此项合作中切身受益。” 随着重庆来福士广场项目的开展，特别是在政府机构与相关部门的支持与帮助之下，新加坡能 源集团将持续为中国带来行之有效的节能减排解决方案，并期待在未来有机会帮助更多企业实 现节能减排。 -- 结束-- Infographic on District Cooling Network Media Release - Agreement Between Chongqing Yuzhong Government And Singapore Power To Provide The City With Efficient Energy Solutionshttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/a34e0cee-c9ba-408c-aa18-0da14672c25d/%5B20160802%5D+Media+Release+-+Agreement+Between+Chongqing+Yuzhong+Government+And+Singapore+Power+To+Provide+The+City+With+Efficient+Energy+Solutions.pdf?MOD=AJPERES&CVID= AGREEMENT BETWEEN CHONGQING YUZHONG GOVERNMENT AND SINGAPORE POWER TO PROVIDE THE CITY WITH EFFICIENT ENERGY SOLUTIONS Chongqing, August 1 2016 – Singapore Power (SP) today signed an agreement with Chongqing Yuzhong municipal government to implement technological solutions for energysaving and emission-reducing initiatives. It will draw upon SP’s experience in operating an advanced energy-efficient cooling network that delivers as much as 40 per cent energy savings for its customers in the major financial and convention centre in Marina Bay, Singapore. These sustainable solutions from Singapore will contribute towards creating a high quality, urban lifestyle for residents of Chongqing. 2. Hu Wantai, Deputy Secretary and Governor of Yuzhong District, Chongqing, said: "Singapore Power, as a leading energy supply company, is committed to providing customers with reliable, efficient and world-class energy utility services, while looking at sustainable developments. The signing of the strategic cooperation agreement with government of Yuzhong District will bring advanced ideas and experience to the district, providing strong support for industrial upgrading and urban construction. The Yuzhong District government will also uphold the principle of ‘complementing strengths and promoting cooperation for mutual development’ to provide high quality government services and a conducive environment for enterprise development, which will result in a brighter future for Yuzhong District." 3. SP’s Group Chief Executive Officer, Mr Wong Kim Yin, said, “We are privileged to contribute towards the sustainability goals of Chongqing city. In our first project at Raffles City Chongqing, we look forward to providing our expertise and experience from Singapore in running a world-class energy-efficient cooling network. This will contribute towards saving energy and reducing carbon emissions, enabling residents in Chongqing to enjoy a green, high quality urban lifestyle. This will serve the drive in the city and the country towards urbanisation, clean development and a sustainable future.” 4. Last year, SP entered an agreement to provide district cooling services for the upcoming Raffles City Chongqing development which will be completed in 2018. SP will design, build, own and operate an advanced energy-efficient cooling system for Raffles City Chongqing – a strategically located integrated development project in the heart of Chongqing’s popular Yuzhong district where the Yangtze and Jialing Rivers meet. Raffles City Chongqing is co-developed by renowned property developers, CapitaLand and Ascendas-Singbridge. 1 5. Raffles City Chongqing is expected to achieve substantial savings in energy consumption, compared to conventional building chiller plants. Tenants of Raffles City Chongqing will also be able to enjoy the same round-the-clock availability and high reliability as the consumers in Marina Bay Singapore. 6. Mr Lucas Loh, Chief Executive Officer, CapitaLand China, said: “On behalf of CapitaLand Group, I extend my heartiest congratulations to Singapore Power and Chongqing’s Yuzhong District government on their strategic partnership to explore new opportunities in sustainable projects. Chongqing is part of CapitaLand’s five key city clusters in China and we have six properties in this Chinese city with a combined gross floor area of about 1 million square metres. The biggest of these is Raffles City Chongqing, an integrated development comprising retail, residential, serviced residence and hotel components that is under development in Yuzhong District on the prestigious Chao Tian Men site – considered the crown jewel of Chongqing. 7. “Befitting Raffles City Chongqing’s iconic status, we have partnered Singapore Power to provide an advanced district cooling system for the integrated development, which will generate substantial energy savings and utility cost avoidance. We have also tied up with Yuzhong District government to set up a Sino-Singapore Collaboration Centre here to bridge companies to the immense growth opportunities in this fast-growing city. With the rising prominence of Chongqing under the ‘One Belt, One Road’ initiative and as the location of the third China-Singapore government-led project, there is tremendous growth potential in the sustainability sector that both Singapore Power and Yuzhong District can harness. CapitaLand looks forward to seeing all the businesses and people in Yuzhong District benefitting from this synergistic partnership.” 8. With the Raffles City Chongqing as SP’s first foray into China, SP’s success story will definitely continue in China, especially with good partnership between government agencies and the private sector. SP looks forward to helping more enterprises achieve energy efficiency and savings through more cooperation and collaborative opportunities in the future. - Ends - 2 新 加 坡 能 源 集 团 与 重 庆 渝 中 区 政 府 签 订 合 作 备 忘 录 为 渝 地 区 带 来 高 效 能 源 解 决 方 案 中 国 , 重 庆 2016 年 8 月 1 日 — 新 加 坡 能 源 集 团 (SP) 今 日 与 重 庆 渝 中 区 市 政 府 正 式 签 署 协 议 , 为 重 庆 地 区 带 来 先 进 的 节 能 减 排 技 术 解 决 方 案 。 此 前 , 新 加 坡 能 源 为 新 加 坡 滨 海 湾 工 程 打 造 的 区 域 供 冷 系 统 为 整 个 滨 海 湾 商 务 中 心 带 来 高 达 40% 的 节 能 效 果 。 在 此 基 础 之 上 , 新 加 坡 能 源 将 借 鉴 已 有 的 实 务 经 验 及 先 进 的 可 持 续 发 展 解 决 方 案 , 为 重 庆 居 民 打 造 高 品 质 的 绿 色 城 市 生 活 方 式 。 重 庆 市 渝 中 区 委 副 书 记 、 重 庆 市 渝 中 区 区 长 扈 万 泰 表 示 :“ 新 加 坡 能 源 集 团 作 为 首 屈 一 指 的 能 源 供 应 企 业 , 一 直 致 力 于 为 客 户 提 供 可 靠 、 高 效 以 及 可 持 续 发 展 的 世 界 一 流 能 源 公 用 事 业 服 务 。 此 次 与 渝 中 区 政 府 签 订 战 略 合 作 协 议 , 必 将 为 渝 中 区 带 来 先 进 的 理 念 和 经 验 , 为 渝 中 的 产 业 升 级 、 城 市 建 设 等 方 面 提 供 有 力 的 支 持 。 渝 中 区 政 府 也 将 秉 持 ‘ 优 势 互 补 、 促 进 合 作 、 共 同 发 展 ’ 的 原 则 , 为 企 业 发 展 提 供 优 质 的 政 务 服 务 和 发 展 环 境 , 携 手 共 赢 , 建 设 渝 中 美 好 的 明 天 。” 新 加 坡 能 源 集 团 总 裁 黄 锦 贤 先 生 表 示 :“ 我 们 很 荣 幸 能 够 为 重 庆 市 的 可 持 续 发 展 做 出 贡 献 。 重 庆 来 福 士 广 场 作 为 新 加 坡 能 源 集 团 在 中 国 的 第 一 个 项 目 , 我 们 希 望 以 来 自 新 加 坡 的 先 进 的 工 程 能 力 和 实 务 经 验 提 供 一 个 世 界 级 的 高 效 节 能 制 冷 网 。 这 将 有 助 于 城 市 节 能 减 排 的 创 新 发 展 , 并 为 重 庆 居 民 打 造 一 个 绿 色 、 高 品 质 的 城 市 生 活 方 式 。 新 的 节 能 减 排 解 决 方 案 将 推 进 城 市 化 、 清 洁 及 可 持 续 发 展 的 进 程 。” 2015 年 , 新 加 坡 能 源 公 司 (SP) 与 凯 德 集 团 签 署 协 议 , 为 位 于 两 江 交 汇 处 中 心 地 带 的 重 庆 来 福 士 广 场 提 供 区 域 供 冷 工 程 。 新 加 坡 能 源 为 重 庆 来 福 士 广 场 设 计 、 建 造 、 持 有 并 运 营 尖 端 高 效 节 能 供 冷 系 统 。 该 区 域 供 冷 系 统 将 通 过 整 合 式 的 地 下 管 网 , 致 力 为 消 费 者 提 供 优 质 的 空 调 服 务 项 目 。 重 庆 来 福 士 广 场 项 目 由 著 名 地 产 商 凯 德 集 团 及 星 桥 控 股 共 同 开 发 , 并 将 于 2018 年 竣 工 。 相 较 传 统 式 的 内 置 供 冷 器 机 组 , 新 加 坡 能 源 的 尖 端 高 效 节 能 供 冷 网 预 计 可 实 现 大 幅 度 能 源 节 省 。 重 庆 来 福 士 广 场 的 租 户 将 比 照 新 加 坡 滨 海 湾 的 消 费 者 , 同 样 享 有 高 度 可 靠 的 24 小 时 能 源 供 应 。 凯 德 中 国 首 席 执 行 官 罗 臻 毓 先 生 表 示 :“ 我 代 表 凯 德 集 团 , 对 新 加 坡 能 源 集 团 与 重 庆 市 渝 中 区 政 府 在 可 持 续 发 展 项 目 建 立 的 战 略 合 作 伙 伴 关 系 表 示 衷 心 地 祝 贺 。 重 庆 是 凯 德 集 团 在 中 国 的 五 3 个 主 要 城 市 群 之 一 。 目 前 , 凯 德 集 团 已 经 在 中 国 的 六 个 城 市 建 有 建 筑 面 积 约 百 万 平 方 米 的 综 合 体 项 目 , 其 中 规 模 最 大 的 是 就 是 位 于 正 在 蓬 勃 发 展 的 重 庆 市 朝 天 门 渝 中 区 地 段 的 重 庆 来 福 士 广 场 项 目 , 它 是 一 个 包 括 了 零 售 , 住 宅 , 服 务 式 公 寓 及 酒 店 等 服 务 的 综 合 商 区 。” “ 为 了 配 合 来 福 士 广 场 标 志 性 的 地 位 , 我 们 与 新 加 坡 能 源 集 团 合 作 为 综 合 体 提 供 了 先 进 的 区 域 供 冷 系 统 , 这 将 大 大 节 省 能 效 及 资 源 成 本 。 我 们 还 与 重 庆 市 渝 中 区 政 府 共 同 设 立 了 中 国 - 新 加 坡 合 作 中 心 , 让 企 业 在 这 个 快 速 发 展 的 城 市 中 探 索 新 的 机 遇 。 随 着 “ 一 带 一 路 ” 政 策 的 兴 起 , 重 庆 市 作 为 第 三 个 中 新 政 府 主 导 项 目 地 区 , 其 发 展 显 得 越 发 重 要 。 无 论 是 对 于 新 加 坡 能 源 集 团 还 是 重 庆 市 渝 中 区 政 府 , 在 城 市 可 持 续 发 展 领 域 都 存 在 着 巨 大 的 增 长 潜 力 。 我 们 希 望 位 于 渝 中 区 的 企 业 和 居 民 可 以 从 此 项 合 作 中 切 身 受 益 。” 随 着 重 庆 来 福 士 广 场 项 目 的 开 展 , 特 别 是 在 政 府 机 构 与 相 关 部 门 的 支 持 与 帮 助 之 下 , 新 加 坡 能 源 集 团 将 持 续 为 中 国 带 来 行 之 有 效 的 节 能 减 排 解 决 方 案 , 并 期 待 在 未 来 有 机 会 帮 助 更 多 企 业 实 现 节 能 减 排 。 -- 结 束 – 4 Infographic on District Cooling Network 5 SP Group Acquires ENGIE's 40 Per Cent Stake in Chongqing Sino-French Energy Serviceshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-Acquires-ENGIE-s-40-Per-Cent-Stake-in-Chongqing-Sino-French-Energy-Services News Release SP Group Acquires ENGIE's 40 Per Cent Stake in Chongqing Sino-French Energy Services Singapore, 20 January 2021 – SP Group (SP) today announced an agreement with ENGIE SA, to acquire ENGIE’s 40 per cent stake in Sino-French Energy Services Co. Ltd (SFES) in Chongqing, China. This is SP’s first acquisition of energy assets in China, growing the company’s China presence with sustainable energy solutions. SP’s Group Chief Executive Officer, Mr Stanley Huang, said, “The acquisition of ENGIE’s stake in SFES strengthens SP Group’s District Cooling and Heating presence in Chongqing and expands our capabilities into Combined Cooling Heating and Power (CCHP) offerings for the hospital segment. Together with Chongqing Gas Group, we will continue to play a key role in supporting the hospitals to adopt more energy efficient CCHP and grow the CCHP market share.” Established in 2010, SFES was a joint venture company between ENGIE and Chongqing Gas Group, a state-owned enterprise that owns 80 per cent of Chongqing’s gas distribution network. SFES is the market leader for CCHP solutions in Chongqing. It operates CCHP solutions deployed in three of the city’s hospitals as well as a District Cooling and Heating plant that serves the Chongqing Danzishi Central Business District. The district is located 2.7 kilometres across the Yangtze river from SP’s integrated cooling and heating plant in Raffles City Chongqing. SP Group runs an advanced energy-efficient cooling and heating system for Raffles City Chongqing, that commenced operations in September 2019. SP’s cooling operations enables Raffles City Chongqing to reduce energy consumption by more than 40 per cent, compared to conventional building chiller plants. Besides Chongqing, new partnerships and collaborations are taking root in Shanghai and Guangzhou. In August 2020, SP signed an agreement with the Sino-Singapore Guangzhou Knowledge City (GKC) to develop district cooling and heating solutions for the Knowledge Tower in GKC. In October, SP inked a Memorandum of Understanding with State Grid Shanghai Energy Services to study the feasibility of jointly developing and investing in integrated energy projects to bring sustainable energy solutions to customers in Shanghai. SP Group currently has three offices in China (Shanghai, Guangzhou and Chongqing), with its China headquarters located in Shanghai. About SP Group SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. Beyond traditional utilities services, SP Group provides a suite of sustainable energy solutions such as cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/Imprinting-the-SP-DNA-in-Chongqing-China SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Imprinting the SP DNA in Chongqing, China SUSTAINABILITY Chief of Operations for Cooling at SP’s Sustainable Energy Solutions, Ang Chee Keong, at SP’s district cooling plant at Marina Bay. “Staying cool” has been Ang Chee Keong’s key mission over the last 12 years in SP Group (SP), after he left his previous role as an oil terminal manager at a power generation company. The Chief of Operations for Cooling at SP’s Sustainable Energy Solutions played an instrumental role in implementing the world’s largest underground district cooling system in Singapore, at the Marina Bay area. He was also a part of the management team that led the export of SP’s district cooling system and expertise to Chongqing, China. When SP secured the project to build and maintain district cooling facilities at Raffles City Chongqing – a 1.12 million square metre megastructure consisting of a shopping mall, office space, residential apartments, serviced residence and hotel – Chee Keong was tasked to lead the operations team, which saw him relocating to Chongqing for three and a half years. Ang Chee Keong, Chief of Operations for Cooling in Sustainable Energy Solutions addressing his team at the district cooling plant, serving Raffles City Chongqing in China. While Chee Keong settled into his new living environment fairly quickly, the move was not without worry. He had to be away from his wife and three children who could not join him due to practical considerations over her career and education respectively. Chee Keong had to manage the difference in work culture at first, such as the modus operandi of contractors in Chongqing. However, he soon adapted and subsequently shared his learnings with the team who succeeded his work there. One of the greatest satisfaction for Chee Keong was leaving behind SP’s DNA. From operations philosophies to best management practices, Raffles City Chongqing district cooling network provides chilled water for air-conditioning of the buildings, which helps the customer save up to 50 per cent on their energy consumption. SP’s district cooling team in Chongqing, China. “Besides the plant structure and asset interfaces, we also have a strong emphasis on good equipment design and ‘people-centric’ approach in the way we do things,” said Chee Keong.  Since Chee Keong returned to Singapore in January this year, he has been providing remote support to the Chongqing team as they ease into assuming more responsibilities. He is also developing new innovative solutions and is excited to explore integrating useful technologies from China to local projects.  Now that he is surrounded by his favourite local food again, Chee Keong tries to stay fit and go green by cycling to work when he can. Looks like the ‘sustainability’ DNA of our district system left an indelible mark on Chee Keong’s lifestyle too! — 31 August 2020 TAGS SUSTAINABILITYDISTRICT COOLINGRAFFLES CITY CHONGQING YOU MIGHT BE INTERESTED TO READ DSTA appoints SP Group to roll out smart utilities management system across Singapore's defence facilities SP Mobility and Huawei unveil ultra-fast EV charging integrating battery storage Singapore’s largest industrial district cooling system begins operations to support STMicroelectronics’ decarbonisation strategy Category: Sustainability SP Group Partners Sino-Singapore Guangzhou Knowledge City To Provide District Cooling, Heating & Energy Saving Solutionshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-Partners-Sino-Singapore-Guangzhou-Knowledge-City-To-Provide-District-Cooling--Heating---Energy-Saving-Solutions Media Release SP Group Partners Sino-Singapore Guangzhou Knowledge City To Provide District Cooling, Heating & Energy Saving Solutions Singapore & China, 18 November 2019 – SP Group (SP) today announced its partnership with the Sino-Singapore Guangzhou Knowledge City Investment and Development Co. Ltd (GKC Co). The objective is to provide district cooling and heating, and smart and clean energy solutions at the China-Singapore Guangzhou Knowledge City (CSGKC). GKC Co is a 50-50 joint venture company established by the Guangzhou Development District Administrative Committee and CapitaLand. The Memorandum of Understanding was signed by SP Group and GKC Co at the 10th SingaporeGuangdong Collaboration Council (SGCC) meeting, co-chaired by Mr. Ma Xingrui, Guangdong Governor and Mr. Ong Ye Kung, Minister for Education, Singapore, and supported by Enterprise Singapore. The implementation of the district cooling and heating networks, and other sustainable energy solutions such as solar, energy storage, energy efficiency and integrated energy management systems will enable CSGKC to enjoy substantial energy and cost savings. This will translate to a cleaner and more sustainable energy future for CSGKC and for Guangzhou city. Mr Wong Kim Yin, Group Chief Executive Officer of SP Group said: “We are privileged to partner the Guangzhou government and CapitaLand and contribute to the China-Singapore Guangzhou Knowledge City project. SP Group is committed to providing customers innovative, sustainable solutions to save energy and reduce cost. Our experience with Raffles City Chongqing and Singapore’s Marina Bay has demonstrated that our technology and operations can help customers achieve 50 per cent energy and cost savings and reduce carbon emissions. At the same time, we enhance reliability and enable customers to enjoy a high-quality sustainable lifestyle.” In September this year, Raffles City Chongqing, where SP Group operates its advanced energyefficient cooling and heating system, commenced operations. SP’s cooling operations enable Raffles City Chongqing to achieve up to 50 per cent savings in energy consumption, compared to conventional building chiller plants. SP designed and operates the world’s largest underground district cooling system at Singapore’s Marina Bay Financial district. Besides achieving substantial energy efficiency, the Marina Bay district cooling network achieved 100% reliability for 13 consecutive years, since it commenced operations in 2006. -Ends- Notes to Editor About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.5 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG. SP Group Chinahttps://www.spgroup.com.sg/about-us/international/china OverviewChinaVietnamThailandAustralia China With China leading sustainable development on the global stage, this presents a new growth engine for SP Group to deploy district cooling, heating and integrated energy solutions to meet customers' sustainability goals. Following our first foray in China in 2015 and partnerships taking root in major cities, we have built up a strong project pipeline and set up three offices - in Shanghai as headquarters, Guangzhou and Chongqing. Visit our China website Raffles City Chongqing SP Group [SP] inked a 20-year deal in 2015 to design, build, own and operate a district heating and cooling system for CapitaLand's Raffles City Chongqing, an iconic integrated development comprising a shopping mall, a hotel, office towers, residences and service residences. SP's operations commenced in September 2019, enabling Raffles City Chongqing to reduce energy consumption by more than 40 per cent, compared to conventional building chiller plants. Chongqing Sino-Singapore Energy Services In 2021, SP Group acquired a 40 per cent stake in Sino-French Energy Services Co. Ltd (SFES) in Chongqing to form Sino-Singapore Energy Services Co. Ltd (SSES). This is SP's first acquisition of energy assets in China, growing the company's China presence with sustainable energy solutions.​ SSES is the market leader for Combined Cooling Heating and Power (CCHP) solutions in Chongqing. It operates CCHP solutions deployed in three of the city's hospitals as well as a district cooling and heating plant that serves the Chongqing Danzishi Central Business District.​ The acquisition strengthens SP's district cooling and heating presence in Chongqing and expands our capabilities in CCHP offerings as we grow our sustainable energy solutions in China. Guangzhou Knowledge City SP Group is working with the Sino-Singapore Guangzhou Knowledge City Investment and Development Co. Ltd to provide district cooling and heating, and smart energy solutions at the China-Singapore Guangzhou Knowledge City [GKC]. The implementation of district cooling and heating networks, and other sustainable energy solutions such as solar, energy storage, energy efficiency and integrated energy management systems will enable GKC to enjoy substantial energy and cost savings. This will translate to a cleaner and more sustainable energy future for GKC and for Guangzhou city. State Grid Chongqing Integrated Energy Services SP Group and State Grid Chongqing Integrated Energy Services formed a partnership to jointly develop integrated energy projects that deliver smart, efficient energy management solutions. This is aimed at meeting the evolving operational needs and green targets of customers in Chongqing, China. Through this collaboration both parties aim to drive innovation and capabilities towards achieving carbon neutrality for the city by providing customers with a comprehensive suite of clean and efficient energy solutions. Smart Eco-District In Chengdu SP Group is partnering the People's Government of Wuhou District, Chengdu, to transform the largest of five city centre districts in Chengdu, to a smart eco-district. SP will serve as the sustainable energy solutions partner to the district government and support the city's roadmap to carbon neutrality by developing and implementing technologies and digital solutions such as advanced data analytics and artificial intelligence tools. 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 the International Urban Design Centre [IUDC] in Wuhou over the next 25 years. The solution 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, Guangdong Province SP Group’s first investment in agrivoltaic assets in Guangdong province combines agriculture with solar power generation through efficient land use. Spanning four agricultural sites in Dabu County, Meizhou City, the project taps SP’s expertise in renewable energy to bolster China’s green transition efforts. The 78 megawatt-peak (MWp) solar-plus storage project, when completed in end-2024, will integrate solar photovoltaics with 7.8 MWh battery energy storage systems to enhance grid stability and resilience. The solar assets are expected to contribute 91.3 Gigawatt-hours (GWh) of clean electricity annually to the power grid and reduce over 91,000 tonnes of carbon dioxide emissions each year. To enhance the system’s performance in the long run, SP will also implement digital management solutions to optimise solar energy generation and yield using comprehensive insights and data. Guangdong Lingxiao Pump Industry SP Group’s first Building Integrated Photovoltaic (BIPV) project in China at Guangdong Lingxiao Pump Industry drives clean power generation while saving costs. Spanning an area of 17,000m2, the 4 megawatt-peak (MWp) BIPV rooftop solar system generates solar energy while doubling as a shelter for a carpark that can house 400 cars. The project also extends the rooftop’s lifespan through state-of-the-art thermal insulation technology and a weather-resistant design. Tapping SP’s renewable energy expertise, Guangdong Lingxiao, a global leader in water pumping solutions, is expected to deliver a total of 110 million kWh of clean power over 25 years, or an average of 4.36 million kWh annually. The partnership is also slated to reduce total carbon emissions by nearly 4,500 tonnes each year. Aquavoltaics in Qingdao SP Group and Qingdao Daneng Environmental Protection Equipment Co. Ltd (Qingda Environment) have partnered up to build a 90-Megawatt (MW) aquavoltaic farm that is projected to produce 162 million kilowatt-hours of green electricity annually. The farm will be connected to a hydrogen production facility that will sustainably power Shandong’s first green hydrogen production plant in Qingdao City. The installation of solar photovoltaic (PV) panels across 300 acres – or around 161 soccer fields – of an aquafarm will optimise the land for solar power generation. The project, which could potentially reduce carbon emissions by 160,000 tonnes, is expected to boost Qingda Environment’s sustainability efforts while delivering significant energy and cost savings. International Sports Park City SP Group (SP) has secured the bid to design, build, own and operate a state-of-the-art district cooling and heating system for the new International Sports Park City in Chengdu, China. The project will be SP’s first deployment of an ice thermal energy storage system in China that will provide uninterrupted chilled water supply for cooling services on demand. When operational in 2025, the solution will enable the International Sports Park City – an integrated development with commercial, residential and leisure spaces – to enjoy greater energy efficiency of over 30 per cent for cooling and over 50 per cent for heating. This translates to annual savings of 2,900 Megawatt-hour (MWh) of electricity and reduction of 1,700 tonnes in carbon emissions. With an installed cooling capacity of 9,800 refrigeration tons (RT), this project will be SP’s largest district cooling system in Chengdu, China. Shudu Center SP Group (SP) has acquired Shudu Center’s existing chiller plant to provide the mixed-use development with centralised cooling and heating. As part of the project, SP upgraded the original set-up to a 7,000 refrigeration-tonne (RT) cooling and heating system that serves seven commercial, retail, and office buildings within the 4,400 square metre-complex. The process is enabled by an energy-efficient ice thermal energy storage system that pipes chilled water to cool spaces when electricity demand is high. The solution includes a digital management platform for building owners to remotely track operations and quickly identify areas for maintenance when necessary. There are also space provisions for a further 7,000RT expansion into adjacent developments to provide more sustainable ways of cooling in the surrounding areas. Chongqing East Railway Station Sino-Singapore Energy Services, a joint venture between SP Group and Chongqing Gas Group, is the integrated energy system operator for Chongqing East Railway Station, the largest high-speed railway hub in Western China. The project marks the first time a major high-speed railway hub in the country has appointed a professional third-party energy services provider to manage its energy systems. The integrated energy system spans 360,000 square metres and features a trigeneration setup — combining natural gas-powered electricity generation with high-efficiency chillers to provide cooling, heating and electricity. This includes a cooling and heating capacity of nearly 14,000 refrigeration tonnes. The system also reduces energy consumption by 15% each year and lowers carbon emissions by approximately 9,400 tonnes per year. [20200901] The Business Times - SP Group partners CapitaLand JV to develop energy-saving solutions in Chinahttps://www.spgroup.com.sg/dam/jcr:776a42e9-9358-4556-b1f4-544957259bb1 SP Group partners CapitaLand JV to develop energy-saving solutions in China By Fiona Lam fiolam@sph.com.sg @FionaLamBT Singapore NATIONAL power grid operator SP Group and Sino-Singapore Guangzhou Knowledge City Investment and Development Co (GKC) will develop district cooling, heating and integrated energy solutions in China. These will help GKC’s greenfield master development, the China- Singapore Guangzhou Knowledge City (CSGKC), achieve energy savings. GKC is a joint-venture (JV) company established by CapitaLand and the Guangzhou Development District Administrative Committee. In a press statement on Monday, SP Group announced it had signed an agreement with GKC to set up a JV. This also marks SP Group’s foray into southern China. As part of the agreement, the two parties are working together to develop district cooling and heating solutions for the Knowledge Tower project at the Jiulong lake area, for a start. They will invest in, construct and operate these solutions centred on the smart micro-grids layout, said GKC’s chief executive officer (CEO) Chen Changxin. SP Group and GKC will also integrate sustainable energy solutions, such as distributed energy, energy storage, energy efficiency and energy management systems. These solutions could be extended to other projects in the Sino- Singapore International Technology Innovation Cooperation Demonstration Area within CSGKC, to provide energy and cost savings to more customers. “This will translate to a cleaner and more sustainable energy future for CSGKC and Guangzhou city,” SP Group said in the statement. The energy utilities group’s CEO Stanley Huang noted that its technology and operations at Raffles City Chongqing in China and the Marina Bay financial district in Singapore have helped customers achieve cost savings, and reduce energy consumption. At CapitaLand’s Raffles City Chongqing, SP Group operates its advanced energy-efficient cooling and heating system, which began operations in September last year. This has enabled the mixed-use complex to cut energy consumption by more than 40 per cent, compared to conventional chiller plants for buildings. SP Group also designed and has been operating the underground district cooling system at the Marina Bay financial district since 2006. GKC’s Mr Chen said that GKC is “an important platform for China- Singapore collaboration”. “It is a milestone for us to jointly establish a joint venture to develop the smart energy business,” he added. CapitaLand shares fell S$0.01 or 0.4 per cent to close at S$2.77 on Monday. District Cooling System | SP Grouphttps://www.spgroup.com.sg/sustainable-energy-solutions/district-cooling-and-heating OverviewKey ProjectsContact Us District Cooling & Heating District Cooling & Heating for Sustainable Operations District cooling and heating systems are centralised energy systems which help buildings, districts, and townships improve energy efficiency, lower operational costs and reduce their carbon footprint. As Singapore's largest district cooling operator, SP Group designs, builds and operates district cooling systems for customers across the region. These include Marina Bay in Singapore, the world's largest underground district cooling network and Raffles City Chongqing, the largest shopping mall in Chongqing, China. In partnership with STMicroelectronics (ST), SP Group will design, build, own, and operate Singapore's largest industrial District Cooling System (DCS) with a cooling capacity of up to 36,000 refrigeration tonnes. Read more What is District Cooling and Heating District cooling and heating is an energy-efficient urban utility service that distributes chilled or hot water and supply air-conditioning to a network of buildings, providing comfort and reliability while reducing carbon emissions. Key Benefits Instead of individual buildings having their own chillers, district cooling reaps the benefits of economies of scale by consolidating chiller and heating capacity, operated and maintained by our expert operations team. With attributes similar to public electricity supply, district cooling is an energy- and economically-efficient urban utility service. It presents attractive value propositions to building owners: Round-the-clock availability and support On-demand flexibility High supply reliability More space for alternative use Lower initial and recurrent operating costs Platinum Green Mark Certification Energy assessment on existing and potential savings To view our list of awards, please click here. Click to download the Supply Conditions for District Cooling and the latest Tariff Rates. Key Projects Marina Bay District World's largest underground district cooling network Situated in Singapore’s Marina Bay financial district, the cooling network has achieved zero supply disruptions since 2006. As one of Singapore’s Top 50 Engineering Feats, the network will be expanded and connected to five more buildings to extend the same reliable and sustainable solution to other buildings in Singapore’s core financial district. Expanding to 32 buildings by 2027 Reduces carbon emissions by nearly 22,000 tonnes annually Read MoreWatch Video Tampines Eco Town Singapore's first brownfield district cooling project In highly developed cities like Singapore, majority of land has been built up and individual building owners are already equipped with their own chiller plants. With a Distributed District Cooling (DDC) network – an interconnected cooling system – existing towns and districts may now be able to enjoy a more sustainable way to cool. 7 commercial and community buildings Reduces carbon emissions by more than 1,000 tonnes annually Brownfield District Cooling Feasibility Study: Tampines Central Distributed District Cooling  Download WhitepaperRead moreWatch Video STMicroelectronics (AMK) Singapore's largest industrial district cooling project In partnership with STMicroelectronics (ST), SP Group (SP) will design, build, own, and operate Singapore's largest industrial District Cooling System (DCS) with a cooling capacity of up to 36,000 refrigeration tonnes. The estimated project value of $370 million USD over 20 years, will help the manufacturing company save 20 per cent on cooling-related electricity consumption annually. 5 industrial buildings Reduces carbon emissions by more than 120,000 tonnes annually (Photo credit: STMicroelectronics) Read moreWatch Video Tengah Town Centralised Cooling System Singapore's first centralised cooling public housing township In collaboration with the Housing & Development Board, SP Group will be bringing its first large-scale residential centralised cooling system to Tengah, Singapore’s first smart energy township. Chilled water will be centrally produced from interconnected modular chiller plants built on the rooftops before it is distributed to residential and commercial units for air-conditioning. The centralised cooling system will also be serviced by SP, bringing greater convenience to residents living in Tengah. (Photo credit: HDB) Read moreVisit Microsite Raffles City Chongqing District cooling and heating in China An advanced energy-efficient cooling and heating system was designed and built for Raffles City Chongqing, an iconic integrated development, spanning 1.12 million square metres, comprising a shopping mall, a hotel, office towers, residences and service residences. A megastructure featuring a suite of 8 buildings Reduce energy consumption by more than 40 per cent, compared to conventional building's chiller plants Read more International Sports Park City SP’s largest district cooling system in Chengdu SP Group (SP) has secured a bid to build and operate a state-of-the-art district cooling and heating system for the new International Sports Park City – an integrated development with commercial, residential and leisure spaces in Chengdu, China. The sustainable cooling solution will be enhanced with an ice thermal energy storage system that will strengthen its reliability and performance. This is SP’s first deployment in China of such a system. With an installed cooling capacity of 9,800 refrigeration tonnes, this project will be SP’s largest district cooling system in Chengdu when operational in 2025. Enables energy savings of 2,900 MWh annually Reduces carbon emissions by 1,700 tonnes Delivers greater energy efficiency of over 30% for cooling and over 50% for heating Read more Shudu Center Upgrade to energy-efficient cooling and heating Building on successful projects in Chengdu, SP Group acquired Shudu Center’s existing chiller plant to optimise it for district cooling and heating. The mixed-use development is equipped with a 7,000 refrigeration-tonne cooling and heating system that ensures efficient energy consumption and a sustainable way to work and play in comfort. 7 commercial, retail, and office buildings Covers a land area of 4,400 square metres Government Complex Center Zone C SP's first district cooling project in Thailand SP Group and Banpu NEXT have entered a joint venture to design, build, own and operate a cutting-edge district cooling system at Government Complex Center Zone C in Bangkok, Thailand. As SP’s first district cooling project in Thailand, the integrated development will have a total cooling capacity of up to 14,000 refrigeration tonnes and is expected to achieve results equivalent to removing about 20,000 Internal Combustion Engine cars from the roads over 20 years. Total gross floor area of 660,000 square metres Reduces carbon emissions by up to 3,000 tonnes annually Achieves 20 per cent in energy savings per year Read more International Urban Design Centre China’s first ever district cooling microgrid Under the MOUs signed with Wuhou District government, 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. 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. Total gross floor area of 630,000 square metres Cooling capacity of 1,950 refregeration tonnes Achieves 35 per cent and 50 per cent in cooling and heating savings per year respectively Read more Chongqing East Railway Station Delivering sustainable energy to Western China’s largest high-speed rail hub Sino-Singapore Energy Services, a joint venture between SP Group and Chongqing Gas Group, is the integrated energy system operator for Chongqing East Railway Station, the largest high-speed railway hub in Western China. The project marks the first time a major high-speed railway hub in the country has appointed a professional third-party energy services provider to manage its energy systems. The integrated energy system spans 360,000 square metres and features a trigeneration setup — combining natural gas-powered electricity generation with high-efficiency chillers to provide cooling, heating and electricity.  Cooling and heating capacity of nearly 14,000 refrigeration tonnes Reduces energy consumption by 15% each year Lowers carbon emissions by approximately 9,400 tonnes per year Read more Additional Media Supply condition for Marina Bay district cooling Latest tariff rates for Marina Bay district cooling Latest News DSTA appoints SP Group to roll out smart utilities management system across Singapore's defence facilities Read more SP Mobility and Huawei unveil ultra-fast EV charging integrating battery storage Read more Singapore’s largest industrial district cooling system begins operations to support STMicroelectronics’ decarbonisation strategy Read more SP Group expands sustainable energy operations in China with Chongqing Transport Hub project win Read more STMicroelectronics enhances sustainability with chiller cooling system at Toa Payoh Read more SP signs PPA with BASF for rooftop solar deployment Read more SP partners State Grid China at International Forum on Power System Transformation 2025 Read more Ground feedback, digital tools: How she helps 8,000 workers end their day safely Read more Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Read more Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Read more Have a business inquiry? Interested to find out more how our integrated services can serve your business needs? Drop us an online enquiry and our qualified professionals will reach out to you. Contact Us Form Our Integrated Energy Solutions District Cooling & Heating Electric Vehicle Solutions Digital Products Renewable Energy Climate Services Hide SP Group expands sustainable energy operations in China with Chongqing Transport Hub project winhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-expands-sustainable-energy-operations-in-China-with-Chongqing-Transport-Hub-project-win Media Release SP Group expands sustainable energy operations in China with Chongqing Transport Hub project win Through its joint venture SSES, SP Group will operate and maintain the integrated energy system at Western China’s largest high-speed rail hub Chongqing and Singapore, 4 August 2025 – SP Group has been ap

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

Emergency starter kits for all households By AUDREY TAN ALL households in Singapore will get three N95 masks delivered free to their homes from today, in the largest mask distribution exercise to date. They are part of an emergency starter kit which will be delivered to all 1.2 million households by Monday, said Temasek Cares yesterday. The non-profit, philanthropic arm of Temasek Holdings is partnering Singapore Power and Singapore Post for the $4 million programme. Aside from the 3M-manufactured masks, the kit will also contain information on how to wear the masks and emergency contact numbers. Temasek Cares chairman Richard Magnus said the programme hopes to spur Singaporeans into thinking about emergency preparedness. “The starter kit includes three N95 masks so that each household can have an initial stock in case of a flu pandemic or severe haze,” he said. “We hope (the kits) will prompt individuals and families to develop their own emergency plans.” Households with more than three people could consider buying more N95 masks, or bulk up their emergency “grab bags” by including medication or vitamins required by members of the family, Mr Magnus said. Being prepared could also mitigate the problem of people rushing to buy products, such as masks, during emergencies. Mr Magnus added: “Before the emergency arises, they would have already taken action so they are prepared – just like having an umbrella for a rainy day.” The starter kit initiative is the The emergency starter kit distribution exercise was symbolically flagged off yesterday at the Singapore Power training institute. Present were (from left, by the van) Singapore Power chairman Mohd Hassan Marican, Temasek Cares chairman Richard Magnus, Singapore Post’s executive vice-president and head of postal services Woo Keng Leong, and 3M Singapore’s general manager of safety and graphics group Helen Foo, and Singapore Power and Singapore Post staff. The distribution exercise starts today. PHOTO: LIM YAOHUI FOR THE STRAITS TIMES second project to tap the $40 million Temasek Emergency Preparedness Fund launched in March. The first is a $1.5 million programme to train 60 social workers, therapists and school counsellors in trauma-focused therapy for children. The fund, administered by Temasek Cares under its Stay Prepared initiative, aims to help Singaporeans build up community resources to deal with emergencies. On top of the starter kits for households, 17,000 kits will go to 144 charities including the Metta Home for the Disabled and The Salvation Army Gracehaven. Another 300,000 will be on standby for needy families in case of a crisis. The mask distribution exercise is the largest to date. At the peak of the haze in June last year, one million N95 masks were earmarked for 200,000 of the poorest households and vulnerable Singaporeans. During the epidemic of severe acute respiratory syndrome (Sars) in 2003, two surgical masks and a thermometer were distributed to 1.1 million households. Communications officer Jaclyn Sim, 31, said organisers could consider giving masks only to low-income households as those who earn more “can easily get their own”. “To get Singaporeans thinking, a brochure with graphics depicting different emergency scenarios may be better,” she added. audreyt@sph.com.sg N95 masks can be stored for five years THE N95 masks that went on sale during the haze period last year can still be used as they have a shelf life of five years. But Ms Foo Meow Ling, a nurse clinician at the infection control unit at Khoo Teck Puat Hospital, said there should be “no air leakage around the face when the wearer exhales”. Ms Helen Foo, general manager at mask manufacturer and technology firm 3M, said: “After five years, the nose clip and elastic headband may loosen or disintegrate, leading to a poor face seal and affecting the effectiveness.” The masks should also be changed when “the wearer finds it hard to breathe, or when it is soiled or physically damaged”, she added. The N95 mask is “at least 95 per cent efficient against fine particles that are about 0.1 to 0.3 microns” in size, according to the Health Ministry’s website. It is 99.5 per cent efficient against larger particles, such as those 0.75 microns and above. This makes it effective for use against the PM2.5 particle, an air pollutant associated with vehicle emissions and the haze that is less than 2.5 microns in size. Masks should also be stored in their original packaging and in cool and dry conditions, said 3M’s Ms Foo. AUDREY TAN